INDIAN EQUITY MARKET WRAP UP - 17 FEB 2016

INDIAN BENCHMARKS: LATE RALLY LIFTS SENSEX 190 POINTS, NIFTY CLOSES ABOVE 7100

The domestic market pared morning losses to end the session on a positive note on Wednesday, tracking mixed cues from global markets. There was speculation over the Opec-Iran meeting amid indications that Tehran may not join a deal reached among top oil producers Saudi Arabia, Russia, Venezuela and Qatar to freeze crude output at January 11 levels. The Opec countries and Iran were to meet later in the day.

For a major part of the day, the 30-pack benchmark remained flat, but rallied in the last one hour of trade as European markets opened in the green and crude prices rose.

The BSE S&P Sensex ended at 23381.87, up 0.82 per cent or 189.90 points, while the NSE's Nifty50 gained 60.20 points, or 0.85 per cent, to settle at 7,108.45.

HEADLINES OF THE DAY

Adani Ports raises Rs750 cr via NCDs.

BPCL up after getting nod from environmental clearance.

BoI declines after S&P revises outlook.

The crucial resistance for Nifty SPOT is now seen at 7163 and above this 7271. Support for the immediate term is now placed at 6980 and next support will be 6869.

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