INDIAN BENCHMARKS hit new peak SBI leads state run lenders’ rally ........
INDIAN EQUITY BENCHMARKS rose to record highs on Monday as state-run lenders rallied after SBI reported better-than-expected asset quality in July-September, raising hopes for a revival in a sector laden by bad loans. For the first time after data showed that trade deficit in October narrowed compared to the previous month.
Tata Motors shares also gained 4.1 percent after earlier rising to its record high of 547.55 rupees on its unit Jaguar Land Rover's earnings, though the Indian auto maker reported a 7 percent fall in net profit in the July-September quarter.
Further, from economic front, India's trade deficit narrowed to $13.35 billion in October on lower oil imports, government data showed on Monday. The deficit stood at $14.25 billion in September.
JSW Energy jumped 12.13%, after the company said that it has agreed to acquire from Jaiprakash Power Ventures and other shareholders, 100% stake in Himachal Baspa Power Company.
The crucial resistance for Nifty is now seen at 8470 and above this 8550. Support for the immediate term is now placed at 8325 and next support will be 8265.
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