Pre Open Market Commentary

Indian market is likely to have a positive opening as the US market closed in green. On Friday, the Indian markets closed in a negative territory as the BSE Sensex closed lower by 395.03 points at 18,419.04 while Nifty slipped by 96.6 points to close at 5,428.25. We expect that volatility will sustain in the market and investors may book profits at higher levels.

Friday, the US markets closed in a positive territory. The Dow Jones Industrial Average (DJIA) grew 77.96 points to close at 14,093.08. The S&P 500 (SPX) index increased by 7.39 points to close at 1,561.80 while the NASDAQ Composite (RIXF) advanced 33.48 points to close at 2,805.68.

Indian ADRs ended in mixed. In technology sector, Patni computers grew by (3.32%) along with Wipro by (2.79%) and Satyam by (0.30%) while Infosys fell (0.17%). In banking sector, HDFC bank and ICICI bank advanced by (6.81%) and (0.49%) respectively. MTNL and VSNL grew by (2.55%) and (1.15%) respectively. In auto sector, Tata Motors slipped by (0.58%).

The major stock markets in Asia are trading mixed. Japan''s Nikkei advanced by 43.72 points to trade at 17,374.89. Hang Seng Index grew by 12.53 points to trade at 28,850.90. Singapore''s Straits Times index increased by 9.43 points to trade at 3,866.68. Seoul Composite trading lower by 10.87 points to trade at 2,015.57.

Yesterday, FIIs stood at the net buyer as the gross equity purchased was Rs.6,301.70 (in crores), and the gross debt purchased was Rs 984.20 (in crores) as against the gross equity sold was Rs5,310.70 (in crores) and the gross debt sold was Rs34.30 (in crores). The net investment of equity was Rs991 (in crores) and the net debt investment was Rs949.90 (in crores).

Today, Nifty has support at 5,341 and resistance at 5,495 and BSE Sensex has support at 18,129 and resistance at 18,615.