Pre Open market Commentary

Indian market is likely to have a positive opening with positive bias as Indian IT bourses results are up to the expectations as well as US market ended in green territory and Asian market is trading higher. On Friday the Indian markets ended in a positive inspiring note as BSE Sensex closed at 13897.41 up by 277.71 points while Nifty gained grounds by 85.9 points to close at 4083.55. We expect the market to remain in positive due to strong positive global cues.

Friday the US markets closed in green. The Dow Jones Industrial Average (DJI) closed in green by 153.35 points up at 12961.98. The S&P 500 (SPX) index grew by 13.62 points to close at 1484.35 while the NASDAQ Composite (RIXF) jumped by 21.04 points to close at 2,526.39.

Indian ADRs ended in positive. In technology sector Satyam surged by 8.71% followed by Patni computers 4.52%, Infosys 0.89%. In banking sector ICICI Bank and HDFC bank inclined by 1.39% and 1.02% respectively. MTNL and VSNL grew by 1.32% and 0.73% respectively. In automobile sector Tata Motors jumped by 1.10%.

The major stock markets in Asia are trading in green. The Nikkei 225 is trading at 17617.51 advanced by 164.89 points Hang Seng up by 132.94 points to trade at 20699.53. Straits Times trading higher at 3400.26 gained 39.59 points. Taiex grew by 105.91 points to trade at 8048.58. Today Nifty has support at 3960 and resistance at 4190 and BSE Sensex has support at 13600 and resistance at 14200.