INDIAN BENCHMARKS end lower, post biggest monthly drop since Nov 2011
INDIAN EQUITY BENCHMARKS fell more than 2 percent on Tuesday to near their lowest in about a year after HDFC Bank lowered its base rate by a hefty 35 basis points, sparking concerns other lenders would follow suit, hurting margins in the sector. The S&P BSE Sensex and CNX Nifty ended 2.23%-2.33% lower each.
Headlines for the day:
Petrol price cut by Rs2 per litre, diesel by 50 paise
Macro wrap: GDP, core sector data disappoint
India's manufacturing PMI contracted to 52.3 in August
The crucial resistance for Nifty is now seen at 7999 and above this 8074. Support for the immediate term is now placed at 7750 and next support will be 7665.
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