Pre Market Watch

The Market is likely to have positive opening on the back of favoring global cues. The market yesterday closed with marginal gains as the selling the selling towards the end intensified. On Thursday, the BSE Sensex closed up by 53.27 points at 19,791.34 and NSE Nifty closed higher by 14.7 points at 5,954.70. We expect that the market to see some bull run during the trading session. Also, releasing of weekly inflation data by the government today will again set the directions for the market.

The Bank of England cuts the interest rate by a quarter point to 5.5%, which was for the first time in two years. This cut was on the back of inflation concerns as the surging cost of credit threatens to derail growth.

On Thursday, the US market closed in green. The DJIA surged 174.93 points to close at 13,619.89. The S&P 500 index grew by 22.33 points to close at 1,507.34 and NASDAQ advanced by 42.67 points to close at 2,709.03.

Indian ADRs ended in positive territory. In technology sector, Patni computers grew by 2.63% along with Wipro by 2.31%, Satyam by 1.24% and Infosys 1%. In banking sector, ICICI bank and HDFC bank grew by (4.40%) and (1.52%) respectively. In telecommunication sector, MTNL and VSNL advanced by (5.26%) and (1.51%) respectively.

The major stock markets in Asia are trading firm. Hang Seng is trading higher by 272.95 points at 29,831.87. Japan''s Nikkei is trading up by 147.04 points at 16,021.12. Taiwan Weighted inched up by 58.60 points to trade at 8,753.01. Seoul Composite is trading at 1,941.06 up by 12.11 points.

The FIIs stood as the net buyer on Thursday . The gross equity purchased was Rs5, 515.50 Crore and the gross debt purchased was Rs533.70 Crore while the gross equity sold stood at Rs4, 434.20 Crore and gross debt sold stood at Rs45.10 Crore. Therefore, the net investment of equity was Rs1, 081.30 Crore and net debt was Rs488.60 Crore.

Today, Nifty has support at 5,905 and resistance at 6,031 and BSE Sensex has support at 19,616 and resistance at 20,189.