Sideways movement may continue

The current market sentiment is mainly driven by the earning estimations and movement in global indices. The
mood of the market is expected to remain positive after Friday's solid gains and the sharp FIIs inflow in the domestic markets will also help the local indices advance further. However, subdued Asian indices in current trades may drag the market in early trades. Among the indices, the Nifty could test higher levels around 4694 and 4755 while on the downside the index has a strong support at 4600-4565 levels. The Sensex has a likely support at 15500 and may face resistance at 15800. Geomet, Indo Rama Synthics, Merck, Petronet LNG, Power Finance Corporation and TCS are expected to announce their numbers.

US indices closed mixed on Friday. While the Dow Jones gained by 17 points at 9172, the Nasdaq lost 6 points to close at 1979.

Most of the Indian ADRs barring few ended in the green on the US bourses. VSNL tumbled nearly 4% and MTNL slipped 3.66% while Satyam, Dr Reddy's Lab and Rediff lost over 1-2% each. However, Infosys, Wipro, Tata Motors, ICICI Bank, HDFC Bank and Patni Computers gained over1-2% each.

Crude oil prices in the global market extended their upward trend, with the Nymex light crude oil for September series jumping by $2.51 at $69.45 a barrel. In the commodity space, the Comex gold for December delivery moved down by $18.50 to settle at $955.80 a troy ounce.

Daily trend of FII/MF investment in equities
On July 30, 2009, FIIs were net buyers of stocks to the tune of Rs1184 crore (purchases worth Rs 5071 crore and sales of Rs3887 crore). while domestic mutual funds were net sellers of stocks to the tune of Rs49 crore (purchases worth Rs1537 crore and sales of Rs1586 crore).