INDIAN EQUITY MARKET WRAP UP-14 january

INDIAN BENCHMARKS ended on a weak note.

INDIAN EQUITY BENCHMARKS ended on a weak note after a volatile session led by declines in software exporters such as Tata Consultancy Services Ltd on profit-taking after the recent run-up on better-than-expected quarterly results by peer Infosys Ltd. Cairn India were trading higher by 2% at Rs 332 after the company said that its proposed share buyback offer will commenced from 23 January 2014.

Further, Shares of Coal India rise as market eagerly awaits the quantum of dividend that the company will declare. The stock has rallied more than 5 percent in the past four trading sessions. NIIT Technologies disappointed the street with the third quarter consolidated net profit falling 14.9 percent sequentially, higher-than-expected, to Rs 53.1 crore due to forex loss.

The crucial resistance for Nifty is now seen at 6310 and above this 6360. Support for the immediate term is now placed at 6190 and next support will be 6130.

News to watch:

Watch out for Wholesale Price Index (WPI) on Jan 15.