INDIAN BENCHMARKS edge up on hopes of rate cut
INDIAN EQUITY BENCHMARKS edged up on Wednesday, gaining for a fourth session in five, led by blue chips on continued hopes the central bank would follow other countries such as Japan and China in easing monetary policy to boost economic growth. The RBI holds its policy review on Tuesday amid growing expectations it could cut interest rates after a sharp fall in consumer inflation.
ITC, which fell 5.2 percent in the previous session on the government's move to ban the sale of unpackaged cigarettes, gained 2.3 percent as analysts said the rule would have limited impact.
Further , Financial Technologies rose 4.7 percent after it sold its stake in MCX-SX for 884.19 billion rupees(14.30 billion US dollar) to well-known investor Rakesh Jhunjhunwala.
Bajaj Auto closed down 1.1 percent and Bharti Airtel Ltd fell 2.5 percent after Nigeria's central bank devalued the naira by 8 percent and raised interest rates sharply on Tuesday.
The crucial resistance for Nifty is now seen at 8545 and above this 8610. Support for the immediate term is now placed at 8430 and next support will be 8375.
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