Pre Market Watch

ndian market is likely to have negative opening as the Asian Market are trading lower and US market closed in red. On Monday, the Indian market failed to hold their initial gains due to the selling pressure across the sectoral indices scrips but the small caps nad mid caps continued to outperform the benchmark indices. Finally, the BSE Sensex fell by 65 points to close at 19,633.36 and NSE Nifty closed marginally up by 0.8 points at 5,907.65. We expect that the profit booking may prevail in the market during the trading session, as the global cues are not in favor.

Monday, the US markets closed in red as the Dow Jones Industrial Average (DJIA) declined by 218.35 points to closed at 12,958.44. NASDAQ Composite and S&P 500 also dropped by 43.86 points and 25.47 points at 2,593.38 and 1,433.27 respectively.

Indian ADRs ended in negative territory. In banking sector, ICICI bank and HDFC bank slipped by (5.46%) and (3.93%) respectively. In technology sector, Wipro fell by 5.41% along with Satyam by 3.99% and Infosys by 2.47% while Patni computers grew by (0.66%) In telecommunication sector, MTNL and VSNL dropped by (4.84%) and (3.76%) respectively.

The major stock markets in Asia are trading weak. Hang Seng declined by 881.19 points at 26,578.98. Japan''s Nikkei is trading lower by 285.89 points at 14,756.67. Taiwan weighted is trading down by 285.93 points at 8,394.78 and Seoul Composite fell by 64.43 points to trade at 1,829.04.

Yesterday, FIIs stood as the net seller. The gross equity purchased was Rs.3,508.90 (in crores), and the gross debt purchased was Rs.10.50 (in crores) as against the gross equity sold was Rs.3,588 (in crores) and the gross debt sold was Rs.14.90 (in crores). The net investment of equity was -Rs79.10. (in crores) and the net debt investment was -Rs.4.40 (in crores).

Today, Nifty has support at 5,803 and resistance at 5,948 and BSE Sensex has support at 19,261 and resistance at 19,859.