Pre Open Market Commentary

Indian market is likely to have a negative opening on the back of negative global cues. On Friday, the Indian markets ended on a negative note, as BSE Sensex closed lower by 25.89 points at 15,590.42 while Nifty slipped by 9.1 points to close at 4,509.50. We expect the market to remain cautious during the trading session.

On Friday, the US market closed in red. The Dow Jones Industrial Average declined by 249.97 points to close at 13,113.38. The Nasdaq Composite Index fell by 48.62 points to close at 2,565.70. The S&P 500 index decreased by 25 points to close at 1,453.55.

Indian ADRs ended in negative territory. In technology sector, Patni computers dropped by (4.45%) along with Infosys by (2.65%), Satyam by (2.56%) and Wipro by (1.74%). In banking sector, HDFC bank and ICICI bank fell by (2.85%) and (2.12%) respectively. VSNL and MTNL closed lower by (4.88%) and (1.81%) respectively.

The major stock markets in Asia are trading weak. Japan''s Nikkei trading lower by 340.49 points to trade at 15,781.67. Hang Seng slipped by 370.12 points to trade at 23,612.49. Taiwan weighted dropped by 83.02 points to trade at 8,935.06. Singapore Strait times trading lower by 73.60 points at 3,415.37.

Today, Nifty has support at 4,340 and resistance at 4,605 and BSE Sensex has support at 15,240 and resistance at 15,630.