Pre Open Market Commentary

Indian market is likely to have a positive opening on the back of positive global and domestic cues. On Tuesday, the Indian markets closed on a strong note which is the highest ever in the history of Indian stock market. The BSE Sensex surged by 788.85 points to close at 18,280.24 while Nifty advanced by 242.15 points to close at 5,327.25. The yesterday''s rally was on the back of the surprise news that both the UPA and Left have agreed to carry on the meeting over the US nuclear deal on October 22. We expect the market that the profit booking may prevail at higher levels .

Tuesday, the US markets closed in a positive territory. The Dow Jones Industrial Average (DJIA) surged 120.80 points to close at 14,164.53. The S&P 500 (SPX) index increased by 12.57 points to close at 1,565.15 and the NASDAQ Composite (RIXF) grew 16.54 points to close at 2,803.91.

Indian ADRs ended in green. In technology sector, Patni computers grew by (4.36%) along with Satyam by 3.54%, Wipro by 3.24% and Infosys by 2.84%. In banking sector, ICICI bank and HDFC bank gained (4.30%) and (3.47%) respectively. VSNL and MTNL advanced by (4.20%) and (3.72%) respectively. In Metal sector, Sterlite industries increased by (4.43%).

The major stock markets in Asia are trading strong. Hang Seng Index grew by 363.44 points to trade at 28,591.48. Japan''s Nikkei is trading up by 57.63 points at 17,217.53. Singapore''s Straits Times index advanced by 18.47 points to trade at 3,884.22. Seoul Composite trading higher by 22.04 points at 2,036.17.

Yesterday, the gross equity purchased was Rs.9,160.40 (in crores), and the gross debt purchased was Rs458.30 (in crores). The gross equity sold was Rs5,740.60 (in crores), and the gross debt sold was Rs202.90 (in crores). The net investment of equity was Rs3,419.80 (in crores) and the net debt investment was Rs255.40 (in crores).

Today, Nifty has support at 5,201 and resistance at 5,381 and BSE Sensex has support at 17,860 and resistance at 18,463.