INDIAN BENCHMARKS , Indices mark biggest daily gain in five years
INDIAN EQUITY BENCHMARKS rose more than 2.5% on Thursday, marking their biggest daily gain in eight months, after blue-chips led by interest rate-sensitive stocks surged on hopes the central bank's surprise rate cut will stoke growth. The S&P BSE Sensex and CNX Nifty ended 2.66% and 2.62% higher each.
- The BSE Bankex hit a record high of 22,260 and the NSE Bank Nifty hit a record high of 19,410.
- In the realty space, Housing Development and Infrastructure (HDIL), Perstige, Indiabulls Real Estate, Unitech, DLF, Godrej Properties and Sobha rallied between 4-18%.
- Auto stocks gained on hopes that lower rates on car loans would boost sales growth in the fourth quarter. M&M gained nearly 3% followed by Maruti Suzuki, Tata Motors, Bajaj Auto and Hero MotoCorp.
The crucial resistance for Nifty is now seen at 8575 and above this 8625. Support for the immediate term is now placed at 8405 and next support will be 8345.
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