Pre Market Watch

The Indian market is likely to have positive opening as the cues from the US market is in favor. Yesterday, the market closed on a negative note after coming off sharply from the higher levels in the final trading hours of the session. The Sensex after a flat opening dipped down by taking negative cues from the global markets but managed to recover towards the mid session to touch an intraday high of 21,113.13. The BSE Mid Caps and Small Caps stocks remained out of favor as most selling was seen from these baskets. The BSE Sensex closed with marginal loss of 3.55 points at 20,869.78 and NSE Nifty closed lower by 15.85 points at 6,272. We expect that the market may remain range bound during the trading session and volatility may rule the market.

On Wednesday, the US market closed in positive territory. The Dow Jones Industrial Average (DJIA) grew by 146.24 points to close at 12,735.31 along with S&P 500 index by 18.94 points at 1,409.13 and NASDAQ by 34.04 points at 2,474.55.

Indian ADRS closed in positive. In technology sector, Patni computers rose by 2.84% along with Infosys by 2.07% and Satyam by 0.04%. In banking sector, HDFC bank and ICICI bank grew by (3.49%) and (2.95%) respectively. VSNL inched up by (0.18%).

The major stock markets in Asia are trading mixed. Hang Seng is trading lower by 110.38 points at 27,505.47. Japan''s Nikkei is trading down by 116.94 points at 14,482.22 while Taiwan Weighted is trading up by 70.15 points at 8,155.21.

On Wednesday, the FIIs stood as net buyer both in equity and in debt. The gross equity purchased was Rs5,529.90 Crore and the gross debt purchased was Rs744 Crore while the gross equity sold stood at Rs4,476.50 Crore and gross debt sold stood at Rs86.80 Crore. Therefore, the net investment of equity reported was Rs1053.40 Crore and net debt was Rs657.20 Crore.

Today, Nifty has support at 6,182 and resistance at 6,357 and BSE Sensex has support at 20,548 and resistance at 21,149.