INDIAN EQUITY MARKET WRAP UP-20 january

INDIAN BENCHMARKS rose, snapping a two-session losing streak.

INDIAN EQUITY BENCHMARKS rose, snapping a two-session losing streak, as software services exporters gained after Wipro posted solid earnings and joined domestic rivals in giving a positive outlook for the sector. UltraTech Cement Ltd has posted a net profit of Rs. 3697.60 million for the quarter ended December 31, 2013 as compared to Rs. 6008.10 million for the quarter ended December 31, 2012.

Further, Goldman Sachs initiates coverage on Indian power co with a "buy" rating on Power Grid, saying the sector could benefit from recent reforms, although the magnitude of power tariff hikes could be the biggest risk. Biocon rose 3.17% to Rs 495.55 after the company said it will start selling a cancer drug, developed jointly with US-based Mylan, in the country from next month.

The crucial resistance for Nifty is now seen at 6330 and above this 6365. Support for the immediate term is now placed at 6230 and next support will be 6185.

News to watch:

·Watch out for the quarterly earnings of  L&T on 22ND Jan.