Pre Market - Oct 7 2009

Indian equities pared intraday losses and ended on a positive note Tuesday. Losses in telecom, realty and IT stocks were offset by gains in FMCG, metals and banks. Market began trade on a positive note but the upmove was short-lived as the indices began to lose ground on sell-off in blue-chip telecom companies. Later, sentiments turned bullish as the European markets opened higher. However the broader market continued to remain weak. Today we expect the markets to open higher on firm global cues.

Wall Street rallied further on Tuesday, gaining for a second straight session as a weaker dollar boosted commodities and dollar-sensitive stocks, fostering a broad-based advance. Both Dow Jones Industrial Average & Nasdaq were up 1.4% & 1.7% respectively.

Asian markets are also trading higher at this point in time with Hang Seng & Nikkei up 1.5% & 0.9% respectively. Indian ADRs too were up across the board with the exception of MTNL which was down 2%. Financials continued their upward journey with both HDFC Bank & ICICI Bank registering gains of 4.3% & 1.7% respectively. Tech ADR’s remained in positive terrain with Wipro & Infosys up marginally while Satyam closed unchanged. Sterlite was up 4.9%, the biggest gainer amongst the ADR’s.