Pre Open Market Commentary

Indian market is likely to have a positive opening and will edge higher, as the results declaration of Satyam, Wipro and Gujarat ambuja cements are on the way today as well as US market ended mixed and Asian market is trading higher. On Thursday, the Indian markets ended in a negative note as BSE Sensex closed at 13,619.70 down by 52.49 points while Nifty lost ground by 13.95 points to close at 3,997.65. We expect the market to recover from yesterday''s fall due to positive global cues.

Thursday, the US markets closed Mixed. The Dow Jones Industrial Average (DJI) closed in green by 4.79 points up at 12,808.63. The S&P 500 (SPX) index declined marginally by 1.77 points to close at 1,470.73 while the NASDAQ Composite (RIXF) dropped by 5.15 points to close at 2,505.35.

Indian ADRs ended in negative. In technology sector, Patni computers lost ground by 4.55% followed by Infosys down by 1.81%, Wipro declined by 1.20% and Satyam fell by 1.09. In banking sector, HDFC bank and ICICI Bank declined by 1.05% and 0.45% respectively. VSNL and MTNL dropped by 1.63% and 0.26% respectively. In automobile sector, Tata Motors down by 0.74%.

The major stock markets in Asia are trading in green. The Nikkei 225 is trading at 17,459.89 advanced by 87.92 points, Hang Seng up by 225.18 points to trade at 20,524.89. Straits Times trading higher at 3,347.70 gained 56.42 points. Taiex grew by 49.99 points to trade at 7,938.62.

Today, Nifty has support at 3,880 and resistance at 4050 and BSE Sensex has support at 13,450 and resistance at 13,900.