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INDIAN BENCHMARKS rise to record closing highs on easing wholesale inflation........

INDIAN EQUITY BENCHMARKS ended at a record closing high on Friday as   foreign investors continued to pile into domestically oriented blue-chips such as Asian Paints Ltd amid a slide in crude oil prices and data showing easing wholesale inflation.

Data on Friday showed the wholesale price index  rose an annual 1.77 percent last month, its slowest since September 2009, while data on Wednesday showed consumer prices rose at the slowest rate on record.

Sun Pharmaceutical Industries fell 2.4 percent and Cipla lost 2.3 percent after their July-Sept earnings disappointed investors                                              

Further, State Bank of India ended 2.5 percent higher after earlier marking its highest level since May 26, on better-than-expected asset quality due to lower slippages and restructuring in the July-September quarter.

The crucial resistance for Nifty is now seen at 8450  and above this 8530. Support for the immediate term is now placed at 8390 and next support will be 8350.

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