Pre Open Market Commentary

Indian market is likely to open on positive note today. On Friday, market made all time high on back of positive sentiment from global cues. As a result BSE sensex closed at 14,403.77 up by 136.59 points and Nifty was up by 46.30 points to close at 4183.50. The outlook for the market is cautious and some correction may witness in bull market.

Friday, US markets closed mixed as some investors viewed the news regarding employment data as bearish. DOW closed down 20.19 points at 12653.49 while NASDAQ was up by 7.50 points to close at 2475.88.

Indian ADRs closed higher on Friday. In the technology sector, while Infosys advanced 0.40% and Satyam ended up 1.50%, Wipro gained 1.40%. Tata Motors ended up 0.60%. Among banks, HDFC Bank rose 2.20% and ICICI Bank gained 0.10%. In the telecom space, Videsh Sanchar Nigam surged 5.1% while Mahanagar Telephone Nigam slipped 1.60%.Monday, The major stock markets in Asia traded on a mixed note on Monday. Nikkei 225 index ended 0.9% lower at 17387.72, HongKong''s Hang Seng Index opened down 0.3% while Straits Times was up by0.2%. Oil price closed rose as much as $1.72 a barrel to close at $59.02 a barrel.

Today, Nifty has support at 4140 and resistance at 4,220 and BSE Sensex has support at 14220 and resistance at 14,520. However, it is our advice to watch trading session carefully.

FII’s were net sellers to the tune of Rs469.70crores in equity on 2nd February 2007.Mutual funds were net purchasers to the tune of Rs107.77crores in equity (provisional) on 1st February, 2007.