Indian market is likely to have a negative opening, as the Asian market is trading lower and US market closed in negative territory. On Thursday, the Indian markets ended on a negative note as BSE Sensex declined by 10.28 points to close at 13,771.23 while Nifty dropped by 12.5 points to close at 4,066.80. We expect the market to remain cautious during the trading session.
Thursday, the US markets closed in negative. The Dow Jones Industrial Average (DJI) declined by 147.74 points at 13,215.13. The S&P 500 (SPX) index closed lower by 21.11 points at 1,491.47 while the NASDAQ Composite (RIXF) slipped by 42.60 points at 2,533.74.
Indian ADRs ended in negative territory. In technology sector, Wipro closed lower by 2.81% followed by Patni computers 2.79%, Infosys 1.54% and Satyam 1.03%. In banking sector, ICICI bank and HDFC bank declined by 3.21% and 1.90% respectively. MTNL and VSNL dropped by 3.92% and 1.60% respectively. In automobile sector, Tata Motors slipped by 2.97%.
The major stock markets in Asia are trading in negative territory. Japan''s Nikkei fell drastically by 243.63 points at 17,493.33 while Hang Seng plunged 285.07 points to trade at 20,461.20. Straits Times trading lower at 3,440.59 down by 28.67 points. Taiwan weighted slipped by 57.26 points to trade at 8,039.60.
Today, Nifty has support at 3,960 and resistance at 4,100 and BSE Sensex has support at 13,470 and resistance at 13,900.
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