Pre Session Commentary - Sep 8 2009

Today domestic markets are likely to open positive, as majority of Asian markets have once again opened in green. Positive sentiments are likely to sustain throughout the day’s session across the globe as there is no negative news. In the domestic arena Sensex broke the 16k mark, however firmness at this level will be challenged by liquidity conditions. During the day trading is likely to be range be with low intensity and volume.

On Monday, domestic stock markets extended its previous session’ gains to hit 15-month highs on significant buying over the counters. The BSE Sensex touched intraday high of 16,035.50 and NSE Nifty touched intraday high of 4,790. Stocks rallied sharply during final trading to close near days’ high on account of firm European markets along with positive Asian stocks. Global stocks zoomed after the G20 leaders assured to maintain stimulus measures. In addition, finance ministers from the world''''s most powerful economies have agreed a series of measures to try to regulate the global banking system. Further, in domestic arena according to a Ficci survey, stage of confidence of India Inc is getting higher due to the fiscal stimulus measures that started exhibiting its effect on the economic activity. The BSE Sensex ended above 16,000 level and NSE Nifty closed above 4,750 mark.

The BSE Sensex closed higher by 327.20 points (2.09%) at 16,016.32 and NSE Nifty ended up by 102.50 points or (2.19%) at 4,782.90. BSE Mid Caps and Small Caps closed with gains of 134.55 and 197.96 points at 5,967.77 and 7,189.47 respectively. The BSE Sensex touched intraday high of 16,035.50 and intraday low of 15,793.27.
On Monday, US markets were closed.

Today the major stock markets in Asia are trading positive. The Shanghai Composite is trading high by 5.9 points at 2,887.02, Hang Seng is also higher by 166.60 points at 20,795.91. Further Japan''s Nikkei is up by 12.26 points at 10,333.20. Strait times is down by 5.48 points at 2,638.47. Taiwan Weighted is up by 96.14 points at 7,320.17.

The FIIs on Monday stood as net sellers in equity and debt. Gross equity purchased stood at Rs 2,208.30 Crore and gross debt purchased stood at Rs 2,265.10 Crore, while the gross equity sold stood at Rs 220.70 Crore and gross debt sold stood at Rs 249.70 Crore. Therefore, the net investment of equity and debt reported were Rs (56.90) Crore and Rs (29) Crore respectively.

On Monday, Indian Rupee closed at 48.66/67 per dollar, 0.49% stronger than its previous close at 48.90/91. The local currency gained on the back of surge in local stock markets.

On BSE, total number of shares traded were 55.54 Crore and total turnover stood at Rs 6,099.73 Crore. On NSE, total number of shares traded were 104.42 Crore and total turnover was Rs 17,445.64 Crore.

Top traded volumes on NSE Nifty – Unitech with total volume traded 74833024 shares, followed by Suzlon Energy with 39036320, Reliance Comm with 11635838 shares, Bharti Airtel with 10603079 shares and Tata Motors with 10576645 shares.

On NSE Future and Options, total number of contracts traded in index futures was 504815 with a total turnover of Rs 11,329.58 Crore. Along with this total number of contracts traded in stock futures were 556344 with a total turnover of Rs 18,574.68 crore. Total numbers of contracts for index options were 1073010 with a total turnover of Rs 25,471.60 Crore and total numbers of contracts for stock options were 59210 and notional turnover was Rs 2,114.99 Crore.

Today, Nifty would have a support at 4,712 and resistance at 4,832 and BSE Sensex has support at 15,882 and resistance at 16,112