Pre Open Market commentary

Indian market is likely to have a positive opening, as the Asian market is trading higher and US market ended in green. On Friday, the Indian markets ended on a negative note as BSE Sensex closed at 13,934.27 down by 143.94 points while Nifty declined by 34.9 points to close at 4,115.95. We expect the market to trade in positive territory during the day.

Friday, the US markets closed in green. The Dow Jones Industrial Average (DJI) closed higher by 23.24 points at 13,264.62. The S&P 500 (SPX) index grew by 3.23 points to close at 1,505.62 while the NASDAQ Composite (RIXF) closed up by 6.69 points at 2,572.15.

Indian ADRs ended mixed. In technology sector, Satyam computers declined by 0.64% followed by Infosys 0.30%, Wipro 0.24% and Patni computers 0.15%. In banking sector, ICICI bank closed higher by 0.19% while HDFC bank declined by 0.36%. VSNL and MTNL grew by 1.78% and 1.50% respectively. In automobile sector, Tata Motors up by 0.67%.

The major stock markets in Asia are trading in green. Japan''s Nikkei surged by 267.42 points at 17,662.34 along with Hang Seng gained 163.44 points to trade at 21,004.52. Straits Times trading higher at 3,503.70 rose by 17.94 points. Taiwan weighted advanced by 51.90 points to trade at 8,117.96.

Today, Nifty has support at 4,030 and resistance at 4,200 and BSE Sensex has support at 13,700 and resistance at 14,250.