Pre Market Watch - Jan 15 2008

The Indian market is likely to have positive opening due to favoring cues from the global markets. On Monday, the Indian market closed the session mixed as the Nifty closed up with marginal gains while BSE Sensex closed on a negative note. The market opened on a firm note on the back of heavy buying across the counters but was unable to sustain its gains. However, the Small Caps and Mid Caps stocks that faced the downturn for the last so many trading session remained in the limelight today as most buying was seen from these baskets. The BSE Sensex closed lower by 99.40 points at 20,728.05 and NSE Nifty grew by 6.7 points to close at 6,206.80. We expect that the market may gain some grounds during the trading session.

On Monday, the US market closed in green. The Dow Jones Industrial Average (DJIA) closed higher by 171.85 points at 12,778.15. S&P 500 index grew by 15.23 points to close at 1,416.25 and NASDAQ advanced by 38.36 points to close at 2,478.30

Indian ADRS closed in positive. In technology sector, Wipro grew by (1.58%) along with Satyam by (1.06%) and Infosys by (0.52%). In banking sector, HDFC bank advanced by (4.31%). MTNL and VSNL increased by (5.69%) and (2.96%) respectively. Sterlite industries inched by 1.63%.

The major stock markets in Asia are trading firm. Hang Seng is trading up by 80.90 points at 26,549.03 along with Japan''s Nikkei is trading higher by 67.80 points at 14,178.59 and Taiwan Weighted is trading at 8,484.68 up by 311.27 points.

On Monday, the FIIs stood as net buyer both in equity and debt. The gross equity purchased was Rs3,906.30 Crore and the gross debt purchased was Rs318.70 Crore while the gross equity sold stood at Rs3,792.60 Crore and gross debt sold stood at Rs85 Crore. Therefore, the net investment of equity reported was Rs113.70 Crore and net debt was Rs233.70 Crore.

Today, Nifty has support at 6,141 and resistance at 6,310 and BSE Sensex has support at 20,519 and resistance at 21,076.