Nifty struggles to hold 5300

Indian equity benchmarks started the trade on a positive note following strong global cues, tracking winning of confidence vote by Greek PM. But indices have not been holding early gains since yesterday - they have been consolidating after a big fall on Monday. The Nifty has been struggling to hold the 5300 level.

IDFC, Sesa Goa, Tata Steel, Reliance Communications, Reliance Infrastructure, ICICI Bank, Infosys, Tata Motors, ONGC, L&T and Reliance Industries were pushing the markets higher in early trade.

However, HDFC, HUL, JSPL, BHEL and BPCL were on sellers' radar.

SBI was down a bit after SBI Chairman said FY12 credit growth was expected to be 16-19% as against 19-20% seen before. "We are witnessing some slowdown in corporate lending," he said.

At 9:20, the NSE Nifty was trading at 5,298, up 23 points and the BSE Sensex went up 69 points to 17,629.