Pre Session Commentary - May 5 2008

The Indian Market is likely to have a positive opening due to mixed cues from the global markets. On Friday, the Indian Market closed in green backed by strong buying across the sectoral indices. The market opened with a bang tracking the favoring cues from he global markets but pared some of its gains towards the mid of the session but gathered the momentum after that to close on a strong note. Despite of high inflation figures in which the India''s wholesale price index grew 7.57% in 12 months to 19 April 2008, from the previous week''s annual rise of 7.33%, the investors showed more buying interest to book their positions. The BSE Sensex closed higher by 312.81 points at 17,600.12 and NSE Nifty closed up by 62.3 points at 5,228.20. We expect that the market may remain range bound during the trading session.

On Friday, the US market closed mixed. The Dow Jones Industrial Average (DJIA) closed higher by 48.20 points at 13,058.20 along with S&P 500 closed up by 4.56 points at 1,413.90 while NASDAQ fell by 3.72 points to close at 2,476.99.

Today the major stock markets in Asia are trading firm. Hang Seng is trading higher by 21.72 points at 26,262.74 along with Singapore Strait Times trading up by 20.78 at 3,256.88 while Taiwan Weighted trading at 8,888.24 down by 75.39 points.

The FIIs on Friday stood as net seller in equity. The gross equity purchased was Rs3,418.30 Crore and the gross debt purchased was Rs0.00 Crore while the gross equity sold stood at Rs3,503 Crore and gross debt sold stood at Rs0.00 Crore. Therefore, the net investment of equity reported was (Rs84.70 Crore) and net debt was Rs0.00 Crore.

Today, Nifty has support at 5,132 and resistance at 5,299 and BSE Sensex has support at 17,310 and resistance at 17,924.