Indian market is likely to edge lower today. Yesterday, markets closed with modest gains amid higher volatility on account of buying interest seen in capital goods, Bank and auto stocks. As a result, BSE sensex closed at 12982.98 up by 80.35 points and Nifty was up by 35.95 points to close at 3770.55.The outlook for the market is abundant cautious.
Tuesday, US markets closed lower on back of issues regarding subprime mortgage market and weaker-than-expected retail sales. Dow tumbled 242.66 points to 12,075.96 and the NASDAQ Composite (RIXF) closed down 51.72 points at 2,350.57.
Major Indian ADRs closed lower. In technology sector, Infosys slipped 4.03%, Satyam edge lower 6.44% and Wipro dropped by 3.27%. Banking sector, ICICI Bank tumbled 5.74% and HDFC bank lost 4.11%. MTNL slipped 4.43% and VSNL dropped by 3.54%.
The major stock markets in Asia were trading lower on Wednesday. Nikkei 225 plunged 512.04 points at 16,666.80. Straits Times dropped 87.82 points at 3,071.08 and Taiwan''s Taiwan Weighted lost 116.03 points at 7,567.97. Crude for April delivery dropped 98cents at $57.93 a barrel.
Today, Nifty has support at 3585 and resistance at 3800 and BSE Sensex has support at 12465 and resistance at 13120. However, it is our advice to watch trading session carefully.
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