INDIAN BENCHMARKS: Market reach back to Pre Modi Era

INDIAN BENCHMARKS: Market reach back to Pre Modi Era

Indian stocks ended at a fresh 20-month low on Wednesday dropping to their weakest since before the election of Prime Minister Narendra Modi on increasing concerns the country will be hit hard by the growing turmoil in global markets. The S&P BSE Sensex and CNX Nifty ended 1.71%-1.69% lower each.

Major Headlines:

·         South Indian Bank Q3 net profit up 16% (YoY)

·         Tata Elxsi Q3 net profit up 40%

·         UltraTech Q3 consolidated net profit at Rs546 cr

·         JSW Energy Q3 consolidated net profit at Rs321 cr

Global Indices:

·         U.S. stock index futures poised for a lower opening at the Wall Street on Wednesday.

·         European stocks dropped on Wednesday as a relentless slide in oil prices hit world markets, with a leading regional European equity index falling to a 15-month low.

·         Asian equities ended in red as oil fell below the $28 per barrel and the IMF lowered its global economic outlook, fueling a flight to safe haven assets and prompting an exit from risky assets.

·         China’s Shanghai Composite fell for the first time in three days led by a drop in shares of commodity producers amid worries that a slowing economy may erode profits.

·         Hang Seng plunged over 3% and Japan’s Nikkei 225 tanked over 3% to almost a one-year low as a stronger yen curbed the lure for exporter stocks.

The crucial resistance for Nifty FUTURE is now seen at 7375 and above this 7425 . Support for the immediate term is now placed at 7275 and next support will be 7225. 

                                          

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