Market may start buoyant

The benchmark indices, Sensex and Nifty, are expected to commence on a firm note and witness significant rally during intra-day trades, as international markets backed by firm US and Asian indices may help the sentiment remain buoyant. Among the Asian majors, Nikkei has surged 1.70% at 16293 while Jakarta Composite has scaled up to 1.39% at 1662. Also crude oil slipping in the global markets may augur well for the domestic oil stocks. On the technical front, the Nifty could test at 3875 on the upside and has supports in the 3820-3800 range, while the Sensex has a likely support at 13330 and may face resistance at 13500.

U.S. stocks ended on positive note on Monday as investors bet that falling crude oil prices would support corporate earnings growth, with the Dow Jones adding 23 points to close at 12132, while the Nasdaq added 17 points at 2406, closing at its highest point since February 2001.

Barring few all the Indian floats had a decent outing on the US bourses. Satyam and Infosys were the biggest gainers and rose over 3% each while Wipro scaled up 1.89%, ICICI Bank and Patni Computers jumped over 1% each. Tata Motors, HDFC Bank, and Dr Reddy's ended with steady gains. However VSNL lost ground and was down by 2% followed by MTNL down by 1%. Rediff also ended the day with steady losses.

Crude oil prices in the US market fell sharply, with the Nymex Light Crude oil for December delivery falling $1.01 to close at $58.58 a barrel. In the Commodity space, the Comex gold for December series dropped $4.30 to settle at $625.80 an ounce.

On Nov 10 2006, FIIs were net buyers of stocks to the tune of Rs 478.10 crore (purchases worth Rs2661.60 crore and sales of Rs2183.50 crore) while domestic mutual funds were net buyers of stocks to the tune of Rs129.87 crore (purchases worth Rs647.41 crore and sales of Rs517.54 crore).