Tuesday, 3 June 2014
INDIAN EQUITY BENCHMARKS ended at record
high as RBI's stance in the bi-monthly credit policy review is taken as
symbolic of good days ahead after the RBI governor Raghuram Rajan surprisingly
slashed the mandatory statutory liquidity ratio (SLR) requirement for banks by
50 basis points to 22.5%. However, on expected lines the governor left the repo
rate, unchanged at 8%.
Further, DLF rallied 4 percent that
finance ministry is likely to announce tax breaks for Real Estate Investment
Trust (REITs) in Budget. Shares of IPCA Labs were up 1.5% after the company
announced a partnership with US-based Oncobiologics.
The crucial resistance for Nifty is now
seen at 7420 and above this 7450. Support for the immediate term
is now placed at 7340 and next support will be 7320.
