Pre Open Market Commentary

Indian market is likely to have a negative opening on the back of negative global cues. On Thursday, the Indian markets ended on a negative note, as BSE Sensex fell drastically by 642.70 points to close at 14,358.21 while Nifty slipped by 191.6 points to close at 4,178.60. We expect the market to remain cautious during the trading session.

Thursday, the US markets closed mixed The Dow Jones Industrial Average (DJI) decreased by 15.69 points to close at 12,845.78. The S&P 500 (SPX) index closed up by 4.57 points at 1,411.27 while the NASDAQ Composite (RIXF) decreased by 7.76 points to close at 2,451.07.

Indian ADRs ended in negative territory. In technology sector, Patni computers fell by (5.28%) along with Satyam by (4.16%), Wipro by (2.88%) and Infosys by (1.89%). In banking sector, ICICI bank and HDFC bank decreased by (3.58%) and (2.59%) respectively. VSNL and MTNL closed lower by (6.20%) and (4.51%). Tata Motors fell by (2%).

The major stock markets in Asia are trading weak. Japan''s Nikkei trading lower by 376.10 points at 15,772.39. Hang Seng slipped by 48.68 points to trade at 20,623.71. Singapore Straits times decreased by 41.17 points to trade at 3,110.99. Seoul Composite fell by 15.52 points to trade at 1,676.46.

Today, Nifty has support at 4,020 and resistance at 4,210 and BSE Sensex has support at 13,900 and resistance at 14,450.