The Indian market is likely to have flat opening due to negative bias as the Asian market is trading mixed and US market closed in negative. On Wednesday, the Indian markets ended in a negative note as BSE Sensex closed lower by 90.46 points at 14,363.26 while Nifty closed at 4,246.20 down by 31.9 points. We expect the market to trade on the back foot during the day.
Wednesday, the US markets closed in red. The Dow Jones Industrial Average (DJI) declined by 14.30 points to close at 13,525.65. The S&P 500 (SPX) index closed marginally lower by 1.84 points at 1,522.28 and the NASDAQ Composite (RIXF) closed lower by 10.97 points at 2,577.05.
Indian ADRs closed in negative. In technology sector, Patni computers declined by 4.58% along with Satyam computers by 1.78%, Infosys by 1.20% and Wipro by 1.17%. In banking sector, ICICI bank and HDFC bank fell by 2.33% and 0.89% respectively. VSNL advanced by 0.21% while MTNL lost 0.13%. In automobile sector, Tata Motors declined by 2.60%. In Pharma sector, Dr Reddy''s lab fell by 1.29%.
The major stock markets in Asia are trading in mixed. Japan''s Nikkei trading down by 18.77 points at 17,686.35. Straits Times plunged 24 points to trade at 3,535.01. Taiwan weighted trading at 8,225.78 up by 3.99 points.
Today, Nifty has support at 4,180 and resistance at 4,290 and BSE Sensex has support at 14,190 and resistance at 14,470.
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