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- INDIAN BENCHMARKS end at 5- week low…Broader markets crash
Posted by : Simran Shah
Friday, 11 July 2014
INDIAN
EQUITY BENCHMARKS ended at 5-week closing low dragged by heavy profit booking
even investors sought the safety of defensive shares. Market
fell after government said that General Anti-Avoidance Rules (GAAR) will be
applicable from April 1, 2015. Market was hoping the government would defer
GAAR to 2017.
· 1.
Further, Banking shares mainly PSUs fell for
seventh straight session, touching over one-month low as the government has
decided to reduce its stake in the public sector banks.
· 2.
Jain Irrigation Systems saw selling pressure on
a 21 percent reduction in overall subsidy under National Mission on Sustainable
Agriculture by Finance Minister Arun Jaitley in maiden Union Budget 2014-15.
The
crucial resistance for Nifty is now seen at 7625 and above this 7730.
Support for the immediate term is now placed at 7440 and next
support will be 7360.