INDIAN BENCHMARKS: SENSEX SURGES 80 POINTS,NIFTY 50 CLOSES ABOVE 7230

The domestic equity market notched up marginal gains on Monday following strong cues from its global counterparts. The BSE S&P Sensex ended a choppy day 0.34 per cent, or 79.64 points, higher at 23,788.79, while the NSE's Nifty50 index rose 0.36 per cent, or 26.30 points, to end at 7,237.05.

Reliance Industries (RIL) led the surge from the front, gaining some 1.90 per cent amid reports that the company was ready to roll out telecom operations across 80 per cent the country by the second half of this calendar. Also, RIL Chairman Mukesh  Ambani's projection in an interview to CNN about a long slump in crude oil lifted investor sentiment on the counter.

Among other index stocks, HUL gained 4 per cent to Rs 857, Sun Pharma rose 2.14 per cent to Rs 882, Asian Paints.70 per cent to Rs 868 and Dr Reddy's Labs 1.66 per cent to Rs 3,113.

ITC shares fell 1.72 per cent amid worries over further tax hike on tobacco products in the Budget. Among others NTPC (down 2.05 per cent), GAIL (down 1.29 per cent), Maruti (down 1.61 per cent) and Wipro (down 0.81 per cent) ended in the red, paring the Sensex gains.

HEADLINES OF THE DAY

Government plans 49% FDI in insurance via automatic route

L&T in talks with Blackstone to sell Seawood shopping mall

Cadila gets approval for antibiotic drug Doxycycline

The crucial resistance for Nifty SPOT is now seen at 7271 and above this 7324. Support for the immediate term is now placed at 7127 and next support will be 6980.

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