Pre Open Market Commentary

Indian market is likely to have positive opening due to positive global cues. On Thursday, the market closed marginally up after a strong rally at the initial stage. The market came off sharply from the higher levels towards the end of the session on the back of heavy profit booking by the investors. The BSE Sensex closed higher by 64.39 points at 19,003.26 and NSE Nifty grew by 17.05 points to close at 5,634.60. We expect that the market to remain range bound during the trading session and the investors may take calculated steps in booking their further positions.

On Thursday, the US market closed in positive territory. The DJIA closed higher by 22.28 points at 13,311.73. The Nasdaq and S&P 500 index closed up by 5.22 points and 0.70 points at 2,668.13 and 1,469.72 respectively.

Indian ADRs ended in negative. In technology sector, Wipro fell by (0.90%) along with Infosys by (0.75%), Patni computers by (0.68%) and Satyam by (0.15%). In banking sector, ICICI bank and HDFC bank dropped by (2.27%) and (0.15%) respectively. MTNL VSNL slipped by (5.79%) and (0.41%) respectively.

The major stock markets in Asia are trading firm. Hang Seng is trading up by 89.45 points at 28,571.99. Japan''s Nikkei is trading higher by 184.71 points at 15,698.45. Singapore Strait times advanced by 32.91 points to trade at 3,511.13. Taiwan weighted ais trading firm at 8,559.05 up by 112.05 points. Seoul Composite is trading at 1,902.93 up by 25.37 points.

The FIIs stood as the net seller yesterday as the gross equity purchased was Rs.3,268.50 (in crores) and the gross debt purchased was Rs46.60 (in crores). The gross equity sold was Rs3,718.50 (in crores), and the gross debt sold was Rs116.30 (in crores). The net investment of equity was -Rs450 (in crores) and the net debt investment was -Rs69.70 (in crores).

Today, Nifty has support at 5,568 and resistance at 5,709 and BSE Sensex has support at 18,702 and resistance at 19,291