INDIAN BENCHMARKS slump as high interest rates may prevail
INDIAN EQUITY BENCHMARKS break a
four-day winning line with rate sensitive leading the decline after comments
from Reserve Bank of India Governor Raghuram Rajan that inflation is a
destructive disease which is forcing the central bank to keep interest rates
high. The
Indian rupee also continued to weaken against the US Dollar. Canara Bank
slipped as the bank stock turned ex-dividend for the interim dividend of Rs
6.50 per share for the year ending 31 March 2014.
Further, UCO Bank lost 2.19% after net
profit jumped 206.94% to Rs 314.53 crore on 12.79% growth in total income to Rs
4919.04 crore in Q3 December 2013 over Q3 December 2012. Karnataka Bank
Ltd has posted a net profit of Rs. 1067 mn for the quarter ended December 31,
2013 as compared to Rs. 800.70 mn for the quarter ended December 31, 2012.
The crucial resistance for Nifty is now
seen at 6335 and above this 6365. Support for the immediate term
is now placed at 6240 and next
support will be 6185.
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News to watch:
·
Watch out for the quarterly earnings of
Adani Ports, Allahabad Bank, Ajanta Pharma, HUL, Just Dial, Idea Cellular on
27TH Jan.
·
Watch out for the RBI Third Quarter
Review Policy on 28TH JAN.
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