Indian market is likely to have a flat opening and will edge lower, as US market ended mixed and Asian market is trading lower. On Wednesday, the Indian markets ended in a positive note as BSE Sensex closed at 13,672.19 up by 65.15 points while Nifty advanced by 26.65 points to close at 4,011.60. We expect the market to be cautious due to negative global cues.
Wednesday, the US markets closed Mixed. The Dow Jones Industrial Average (DJI) closed up by 30.80 points at 12,803.84. The S&P 500 (SPX) index grew marginally by 1.02 points to close at 1,472.50 while the NASDAQ Composite (RIXF) dropped by 6.45 points to close at 2,510.50.
Indian ADRs ended in negative. In technology sector, Infosys and Satyam lost ground by 1.93% and 1.93% respectively followed by Wipro 1.42% while Patni computers advanced by 0.42%. In banking sector, HDFC bank and ICICI Bank declined by 0.65% and 0.21% respectively. VSNL dropped by 0.81% while MTNL gained 1.20%. In automobile sector, Tata Motors down by 0.46%.
The major stock markets in Asia are trading in red. The Nikkei 225 is trading at 17,412.41 down by 254.92 points, Hang Seng slipped by 187.48 points to trade at 20,589.61. Straits Times trading lower at 3,339.06 tumbled by 61.35 points. Taiex plunged 97.87 points to trade at 7,905.44.
Today, Nifty has support at 3,870 and resistance at 4050 and BSE Sensex has support at 13,400 and resistance at 13,850.
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