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INDIAN EQUITY MARKET WRAP UP – 14 JUNE 2017

market-wrap-up

INDIAN BENCHMARKS: RALLY IN PSU BANKS HELP SENSEX END IN POSITIVE ZONE

Equity benchmark indices ended the session on a strong note, in a day that was largely dominated by the bears.

A sharp surge in the midcap index helped the Sensex and Nifty recover from their day’s lows. Meanwhile, PSU banks and power stocks, among others, witnessed gains as well.

The Sensex closed up 52.42 points at 31155.91, while the Nifty ended up 11.25 points at 9618.15. The market breadth was, however, negative as just 1,249 shares advanced against a decline of 1,419 shares, while 169 shares were unchanged.

A sharp surge in Reliance tipped it to be the top gainer for the day, followed by Dr Reddy’s Laboratories and Bank of Baroda. Meanwhile, Cipla, ITC and Yes Bank lost the most.

HEADLINES OF THE DAY

  • Rubber producing nations plan production cuts to combat fall in prices.
  • Glenmark gets tentative approval from USFDA for anti-diabetic drug.
  • Dr Reddy’s Miryalaguda API facility gets EIR from USFDA.

The crucial resistance for Nifty spot is now seen at 9648 and above this 9710.Support for the immediate term is now placed at 9589 and next support will be 9547.

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