Pre Session Market

Indian market is likely to have a flat opening due to negative global cues. On Wednesday, the Indian markets ended on a strong note as BSE Sensex surged by 518.42 points to close at 17,847.04 while Nifty grew by 141.82 points to close at 5,210.80. We expect the market to remain cautious during the trading session, as the investors will take calculated steps in booking their position.

On Wednesday, the US market closed in negative territory. The Dow Jones Industrial Average (DJIA) dropped 79.26 points to close at 13,968.05. The S&P 500 (SPX) index decreased by 7.04 points to close at 1,539.59 and the NASDAQ Composite (RIXF) slipped 17.68 points to close at 2,729.43.

Indian ADRs ended in red. In technology sector, Patni computers fell (1.43%) along with Wipro by (1.28%), Satyam by (0.67%) and Infosys by (0.51%). In banking sector, HDFC bank and ICICI bank slipped by (3.17%) and (2.23%) respectively. MTNL and VSNL dropped by (5.95%) and (0.78%) respectively.

The major stock markets in Asia are trading weak. Japan''s Nikkei is trading lower by 100.99 points at 17,098.90. Hang Seng index slipped by 612.03 points to trade at 26,867.91. Taiwan weighted fell 70.06 points to trade at 9,630.01. Seoul Composite is trading down by 6.95 points at 2,007.14.

Yesterday, the gross equity purchased was Rs.4,933.70 (in crores) and the gross debt purchased was Rs525.40 (in crores). The gross equity sold was Rs2,737.70 (in crores), and the gross debt sold was Rs67.70 (in crores). The net investment of equity was Rs2196 (in crores) and the net debt investment was Rs457.70 (in crores).

Today, Nifty has support at 5,040 and resistance at 5,265 and BSE Sensex has support at 17,410 and resistance at 17,980.