Pre Open Market Commentary

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Indian market is likely to have a positive opening as the US market closed higher. On Thursday, the Indian markets ended on a positive note, as BSE Sensex closed higher by 170.16 points at 15,616.31 while Nifty grew by 37.35 points to close at 4,518.60. We expect the market to remain range bound during the trading session.

On Thursday, the US market closed in green. The Dow Jones Industrial Average advanced by 57.88 points to close at 13,363.35. The Nasdaq Composite Index grew by 8.37 points to close at 2,614.32. The S&P 500 index increased by 6.26 points to close at 1,478.55.

Indian ADRs ended in positive territory. In technology sector, Infosys grew by (2.38%) along with Wipro by (0.56%) and Satyam by (0.24%) while Patni computers slipped by (1.08%). In banking sector, HDFC bank and ICICI bank grew by (3.23%) and (1.42%) respectively. VSNL and MTNL closed higher by (3.96%) and (3%) respectively.

The major stock markets in Asia are trading mixed. Japan''s Nikkei trading lower by 100.42 points to trade at 16,156.58. Hang Seng slipped by 56.80 points to trade at 23,993.60. Taiwan weighted advanced by 41.37 points to trade at 9,058.45. Singapore Strait times trading higher by 25.16 points at 3,491.22.

Today, Nifty has support at 4,480 and resistance at 4,590 and BSE Sensex has support at 15,520 and resistance at 15,870.