INDIAN BENCHMARKS fall on profit-taking after hitting record highs
INDIAN EQUITY BENCHMARKS fell on Wednesday, retreating from record highs hit earlier in the session, as the initial surge after an unexpected rate cut by the central bank was offset by profit-taking and on speculation foreign investors sold blue-chips. The S&P BSE Sensex and CNX Nifty ended 0.72%-0.82% lower each
· RBI cuts repo rate by 25 bps to 7.5%; CRR unchanged
· HSBC Services PMI hits 8 month high in February
· Feb coal imports jump 31% YoY
· Sugar output up 14% at 19.4 million tonne in Oct-Feb
The crucial resistance for Nifty is now seen at 9116 and above this 9007. Support for the immediate term is now placed at 8669 and next support will be 8894.
INDIAN EQUITY BENCHMARKS fell on Wednesday, retreating from record highs hit earlier in the session, as the initial surge after an unexpected rate cut by the central bank was offset by profit-taking and on speculation foreign investors sold blue-chips. The S&P BSE Sensex and CNX Nifty ended 0.72%-0.82% lower each
· RBI cuts repo rate by 25 bps to 7.5%; CRR unchanged
· HSBC Services PMI hits 8 month high in February
· Feb coal imports jump 31% YoY
· Sugar output up 14% at 19.4 million tonne in Oct-Feb
The crucial resistance for Nifty is now seen at 9116 and above this 9007. Support for the immediate term is now placed at 8669 and next support will be 8894.
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