Pre Market Watch

Indian market is likely to have a positive opening on the back of favoring cues from the global markets. On Friday, the market ended the session marginally lower after facing the volatility throughout the trading session. The market opened on a weak note backed by negative cues from the global markets. The market got the direction after the declaration of inflation figures by the government that represented that the India''s wholesale price index grew 3.45% in the 12 months ended 15 December 2007 which was lower than the previous week''s rise of 3.65%. The BSE Sensex closed marginal lower by 9.77 points at 20,206.95 and NSE Nifty fell by 1.8 points to close at 6,079.70. We expect the market to gain some grounds during the trading session.

On Friday, the US market closed mixed. The Dow Jones Industrial Average (DJIA) closed higher by 6.26 points at 13,365.87. S&P 500 index grew by 2.22 points to close at 1,478.49 and NASDAQ fell by 2.33 points to close at 2,674.46.

Indian ADRs ended in mixed. In technology sector, Satyam grew by (2.29%) along with Wipro by (1.20%) while Patni computers and Infosys fell by (0.24%) and (0.15%) respectively. In banking sector, HDFC bank and ICICI bank increased by (3.34%) and (3.07%) respectively. MTNL and VSNL fell by (1.39%) and (0.03%) respectively.

Today, the major stock markets in Asia are trading higher. Taiwan Weighted is trading up by 34.99 points at 8,431.94. Singapore Strait Times is trading higher by 20.60 points at 3,466.42.

The FIIs on Friday stood as net buyers both in equity as well as in debt. The gross equity purchased was Rs6,774.30 Crore and the gross debt purchased was Rs300.40 Crore while the gross equity sold stood at Rs5,830.30 Crore and gross debt sold stood at Rs12 Crore. Therefore, the net investment of equity reported was Rs944 Crore and net debt was Rs288.40Crore.

Today, Nifty has support at 6,012 and resistance at 6,194 and BSE Sensex has support at 20,029 and resistance at 20,592.