Pre Market Watch

The Market is likely to have positive opening on the back of strong global cues. The market yesterday closed on a strong note as a result of selective buying across the sectoral indices scrips. However, the BSE Small cap outperformed the benchmark indices as most buying is seen from these baskets. On Wednesday, the BSE Sensex surged 208.57 points to close at 19,738.07 and NSE Nifty closed higher by 81.65 points at 5,940. We expect that the market to gain some grounds during the trading session.

On Wednesday, the US market closed in positive territory. The DJIA closed up by 196.23 points at 13,444.96. The S&P 500 index grew by 22.22 points to close at 1,485.01 and NASDAQ advanced by 46.53 points to close at 2,666.36.

Indian ADRs ended in positive territory. In technology sector, Infosys gained 2.80% along with Satyam by 2.69% , Patni computers by 2.40% and Wipro by 0.48%. In banking sector, HDFC bank and ICICI bank advanced by (4.46%) and (2.51%) respectively. In telecommunication sector, MTNL and VSNL grew by (6.15%) and (4.76%).

The major stock markets in Asia are trading firm. Hang Seng is trading up by 488.48 points at 29,833.93. Japan''s Nikkei is trading higher by 234.04 points at 15,842.92. Taiwan Weighted advanced by 80.18 points to trade at 8,757.13. Seoul Composite is trading at 1,959.23 up by 21.03 points. Singapore Strait Times inched up by 37.55 points to trade at 3,597.60.

The FIIs stood as the net buyer on Wednesday both in equity and Debt. The gross equity purchased was Rs3,974.10 Crore and the gross debt purchased was Rs369.50 Crore while the gross equity sold stood at Rs3,954.60 Crore and gross debt sold stood at Rs107.60 Crore. Therefore, the net investment of equity was Rs19.50 Crore and net debt was Rs262 Crore.

Today, Nifty has support at 5,892 and resistance at 6,028 and BSE Sensex has support at 19,586 and resistance at 20,019.