Pre Market Watch

The Indian market on today is likely to have a negative opening on the back of negative cues from global markets. Yesterday the market made a huge turnaround from the lower levels to touch a record high in the final trading hours of the session. The market opened on a firm note but lost the momentum all of a sudden and pared all its initial gains as the profit booking across the counters prevailed. But buying at the lower levels led the market to recover and closed with handsome gains. However, the Mid Caps stocks remain the centre of attraction as most buying was seen since the initial bell. The BSE Sensex closed higher by 164.59 points at 20,465.30 and NSE Nifty grew by 35.05 points to close at 6,179.40. We expect that market may remain volatile during the trading session.

On Wednesday the US market closed in deep red. The Dow Jones Industrial Average (DJIA) declined by 220.86 points at 13,043.96. S&P 500 index fell by 21.20 points to close at 1,447.16 and NASDAQ dropped by 42.65 points to close at 2,609.63.

Indian ADRS closed in mixed. In technology sector, Patni Computers grew by (1.78%) while Satyam fell by (3.85%) along with Wipro by (2.83%) and Infosys by (2.05%). In banking sector, ICICI bank rose by (1.06%) while HDFC bank slipped by (2.39%). MTNL increased by (8.34%)

The major stock markets in Asia are trading weak. Hang Seng is trading lower by 497.34 points at 27,063.18. Taiwan Weighted is trading down by 184.72 points at 8,138.33. Singapore Strait Times is trading at 3,403.02 slipped by 58.20 points.

The FIIs on Wednesday stood as net buyer in equity while net seller in debt. The gross equity purchased was Rs1,437.60 Crore while the gross equity sold stood at Rs1,295.30 Crore and gross debt sold stood at Rs3 Crore. Therefore, the net investment of equity reported was Rs142.30 Crore and net debt was (Rs3Crore).

Today, Nifty has support at 6,052 and resistance at 6,261 and BSE Sensex has support at 20,074 and resistance at 20,719.