Indian market is likely to have a positive opening due to strong global cues as the Fed lowered the benchmark fed funds rate to 4.75% as well as cutting down of discount rate by half a percent to 5.25%. On Tuesday, the Indian markets ended on a firm positive note, as BSE Sensex closed higher by 164.69 points at 15,669.12 while Nifty grew by 51.55 points to close at 4,546.20. We expect the market to see some bull run during the trading session, as the Federal reserve interest cut will triggered the market to trade higher.
On Tuesday, The Dow Jones Industrial Average (DJIA) surged by 335.97 points to close at 13,739.39. The S&P 500 (SPX) index increased by 43.13 points to close at 1,519.78 and the NASDAQ Composite (RIXF) grew 70 points to close at 2,651.66.
Indian ADRs ended in positive territory. In technology sector, Patni computers grew by (7.36%) along with Infosys by (5.39%), Wipro by (4.39%) and Satyam by (4.37%). In banking sector, HDFC bank and ICICI bank advanced by (7.46%) and (5.45%) respectively. VSNL and MTNL grew by (7.81%) and (5.26%) respectively.
The major stock markets in Asia are trading strong. Hang Seng surged by 914.85 points to close at 25,491.70. Japan''s Nikkei advanced by 531.49 points to trade at 16,333.29. Taiwan weighted trading higher by 44.17 points at 8,944.08. Singapore Strait times increased by 86.12 points to trade at 3,563.87.
Today, Nifty has support at 4,542 and resistance at 4,735 and BSE Sensex has support at 15,665 and resistance at 16,255.
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