Pre Market Watch

The Indian market is likely to have a positive opening due to more active participation of the FII. Yesterday, the market closed on a positive territory on the last trading day of the year 2007. The market opened with handsome gains on the back of favoring cues from the global markets. But all of a sudden it lost the momentum to pare most of its initial gains and gathered the momentum after the mid session as the buying intensified across the counters. Both the Mid Caps and Small Caps indices once again outperformed the benchmark indices as they closed with handsome The BSE Sensex closed higher by 80.04 points at 20,286.99 and NSE Nifty grew by 58.9 points to close at 6,138.60. We expect that market may remain volatile during the trading session.

On Monday the US market closed in red. The Dow Jones Industrial Average (DJIA) closed lower by 101.05 points at 13,264.82. S&P 500 index fell by 10.13 points to close at 1,468.36 and NASDAQ dropped by 22.18 points to close at 2,652.28.

India ADRs ended in negative territory. In technology sector, Patni computers fell by (2.52%) along with Wipro by (2.24%), Satyam by (1.73%) and Infosys by (0.42%). In banking sector, HDFC bank dropped by (0.90%). VSNL and MTNL increased by (3.79%) and (0.19%) respectively.

All the Asian markets except BSE Sensex and NSE Nifty are remain closed today.

On Monday, the FIIs stood as net buyer both in equity and debt. The gross equity purchased was Rs3, 255.20 Crore and the gross debt purchased was Rs241.70 Crore while the gross equity sold stood at Rs2, 114.30 Crore and gross debt sold stood at Rs0.00 Crore. Therefore, the net investment of equity reported was Rs1, 140.90 Crore and net debt was Rs241.70Crore.

Today, Nifty has support at 6,082 and resistance at 6,213 and BSE Sensex has support at 20,034 and resistance at 20,592.