11856 ABOVE 11740; 11645 IS THE IMMEDIATE SUPPORT

11856 ABOVE 11740; 11645 IS THE IMMEDIATE SUPPORT

WORLD MARKETS

US indices slipped from record levels to end lower by a fifth of a percent after digesting a mixed batch of corporate earnings.

Caterpillar fell 3% despite posting better-than-expected quarterly earnings as it's CFO warned of a possible slowdown in its China business. AT&T fell more than 4% after revenue disappointed.

WTI crude fell 41 cents to $65.89 per barrel after data from EIA showed U.S. crude inventories rose 5.5 million barrels last week, far more than forecast of an increase of 1.3 million barrels. Brent rose 6 cent to $74.57.

In Europe, DAX gained 0.6% but other markets saw cuts of 0.3%-0.8%.

AT HOME

After a lackluster first half, benchmark indices saw a mammoth surge in second half to end with hefty gains of a percent and third. Sensex settled at 39054, up 490 points while Nifty added 150 points to finish at 11726. BSE mid-cap and small-cap indices gained 0.4% each. Except 0.3% lower Auto index, all the BSE sectoal indices ended higher with Oil & Gas and Energy indices leading the tally, up 2.3% and 2% respectively.

FIIs net bought stocks, index futures and stock futures worth Rs 975 cr, 441 cr and 382 cr respectively. DIIs were ner sellers to the tune of Rs 657 cr.

Rupee depreciated 25 paise to end at 69.87/$.

Ultratech reported solid set of quarterly numbers. Revenue rose 18.3% y-o-y to Rs 10500 cr, EBITDA was up 30% at Rs 2213 cr., margins expanded 180 bps to 21% and net profit soared 108% to Rs 1017 cr.

OUTLOOK

Today morning, Nikkei is up 0.2% while Hang Seng and Shanghai are down 0.4% each. SGX Nifty is suggesting about 20 points lower start for our market.

After nearly achieving the downside target of 11550 on Tuesday, Nifty yesterday surged to touch a high of 11740 before closing at 11726, taking out the immediate hurdle of 11700.

Upon crossover of yesterday's high, 11740, the next target to watch out would be 11856, the top made last week.

11645 is the immediate support on the hourly chart below which, 11564, the low made on Tuesday, would be the important support to eye.

Maruti, Tata Steel and Axis Bank will report their quarterly earnings today.