Pre Market Watch - Feb 19 2008

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Category : Market Commentary
Headline : Pre Session Market
Date : 19 Feb 2008 09:29 AM

The Indian Market is likely to have a positive opening due to favoring cues from the Asian markets. On Monday, the market closed on a negative note as the profit booking across the counters prevailed. The market opened with hand some gains tracking the firm cues from the Asian markets but all of a sudden lost the momentum and fell to pare all its initial gains. The market from there on kept on hovering in the negative territory throughout the trading session. Reliance Power registered the highest turnover from the BSE as the company announced a bonus issue of shares. He company''s board will be meeting on February 24 to consider the ratio on issuing bonus shares. However, the Small Caps and Mid Caps remained in the limelight as most buying was seen from these baskets. From the sectoral front, the Realty index faced heavy selling pressures across the counters. The BSE Sensex closed lower by 67.20 points at 18,048.05 and NSE Nifty slipped by 26 points to close at 5,276.90. We expect that the market may gain some ground during the trading session.

On Monday, the US market was closed for the celebration of President''s day.

Today, the major stock markets in Asia are trading strong. Hang Seng is trading higher by 382.65 points at 24,141.90 along with Japan''s Nikkei trading up by 75.45 points at 13,710.85 and Taiwan Weighted trading at 7,978.28 up by 87.38 points.

The FIIs on Monday stood as net buyer both in equity as well as in debt. The gross equity purchased was Rs3,898 Crore and the gross debt purchased was Rs368.70 Crore while the gross equity sold stood at Rs2,750.50 Crore and gross debt sold stood at Rs0.30 Crore. Therefore, the net investment of equity reported was Rs1,147.50 Crore and net debt was Rs368.40 Crore.

Today, Nifty has support at 5,187 and resistance at 5,362 and BSE Sensex has support at 17,736 and resistance at 18,479.