Pre Open Market Commentary

Indian market is likely to open on positive note today. Thursday 15th February 2007, market ended higher on back of firm global cues. BSE sensex closed at 14355.55 up by 345.65 points while Nifty was up by 99.10 points to close at 4146.20. The outlook for the market is guarded optimism.

Friday, US markets closed mixed when Commerce Department said construction of new homes and apartments sank 14.3% in January, the biggest drop in nearly 10 years. DOW ended up 2.56 points at 12767.57 and NASDAQ dropped 0.79 points to close at 2496.31.

Indian ADRs closed in green on Friday. In the technology sector, while Sify ended up 1.00%, Wipro rose 0.60% and Infosys closed up by 0.39%, Satyam rose 0.34%. Tata Motors closed up 0.10%. Among banks, HDFC Bank added 0.61% and ICICI Bank closed rose 0.52%. In the telecom space, VSNL rose 1.04% while MTNL ended up 0.15%.

The major stock markets in Asia are trading higher on Monday. Nikkei 225 index was adding 42.59 points at 17918.24. KOSPI gained 5.18 points at 1448.81 while Straits Times was slipping 15.56 points at 3236.93. Oil prices fell as much as 52 cents to $58.87 a barrel.Today, Nifty has support at 4,085 and resistance at 4,175 and BSE Sensex has support at 14,185 and resistance at 14,450. However, it is our advice to watch trading session carefully.

FIIs were net buyers to the tune of Rs210.50crores in equity (provisional) on 15th February 2007. Mutual funds were net purchasers to the tune of Rs481.14crores in equity (provisional) on 14th February 2007