INDIAN BENCHMARKS extend losses for third straight day.

INDIAN EQUITY BENCHMARKS ended lower for the third straight session as investors turned cautious amid tensions in Iraq even as consumer durables shares stole the limelight tracking rally in gold prices.

Further, Power Finance Corporation has received shareholders approval for raising up to Rs 44,000 crore through issue of securities in the current financial year. IFCI closed higher by 4% to Rs 39.80 after it is planning to sell its partial stake in the National Stock Exchange and entire stake in financial services arm.

The crucial resistance for Nifty is now seen at 7560 and above this 7610. Support for the immediate term is now placed at 7495 and next support will be 7465.

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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