INDIAN BENCHMARKS ended marginally lower

INDIAN EQUITY BENCHMARKS have ended marginally lower as the Wholesale Price Index (WPI) has accelerated with Sensex and Nifty swinging between negative and positive zone. WPI inflation in May touched its highest level since December 2013 at 6.01 percent versus 5.3 percent in the previous month.

Further, ONGC may raise its stake in Cairn India's prolific Rajasthan oil fields as a condition for agreeing to allow the Anil Agarwal-group firm operate the block after expiry of contractual period. Central Bank of India rose 2.16% after the bank has fixed issue price of Rs 81.83 per share for preferential allotment of shares to LIC.

The crucial resistance for Nifty is now seen at 7550 and above this 7640. Support for the immediate term is now placed at 7485 and next support will be 7450.