Pre Market Watch - March 10 2008

The Indian Market is likely to have a negative opening today due to weak cues from he global markets. On Friday, The Indian market closed in the deep negative territory today with the BSE Sensex closed below the physiological mark of 16000 and the NSE Nifty settled below the 4800 mark. The market tumbled since the initial bell tracking the weak cues from the global market and kept on hovering in the negative territory throughout the trading session. Also, the rising of inflation to 5.02% in the week ended February 2008 adds to the negative sentiments in the market. The inflation grew to nine months high due to rise in prices of fruits, vegetables and oil seeds. The BSE Sensex closed lower by 566.56 points at 15,975.52 and NSE Nifty fell by 149.80 points to close at 4,771.60. We expect that the market may remain volatile during the trading session.

On Friday, the US market was closed in red. The Dow Jones Industrial Average (DJIA) closed lower by 146.70 points at 11,893.69 along with S&P closed down by 10.97 points at 1,293.37 and NASDAQ fell by 8.01 points to close at 2,212.49

Today the major stock markets in Asia are trading weak. Hang Seng is trading lower by 289.89 points at 22,211.44 along with Japan''s Nikkei trading down by 183.02 points at 12,599.78 and Taiwan Weighted trading at 8,336.70 down by 194.68 points.

Indian ADRs ended in negative. Satyam fell by (5.69%) along with Wipro by (4.71%) and Infosys by (3.02%). ICICI bank and HDFC bank fell by (4.87%) and (4.86%) respectively.

The FIIs on Friday stood as net seller both in equity as well as debt. The gross equity purchased was Rs2,852.50 Crore and the gross debt purchased was Rs0.00 Crore while the gross equity sold stood at Rs2,982.20 Crore and gross debt sold stood at Rs414.30 Crore. Therefore, the net investment of equity reported was (Rs129.70) Crore and net debt was (Rs414.30 Crore).

Today, Nifty has support at 4,706 and resistance at 4,857 and BSE Sensex has support at 15,628 and resistance at 16,389.