Pre Open Market Commentary

Positive global cues may help Indian Market to open higher today. Yesterday, market closed in green amid volatile trade mainly on back of buying interest in Metal and capital goods stocks. As a result BSE sensex closed at 14,110.50 up by 69.30 points and Nifty was up by 23.80 points to close at 4089.90. Today market outlook will remain volatile on back of F&O expiry contracts on Thursday. US market closed higher on Wednesday on back of heavy buying interest mainly in Technology and Telecom stocks. DOW gained 87.97 points to close with record high at 12621.77 and NASDAQ was up by 34.87 points to close at 2466.28. The major stock markets in Asia opened higher on Thursday. Nikkei 225 index was up 0.1% to trade at 17,524.36 and Straits Times was up by 7.01 points to trade at 3157.25 and KOSPI was up by 1.85 points to trade at 1384.91. Oil price closed above $55 a barrel due to increased demand from US as cold weather boosted heating use. Today major quarterly results are BHEL, Century, Crompton Greave, Cummins, GE shipping, Hindalco and TVS Motors. The market remains closed on Friday (26 January) on account of Republic Day and also on Tuesday (30 January) due to Moharram. Today, Nifty has support at 4068 and resistance at 4,135 and BSE Sensex has support at 14,034 and resistance at 14,340. However, it is our advice to watch trading session carefully. Mutual Funds were net sellers to the tune of Rs537.14 crores on 23rd January 2007.