INDIAN BENCHMARKS ends flat despite fall in June inflation.

INDIAN EQUITY BENCHMARKS ended a volatile session on a flat note, with a negative bias, amid profit taking in IT major Infosys post its first quarter earnings last week. Also, investor sentiments were dampened after foreign institutional investors sold Indian shares worth 7.23 billion rupees ($120.60 million) on Friday.

·         Further, the wholesale price index (WPI)-based inflation fell to a four-month low of 5.43% in June against 6.01% in the previous month as the rate of food price rise declined.

·         Government has imposes additional penalty of $579 mn on RIL for KG-D6 output lagging target. The total penalty on RIL for producing less than target stands at US$2.376 bn.

The crucial resistance for Nifty is now seen at 7478 and above this 7530.Support for the immediate term is now placed at 7420 and next support will be 7360.

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