Indian market is likely to have cautious opening as the Asian market is trading weak and US market closed in red territory. On Tuesday, the Indian markets closed in positive, as BSE Sensex closed higher by 47.54 points at 14,130.95 while Nifty closed marginally up by 9.6 points at 4,155.20. We expect the market to remain choppy during the day.
Tuesday, the US markets closed in red. The Dow Jones Industrial Average (DJI) soared down by 129.95 points to close at 13,295.01. The S&P 500 (SPX) index closed lower by 16.12 points at 1,493 and NASDAQ Composite (RIXF) declined by 22.38 points to close at 2,549.77.
Indian ADRs closed in negative. In technology sector, Satyam declined by (2.62%) along with Patni computers, Infosys and Wipro by (1.88%), (1.78%) and (1.69%) respectively. ICICI bank grew by (0.96%) while HDFC bank slipped by (2.14%). VSNL and MTNL slipped by (3.19%) and (1.32%) respectively. In automobile sector, Tata Motors fell by (1.66%). In health care sector, Dr Reddy''s lab closed lower by (1.70%).
The major stock markets in Asia are trading weak The Nikkei 225 index declined drastically by 114.10 points to trade at 17,646.81. Hang Seng fell by 77.44 points to trade at 20,558.95. Straits Times slipped by 7.12 points to trade at 3,554.42. Taiex trading flat at 8,372.07.
Today, Nifty has support at 4,085 and resistance at 4,205 and BSE Sensex has support at 13,910 and resistance at 14,250.
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