Pre Market Watch

Indian market is likely to have a flat opening for the day with marginal losses, as most of the market participants are unhappy with RBI''s policy review. Further the global markets are also weak. On Tuesday, the benchmark index Sensex ended up with a loss of 194.16 points to close at 19,783.51, whereas Nifty also closed with a loss of 37.15 points to close at 5,868.75. We expect that the market may trade with volatility. Further, stock specific buying can be seen & profit booking is expected at the later stages.

On Tuesday, the US markets ended marginally low as the Dow Jones Industrial Average (DJIA) ended with a loss of 77.79 points to close at 13,792.47. Further the NASDAQ Composite & S&P 500 (SPX) index also ended down by 0.73 points & 9.96 points at 2,816.71 & 1,531.02 respectively.

Indian ADRs also ended in loss. In telecommunication sector, VSNL & MTNL plunged by (5.72%) & (3.87%) respectively. In Pharma sector, Dr. Redddy''s Lab is down by (1.60%). In Banking sector ICICI bank & HDFC bank fell (3.56%) & (1.47%). Further in Technology sector, Patni Computers decreased by (1.19%), along with Wipro (0.75%) & Infosys (0.75%).

The major stock markets in Asia are trading weak. Hang Seng is trading with a loss of 291.19 points at 31,347.03. Along with this, Japan''s Nikkei is trading lower by 21.16 points to trade at 16,629.85. Singapore''s Straits Times index is also trading down by 9.46 points at 3,788.99 and Seoul Composite lost 5.37 points to trade at 2,047.

Yesterday, the FIIs stood as the net buyers as the gross equity purchased was Rs.4782.80 (in crores), and the gross debt purchased was Rs.16.80 (in crores) as against the gross equity sold was Rs.3735.40 (in crores) and the gross debt sold was Rs.7.90 (in crores). The net investment of equity was Rs.1047.40 (in crores) and the net debt investment was Rs.8.90 (in crores).

Today, Nifty has support at 5,730 and resistance at 5,928 and BSE Sensex has support at 19,570 and resistance at 19,900