Pre Open Market Commentary

Indian market is likely to have a positive opening due to positive bias as the Asian market is trading higher and US market closed in mixed. On Thursday, the Indian markets closed in positive zone, as BSE Sensex closed higher by 133.08 points at 14,544.46 while Nifty gained 46.15 points to close at 4,295.80. We expect the market to remain range bound during the day.

Thursday, the US markets closed mixed. The Dow Jones Industrial Average (DJI) closed in negative by 5.44 points at 13,627.64. The S&P 500 (SPX) index closed marginally up by 0.39 points at 1,530.62 while the NASDAQ Composite (RIXF) closed higher by 11.93 points at 2,604.52.

Indian ADRs ended mixed. In technology sector, Wipro and Satyam closed higher by 0.43% and 0.28% respectively while Patni computers slipped by 0.30%. In banking sector, HDFC bank gained by 0.51% while ICICI bank lost 0.71%. VSNL grew by 1.49% while MTNL fell by 5.26%. In automobile sector, Tata Motors closed up by 1.19%. In health care sector, Dr Reddy;s lab closed lower by 2.16%.

The major stock markets in Asia are trading higher. The Nikkei 225 is trading at 17,987.54 up by 111.79 points. Hang Seng trading higher by 11.78 points at 20,646.25. Straits Times trading in positive at 45.80 rose by 3,556.93 points. Taiex gained 83.02 points to trade at 8,227.97.

Today, Nifty has support at 4,255 and resistance at 4,350 and BSE Sensex has support at 14,400 and resistance at 14,710.