INDIAN EQUITY MARKET WRAP- UP - 07 JAN 2016

INDIAN BENCHMARKS: SENSEX PLUNGES ON CHINA WOES, ENDS 555 POINTS LOWER, NIFTY 50 BREAKS BELOW 7600

The domestic equity market continued its bad run on Thursday amid a crack in Chinese equity markets, devaluation of the yuan and a fresh slump in crude oil and commodity prices.

The S&P BSE Sensex cracked 555 points, or 2.18 per cent, to close the day at 24,851 after a sharp drop in the CSI 300 index in China led to a halt in trading in the market. The Sensex managed to touch its fresh 52-week low of 24,829 in intraday trade and closed at their 4-month closing low.

Broader market barometer Nifty50, too, succumbed to the selling pressure and ended the day at 7,568, down 172 points, or 2.23 per cent. The benchmark indices have already lost close to 5 per cent of their value this year.

HEADLINES OF THE DAY

S&P BSE Metal index drops over 2%.

L&T hits 52-week low.

Indigo announces launch of 24 new flights.

The crucial resistance for Nifty FUTURE is now seen at 7668 and above this 7695.Support for the immediate term is now placed at 7538 and next support will be 7480.

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