Pre Market Session

Indian market is likely to have flat opening on the back of weak global cues and cautious approach of the investors. On Thursday, the market traded with high volatility and ended into deep red territory with the benchmark index Sensex tanking 717.43 points to close at 17,998.39, whereas Nifty closed at 5351, down by 208.30 points. We expect that the market may trade volatile during the day. The investors may go for profit booking at the end of the trading session.

Wednesday, the US markets closed mixed as the Dow Jones Industrial Average (DJIA) & S&P 500 (SPX) index dropped marginally by 3.58 points & 1.16 points to close at 13,888.96 & 1540.08 respectively, whereas the and NASDAQ Composite closed marginally higher by 6.64 points to close at 2799.31.

Indian ADRs ended mixed. In banking sector, ICICI bank & HDFC bank dropped (1.32%) and (0.43%) respectively. In technology sector, Satyam increased marginally by (0.07%) along with Infosys by (0.22%) and Wipro by (2.70%). In telecommunication sector, VSNL & MTNL grew by (3.36%) & (1.92%) respectively.

The major stock markets in Asia are also trading mixed. Hang Seng is trading with marginal gains of 166.34 points at 29465.05. Japan''s Nikkei slipped 271.98 points to trade at 16834.11. Along with these, Singapore''s Straits Times index is also trading lower by 43.56 points at 3766.13 and Seoul Composite is marginally down by 13.87 points to trade at 1991.22.

Yesterday, FIIs performed heavy selling as the gross equity purchased was Rs.6076.50 (in crores), and the gross debt purchased was Rs.0.00 (in crores) as against the gross equity sold was Rs.7853.10 (in crores) and the gross debt sold was Rs.215.20 (in crores). The net investment of equity was Rs.-1776.60 (in crores) and the net debt investment was Rs.-215.20 (in crores).

Today, Nifty has support at 5,340 and resistance at 5,626 and BSE Sensex has support at 17,958 and resistance at 18,375.