Pre Market Watch - March 7 2008

The Indian Market is likely to have a negative opening, as the cues from the global markets are not in favor. On Wednesday, The Indian market got a boost in the final trading hours of the session and come over from the four day losing trend on the back of selective buying across the counters. The market opened flat but managed to make a turnaround after the mid session as the investors showed some buying interest. Also, the statement by the Finance Minister that the FIIs were not behind the recent sharp fall in the market and it could be attributed to sub prime crises and recession concerns in US gave a boost to the investors sentiments. The BSE Sensex closed higher by 202.19 points at 16,542.08 and NSE Nifty grew by 57.15 points to close at 4,921.40. We expect that the market may remain cautious during the trading session.

On Wednesday, the US market was closed in red. The Dow Jones Industrial Average (DJIA) closed lower by 214.60 points at 12,040.39 along with S&P closed down by 29.36 points at 1,304.34 and NASDAQ fell by 52.31 points to close at 2,220.50.

Today the major stock markets in Asia are trading weak. Hang Seng is trading lower by 615.49 points at 22,727.24 along with Japan''s Nikkei trading down by 378.60 points at 12,836.82 and Taiwan Weighted trading trading at 8,597.21 down by 61.43 points.

Indian ADRs ended in negative. Wipro fell by (4.98%) along with Satyam by (3.88%) and Infosys by (3.04%). HDFC bank and ICICI bank dropped by (5.43%) and (4.04%) respectively.

The FIIs on Wednesday stood as net seller in equity. The gross equity purchased was Rs3,551.10 Crore while the gross equity sold stood at Rs4,023.90 Crore.

Therefore, the net investment of equity reported wsas (Rs472.80) Crore.

Today, Nifty has support at 4,713 and resistance at 4,946 and BSE Sensex has support at 15,784 and resistance at 16,702