Market on a zigzag road

Drop in the global market dampened the sentiment on Dalal Street, but it was more related to the fears of overvaluation. The market is taking cues from international markets and the mixed global cues likely to weigh on the local indices in the morning trades. However, the prevailing bullish trend may add to the market advantage and help the sentiment turn positive. Among the domestic indices, the Nifty could test 4901 and below this level next support is in 4840-4788 range, while on the upside it could edge higher to 5021. The Sensex has a likely support at 16617 and may face resistance at 16850.

Wall Street churns, as the six-month market advance hits some turbulence. Dow falls after ending last week at a nearly one-year high. While the Dow Jones lost over 41 points at 9779, the Nasdaq moved up by five points at 2138.

Indian floats trading on the US bourses had a mixed outing on Monday, the gainers were, VSNL gaining over 3% while MTNL and Rediff gained marginally. However, Satyam slipped over 3% and Infosys, Satyam, Wipro, Dr Reddy's, Tata Motors, Patni Computer, HDFC Bank and ICICI Bank dropped around 1% each.

Crude oil prices are moving down, while the Nymex light crude oil for October delivery lost by $2.33 to close at $69.71 a barrel. In the commodity segment, the Comex gold for December series dropped by $5.40 cents to settle at $1004.90 an ounce.

Daily trend of FII/MF investment in equities
On September 17 2009, FIIs were net buyers of stocks to the tune of Rs2663 crore (purchases worth Rs6075 crore and sales of Rs3412 crore) while domestic mutual funds were net buyers of stocks to the tune of Rs102 crore (purchases worth Rs1094 crore and sales of Rs992 crore

SINGAPORE NIFTY 4,967.0 -15.0