Indian market is likely to have a negative opening on the back of weak global cues. On Thursday, the Indian markets ended on a negative note, as BSE Sensex closed lower by 207.83 points at 15,100.15 while Nifty declined by 58.9 points to close at 4,403.20. We expect the market to trade lower during the trading session.
Thursday, the US markets closed in red. The Dow Jones Industrial Average (DJI) decreased by 387.18 points to close at 13,270.68. The S&P 500 (SPX) index closed lower by 44.40 points at 1,453.09 while the NASDAQ Composite (RIXF) slipped by 56.49 points to close at 2,556.49.
Indian ADRs ended in negative territory. In technology sector, Infosys declined by (3.84%) along with Satyam by (3.26%), Patni computers 2.84% and Wipro by (2.30%). In banking sector, HDFC bank and ICICI bank decreased by (6.01%) and (5.99%) respectively. VSNL and MTNL closed lower by (5.34%) and (4.88%) respectively.
The major stock markets in Asia are trading weak. Japan''s Nikkei trading down by 448.64 points at 16,721.96. Hang Seng declined by 684.82 points to trade at 21,754.54. Taiwan weighted trading lower by 266.30 points at 8,916.30. Singapore straits times slipped by 116.36 points to trade at 3,296.81.
Today, Nifty has support at 4,205 and resistance at 4,404 and BSE Sensex has support at 14,500 and resistance at 15,101.
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