Market may open firm

The market sentiment is likely to remain bullish following firm Asian markets in current trades and overnight gains in US markets. The renewed buying interest in heavyweights may keep the bias positive for the day. Among the key domestic indices, the Nifty could test higher levels in the 4530-4570 range and has a support at 4420. The Sensex has a likely support at 14888 and may face resistance at 15450.

US indices finished higher on Friday, the July jobs report showed the labor market is starting to show signs of bottoming. With the Dow Jones closing 1.23% higher at 9370 up 114 points, while the Nasdaq changed 27 points up to close at 2000.

The upsurge in both the domestic and US markets spurred the Indian ADRs trading on the US bourses. Tata Motors led the pack with gains of 2.38% followed by Patni Computers gaining 2.16% while Infosys, Wipro, Dr Reddy, Tata Motors, HDFC Bank, VSNL and MTNL surged around 1% each. However, Satyam, ICICI Bank and Rediff slipped around 1-4% each.

Crude oil prices in the international market moved down, with the Nymex light crude oil for September 09 delivery declining by $1.01 to close at $70.93 per barrel. In the commodity space, the Comex gold for December series lost by $3.40 to settle at $959.50 a troy ounce.

Daily trend of FII/MF investment in equities
On August 06 2009, FIIs were net sellers of stocks to the tune of Rs247 crore (purchases worth Rs2580.90 crore and sales of Rs2827 crore) while domestic mutual funds were net buyers of stocks to the tune of Rs21 crore (purchases worth Rs1061 crore and sales of Rs1040 crore).