Pre Market Watch

Indian market is likely to have a positive opening for the day, as the fear related to the P-Note has decreased. Further SEBI is also harping more on the registration issue of sub account for FIIs. On Tuesday, the benchmark index Sensex registered its biggest intraday gain of 878.85 points to close at 18492.84, whereas Nifty has also made a remarkable recovery of 289.70 points to close at 5473.70. We expect that the market may trade with a relaxed mood and profit booking can be seen on yesterday''s purchase.

On Tuesday, the US markets ended in green territory as the Dow Jones Industrial Average (DJIA) closed up by 109.26 points to close at 13,676.23. Further the NASDAQ Composite & S&P 500 (SPX) index also gained 45.33 points & 13.26 points to close at 2,799.26 & 1,519.59 respectively.

Indian ADRs also performed well. In telecommunication sector, VSNL & MTNL surged (7.23%) & (4.52%) respectively. In metal sector, Sterlite Industries grew by (7.30%). In banking sector ICICI bank & HDFC bank gained (6.72%) and (7.73%) respectively. In Technology sector, Satyam increased by (12.05%) along with Wipro by (3.74%) and Infosys by (1.69%).

The major stock markets in Asia are trading firm. Hang Seng is trading with the gain of 480.63 points at 29,857.49. Along with this, Japan''s Nikkei is trading higher by 128.01 points to trade at 16,578.59. Singapore''s Straits Times index is also trading firm by 29.96 points at 3,3725.26 and Seoul Composite is up by 45.34 points to trade at 1993.32.

Yesterday, the FIIs performed mixed activity as the gross equity purchased was Rs.5580.90 (in crores), and the gross debt purchased was Rs.93.20 (in crores) as against the gross equity sold was Rs.6791.20 (in crores) and the gross debt sold was Rs.72.50 (in crores). The net investment of equity was Rs.-1210.30 (in crores) and the net debt investment was Rs.20.70 (in crores).

Today, Nifty has support at 5,403 and resistance at 5,575 and BSE Sensex has support at 18,382 and resistance at 18,716.