Indian market is likely to open lower today. Yesterday, market closed in deep red due to intensive selling pressure across the index pivotals. As a result, BSE sensex closed at 14190.70 down by 348.20 points and Nifty was down by 129.10 points to close at 4058.30. The outlook for the market is cautious on back of weak global cues.
Monday, US markets closed lower on back of failure of several closely watched acquisitions deals and concern on release of economic data. DOW closed down 28.28 points at 12552.55 and NASDAQ was down by 9.44 points to close at 2450.38.
Indian ADRs closed in red on Monday. In the technology sector, Infosys slipped 0.74% and Sify ended down 0.69%, Wipro closed down 0.86% and Satyam dropped 1.53%. Tata Motors tumbled 2.60%. Among banks, HDFC Bank tumbled 1.04% and ICICI Bank closed lower 2.61%. In the telecom space, VSNL plunged 9.99% and MTNL slipped 7.80%.
The major stock markets in Asia are trading lower on Tuesday. Nikkei 225 index was adding 110.45 points at 17398.58. KOSPI slipped 2.98 points at 1411.31 and Straits Times tumbled 9.81 points at 3160.65. Oil prices dropped $2 to settle below $58 a barrel.
Today, Nifty has support at 4025 and resistance at 4,155 and BSE Sensex has support at 14,030 and resistance at 14,335. However, it is our advice to watch trading session carefully.
FIIs were net sellers to the tune of Rs1204crores in equity (provisional) on 12th February 2007. Mutual funds were net sellers to the tune of Rs190.83crores in equity (provisional) on 9th February 2007.
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