Pre Open Market Commentary

Indian market is likely to have flat opening on the back of weak global cues. On Thursday, the Indian markets closed in red territory, as BSE Sensex closed lower by 69.75 points at 14,186.18 while Nifty fell by 18.75 points to close at 4,179.50. We expect the market to trade on the back foot.

Thursday, the US markets closed in red zone. The Dow Jones Industrial Average (DJI) closed in red at 13,266.73 down by 198.94. The S&P 500 (SPX) index declined by 26.66 points to close at 1,490.72 and NASDAQ Composite (RIXF) closed lower at 2,541.38 slipped by 45.80 points.

Indian ADRs ended mixed. In technology sector, Wipro declined by (2.81%) and Infosys down by (2.30%) while Patni computers and Satyam closed higher by (1.65%) and (0.24%) respectively. HDFC bank and ICICI bank declined by (3.21%) and (1.75%) respectively. VSNL and MTNL dropped by (2.18%) and (1.55%) respectively. In automobile sector, Tata Motors slipped by (1.90%). In health care sector, Dr Reddy''s lab closed lower by (2.40%).

The major stock markets in Asia are trading in red. The Nikkei 225 tumbled by 296.59 points to trade at 17,756.79. Hang Seng declined by 268.31 points to trade at 20,531.85. Straits Times fell by 47.32 points to trade at 3,499.01. Taiex trading lower by 60.98 points at 8,294.28.

Today, Nifty has support at 4,095 and resistance at 4,215 and BSE Sensex has support at 13,930 and resistance at 14,315.