Indian market is likely to open on positive note today. Yesterday, market closed flat after trading in negative territory for major part of the day. As a result, BSE sensex closed at 14652.13 up by 8.96 points and Nifty was down by 0.85 points to close at 4223.40. The outlook for the market is guarded optimism and may follow the track of Asian market recovery.
Thursday, US markets closed lower as uncertainty about decelerating profit growth in particulars Home builder and retail sectors. DOW closed down 29.24 points at 12637.63 and NASDAQ was down by 1.83 points to close at 2488.67.
Indian ADRs closed lower on Thursday. In the technology sector, while Infosys slipped 0.07% and Sify edged up 2.02%, Wipro gained 0.11% and Satyam down 0.86%. Tata Motors ended down 1.22%. Among banks, HDFC Bank tumbled 0.69% while ICICI Bank edged up 1.32%. In the telecom space, VSNL plunged 1.06% while MTNL unchanged.
The major stock markets in Asia are trading higher on Friday. Nikkei 225 index was adding 106.10 points at 17398.58. KOSPI firmed up 2.15 points at 1425.73 and Straits Times rose 2.55 points at 3220.31. Oil prices surged $2 to settle at $59.71a barrel as energy traders rushed back into the market amid frigid temperatures in the United States and political tension overseas.
Today, Nifty has support at 4185 and resistance at 4,245 and BSE Sensex has support at 14,375 and resistance at 14,750. However, it is our advice to watch trading session carefully.
FIIs were net purchasers to the tune of Rs545.40crores in equity (provisional) on 8th February 2007. Mutual funds were net sellers to the tune of Rs37.84crores in equity (provisional) on 7th February 2007.
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