Market may open positive

The benchmark indices, Sensex and Nifty, are expected to commence on a firm note and witness significant rally during intra-day trades, as international markets backed by firm US and mixed Asian indices may help the sentiment remain buoyant. On the technical front, the Nifty could test in the 4850-4902 range on the upside and has supports in the 4750-4690 range, while the Sensex has a likely support at 16024 and may face resistance at 16208.

US indices surged Thursday, with the major gauges ending at the highest point in nearly a year, having responded strongly to a debt auction and Procter & Gamble's improved forecast. As a result, the Dow Jones flared up by 80 points at 9,627, while the Nasdaq added 24 points to close at 2084.

Indian ADRs traded mix on the US bourses. Patni Computers, Satyam & MTNL lost 2-3% while Wipro and VSNL declined marginally. However, Dr Reddy, ICICI Bank, Infosys, Tata Motors, HDFC Bank and Rediff ended with marginal gains.

Crude oil prices in the US market surged, with the Nymex light crude oil for October delivery gained 63 cents at $71.94. In the commodity segment, the Comex gold for December series lost 30 cents to settle at $996.80 a troy ounce.

Daily trend of FII/MF investment in equities
On September 09 2009, FIIs were net buyers of stocks to the tune of Rs247 crore (purchases worth Rs3101 crore and sales of Rs2854 crore) while domestic mutual funds were net buyers of stocks to the tune of Rs48 crore (purchases worth Rs1069 crore and sales of Rs1021 crore).

Stocks With +ve bias: Sterlite Industries, BHEL,
Stocks with -ve bias: Aban
Stocks For Investments: Mahindra Lifespace, United Phosperous, and Philips Carbon

Data to be announced today
India - IIP Data (%) (July)
US - Wholesale Inventories (%)
US - U.Michigan Confidence