Pre Market Watch

The market closed on a negative note yesterday on the back of profit booking by the investors across the counters. However, the BSE Mid cap and Small cap outperformed the benchmark indices as most buying is seen from these baskets. On Tuesday, the BSE Sensex slipped by 73.91 points to close at 19,529.50 and NSE Nifty closed lower by 6.65 points at 5,585.35. We expect that the market may remain range bound during the trading session.

On Tuesday, the US market closed in negative territory. The DJIA closed lower by 65.84 points at 13,248.73. The S&P 500 index slipped by 9.63 points to closed at 1,462.79 while NASDAQ fell by 17.30 points to close at 2,619.83.

Indian ADRs ended in mixed. In technology sector, Wipro grew by (3.82%) along with Satyam by (2.89%), Patni Computers by (1.27%) and Infosys by (0.29%). In banking sector, ICICI bank and HDFC bank advanced by (0.98%) and (0.57%) respectively. VSNL dropped by (1.40%).

The major stock markets in Asia are trading mixed. Hang Seng is trading higher by 14.75 points at 28,894.34. Taiwan Weighted is trading up by 23.90 points at 8,675.18 While Japan''s Nikkei is trading lower by 54.26 points at 15,425.93. Seoul Composite is trading down by 1.43 points at 1,916.40.

The FIIs stood as the net buyer in equity and net seller in Debt on Tuesday. The gross equity purchased was Rs5, 566 Crore and the gross debt purchased was Rs9.40 Crore while the gross equity sold stood at Rs114.40 Crore and gross debt sold stood at Rs539.90 Crore. So, the net investment of equity was Rs114.40 Crore and net debt was (Rs530.50 Crore).

Today, Nifty has support at 5,765 and resistance at 5,908 and BSE Sensex has support at 19,529.50 and resistance at 19,691.