INDIAN BENCHMARKS end at 5- week low…Broader markets crash

INDIAN EQUITY BENCHMARKS ended at 5-week closing low dragged by heavy profit booking even investors sought the safety of defensive shares. Market fell after government said that General Anti-Avoidance Rules (GAAR) will be applicable from April 1, 2015. Market was hoping the government would defer GAAR to 2017.

·        1.  Further, Banking shares mainly PSUs fell for seventh straight session, touching over one-month low as the government has decided to reduce its stake in the public sector banks.

·        2.  Jain Irrigation Systems saw selling pressure on a 21 percent reduction in overall subsidy under National Mission on Sustainable Agriculture by Finance Minister Arun Jaitley in maiden Union Budget 2014-15.

The crucial resistance for Nifty is now seen at 7625 and above this 7730. Support for the immediate term is now placed at 7440 and next support will be 7360.

MORNING MAIL TODAY

INDIAN BENCHMARK were trading with marginal gains led by Infosys after the IT major's first quarter numbers were in-line with expectations.

FURTHER, Infosys today reported a consolidated net profit of Rs 2,886 crore compared to Rs 2,992 crore sequentially, a decrease of 3.6%. On a y-o-y basis, the company posted a 21.6% increase in its net profit. GMR Infrastructure rose after the company has approved the issue and allotment of 46.88 crore shares to eligible qualified institutional buyers at the issue price of Rs 31.50 per share.

Trend in FII flows: The FIIs were net buyers of Rs 192cr in the cash segment on Thursday while the DIIs were net buyers of Rs. 4cr, as per the provisional figures released by the NSE.

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