INDIAN EQUITY BENCHMARKS continue to trade lower in noon deals on account of weak global cues and fears of a widening April-June current account deficit locally. The one leading the losses include heavyweights like ICICI Bank, ITC, L&T, ONGC and HDFC Bank. On the sectoral front, except IT index which was up 0.5%, all the other indices were in the red.
Further, Shares in steel companies fall on concerns that a lower-than-expected reading of China's PMI by HSBC may weigh on the short-term prospect, dealers. Tata Steel Ltd slumps 6 percent, Steel Authority of India Ltd falls 2.9 percent, while JSW Steel Ltd is down 0.9 percent.
The crucial resistance for Nifty is now seen at 5815 and above this 5932. Support for the immediate term is now placed at 5665 and next support will be 5565.
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