Indian market is likely to have a negative opening due to negative global cues. On Thursday, the Indian markets ended on a positive note as BSE Sensex closed higher by 76.98 points at 15,776.31 while Nifty increased by 30.3 points to close at 4,619.80. We expect the market to remain cautious during the trading session.
Thursday, the US markets closed in red. The Dow Jones Industrial Average (DJI) decreased by 311.50 points to close at 13,473.57. The S&P 500 (SPX) index closed lower by 35.43 points at 1,482.66 while the NASDAQ Composite (RIXF) fell by 48.83 points to close at 2,599.34.
Indian ADRs ended in negative. In technology sector, Patni computers declined by (5.46%) along with Wipro by (3.61%), Satyam (3.14%) and Infosys (2.19%). In banking sector, ICICI bank and HDFC bank slipped by (4.99%) and (4.46%) respectively. VSNL and MTNL decreased by (2.53%) and (2.20%) respectively.
The major stock markets in Asia are trading weak. Japan''s Nikkei trading lower by 410.82 points at 17,291.23. Hang Seng declined by 517.73 points to trade at 22,693.96. Taiwan weighted slipped by 199.68 points to trade at 9,366.74. Straits Times trading lower by 97.98 points at 3,481.75.
Today, Nifty has support at 4,550 and resistance at 4,654 and BSE Sensex has support at 15,470 and resistance at 15,885.
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