Pre Open Market Commentary

The Indian market is likely to have flat opening with negative bias, as the Asian market is trading lower and US market closed in red. On Thursday, the Indian markets ended on a positive inspiring note as BSE Sensex closed higher by 172.40 points at 14,299.71 while Nifty closed up by 48.6 points at 4,219.55. We expect the market to trade on the back foot.

Thursday, the US markets closed in red territory. The Dow Jones Industrial Average (DJI) plunged by 10.81 points to close at 13,476.72. The S&P 500 (SPX) index closed lower by 1.39 points at 1,512.75 while the NASDAQ Composite (RIXF) closed at 2,539.38 down by 8.04 points.

Indian ADRs closed mixed. In technology sector, Patni computers surged by 3.45% followed by Wipro closed up by 0.72% while Satyam closed lower by 0.90% and Infosys by 0.60%. In banking sector, HDFC bank grew by 1.51% while ICICI bank declined by 0.99%. VSNL advanced by 1.54% while MTNL declined by 0.40%. In automobile sector, Tata Motors fell by 0.11%.

The major stock markets in Asia are trading in red. Japan''s Nikkei trading lower by 31.89 points at 17,466.71 while Hang Seng plunged by 150.09 points to trade at 20,844.52. Straits Times declined by 24.95 points to trade at 3,500.56. Taiwan weighted trading at 8,050.40 down by 12.44 points.

Today, Nifty has support at 4,140 and resistance at 4,255 and BSE Sensex has support at 14,050 and resistance at 14,420.