INDIAN BENCHMARKS closed flat giving up earlier gains to mark their third consecutive week of losses.
INDIAN EQUITY BENCHMARKS closed flat giving up earlier gains to mark their third consecutive week of losses, as concerns grow after data showed foreign investors have started cutting positions. Foreign institutional investors (FIIs) sold shares worth 598 million rupees ($9.5 million) on Thursday to snap a 32-day buying streak totaling 238.84 billion rupees, exchange and regulatory data show.
Further, Fiem Industries rallied 18.8% to Rs 268.80, after reporting a strong 45% year on year (yoy) jump in net profit at Rs 9.08 for the quarter ended September 30, 2013 (Q2). Gujarat Gas Company closed at 290.00, down almost 4 percent on the National Stock Exchange (NSE) after turning ex-dividend today.
The crucial resistance for Nifty is now seen at 6070 and above this 6125. Support for the immediate term is now placed at 5970 and next support will be 5875.
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INDIAN MARKET WRAP UP - 22 NOVEMBER 2013