Pre Market Watch

The Indian Market is likely to have a positive opening as the US market closed in green while the Asian market is trading mixed. The market closed on an upbeat note by creating a rally across the sectoral indices scrips. The market opened firmly backed by favoring cues from the global markets and keeps on marching forward through out the trading session to close with handsome gains. The cues from the domestic market was good as the BJP got a comfortable victory in the Gujarat state election that wiped off the worries of early national election by the ruling Congress. The IT scrips remained in the limelight today on the back of heavy buying from these baskets ahead of Q3 December 2007 earnings. The BSE Sensex closed higher by 691.55 points at 19,854.12 and NSE Nifty closed up by 218.6 points at 5,985.10. We expect the market to remain volatile during the trading session.

On Monday, the US market closed green. The Dow Jones Industrial Average (DJIA) closed up by 93.72 points at 13,549.33. S&P 500 index closed higher by 12.95 points at 1,496.45 and NASDAQ grew by 21.51 points to close at 2,713.50.

The major stock markets in Asia are trading mixed. Japan''s Nikkei is trading up by 31.08 points at 15,583.67. Singapore Strait Times is trading higher by 18.46 points at 3,452.99 while Taiwan weighted is also trading lower by 67.08 points at 8,099.99.

On Monday, the FIIs stood as the net seller in equity while net buyer in debt. The gross equity purchased was Rs2,561.20 Crore and the gross debt purchased was Rs27 Crore while the gross equity sold stood at Rs3,077 Crore. Therefore, the net investment of equity reported was (Rs515.80 Crore) and net debt was Rs27Crore.

Today, Nifty has support at 5,879 and resistance at 6,081 and BSE Sensex has support at 19,573 and resistance at 20,132.