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Friday, November 03, 2006

Trend may remain positive


After gaining over 129 points in the last two trading session, the market may show more exuberance and advance further on the last day of the week on the back of bullish sentiment amongst investors. Yesterday, the Sensex crossed 13100 mark and settled at 13091, for the first time amid buying in several heavyweight and sectoral stocks. However marginally fall in US & European indices coupled with mixed in Asian indices in the morning trades may make the domestic indices volatile in the early trades.

US indices on Thursday were down marginally with the Dow Jones losing 12 points to close at 12019, while tech heavyweight, the Nasdaq shed 0.33 points to close at 2334.

Indian ADRs largely ended on a mixed note on the US bourses. ICICI Bank and Patni gained over 1% each while Infosys, Dr Reddy's, Tata Motors and HDFC Bank ended the day with steady gains. However, VSNL tumbled over 1%, Satyam, Wipro, MTNL and Rediff ended with marginal losses.

Crude oil prices in the US market took a small hit, with the Nymex light crude oil for December delivery dropping by $0.83 to close at $57.88 a barrel while the London Brent crude was down by $0.05 at $58.98 per barrel. However, in the commodity space, the Comex gold for December series advanced $8.50 to settle at $627.80 an ounce.

On Nov 01 2006, FIIs were net buyers of stocks to the tune of Rs368.50 crore (purchases worth Rs1898.60 crore and sales of Rs1530.20 crore).