INDIAN BENCHMARKS end higher as S&P upgrades India outlook
INDIAN EQUITY BENCHMARKS rebounded in late trades to snap a three-day losing streak after global rating agency Standard & Poor's upgraded India's credit outlook to 'stable' from 'negative'. The impact of the rating upgrade was the most on the Indian rupee which surged to Rs 61.11 to the US dollar against the previous close of Rs 61.34.
Petronet LNG declined 3.7 percent after Asian Development Bank launched a share sale in the gas supplier to raise up to $120 million.
Further, Mangalore Chemicals was locked at 20 percent upper circuit at Rs 88.10 after Deepak Fertilisers revised its open offer price to Rs 93.60/share.
The crucial resistance for Nifty is now seen at 8020 and above this 8040. Support for the immediate term is now placed at 7840 and next support will be 7775.
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