Indian market is likely to open on lower today. Yesterday, market ended lower amid higher volatility due to the issues regarding inflation and interest rate. BSE sensex closed at 14090.98 down by 99.72 points and Nifty was down by 13.75 points to close at 4044.55. The outlook for the market is cautious as RBI hiked CRR by 50 basis points to 6 per cent.
Tuesday, US markets surged on back of takeover news (Alcola bid) that showed some strength in global economy and rebounding oil prices. DOW ended up 102.30 points at 12654.85 and NASDAQ rose by 9.50 points to close at 2459.88.
Indian ADRs closed in red on Tuesday. In the technology sector, while Sify ended up 1.49%, Wipro rose 2.37% and Infosys slipped 2.66%, Satyam tumbled 2.25%. Tata Motors closed down 2.11%. Among banks, HDFC Bank tumbled 5.98% and ICICI Bank closed lower 5.98%. In the telecom space, VSNL plunged 3.27% while MTNL ended up 1.57%.
The major stock markets in Asia are trading higher on Wednesday. Nikkei 225 index was adding 106.29 points at 17727.74. KOSPI rose 19.74 points at 1438.18 and Straits Times advanced 33.86 points at 3183.02. Oil prices surged $1.29 to settle at $59.06 a barrel.Today, Nifty has support at 3975 and resistance at 4,125 and BSE Sensex has support at 13870 and resistance at 14,335. However, it is our advice to watch trading session carefully.
FIIs were net purchasers to the tune of Rs218.70crores in equity (provisional) on 13th February 2007. Mutual funds were net sellers to the tune of Rs389.38crores in equity (provisional) on 12th February 2007.
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