INDIAN BENCHMARKS end lower amid volatility.

INDIAN EQUITY BENCHMARKS ended with losses for second consecutive trading session. Today’s decline was led by the Oil & gas stocks, especially the oil marketing companies like BPCL, ONGC and IOC were badly battered amid concerns of the escalating war situation in Iraq.

Further, Shares in United Spirits dipped almost 8% as lenders to the UB-Group owned Kingfisher Airlines have invoked shares of United Spirits that were pledged as collateral. Sesa Sterlite Ltd has urged the Odisha government to extend the benefits under the state's SEZ (Special Economic Zone) policy to run its idle aluminium SEZ at Jharsuguda.

The crucial resistance for Nifty is now seen at 7605 and above this 7670. Support for the immediate term is now placed at 7500 and next support will be 7485.

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