Pre Session Market

Indian market is likely to have a flat opening. On Thursday, the Indian markets closed firm as the BSE Sensex closed up by 155.82 points at 18,814.07 while Nifty grew by 83.4 points to close at 5,524.85. We expect that volatility will remain in the market during the trading session but the declaration of the industrial production data and the wholesale price based inflation by the government as well as the outcome of the annual general meeting of reliance industries today will set the trend for the market. There is expectation that reliance industries may go for stock split or bonus issue in this AGM.

Thursday, the US markets closed in a negative territory. The Dow Jones Industrial Average (DJIA) dropped 63.57 points to close at 14,015.12. The S&P 500 (SPX) index decreased by 8.06 points to close at 1,554.41 while the NASDAQ Composite (RIXF) fell 39.41 points to close at 2,772.20.

Indian ADRs ended in mixed. In technology sector, Infosys fell 6.35% along with Wipro by (6.18%), Satyam by (5.24%) and Patni computers by (4.15%). In banking sector, HDFC bank and ICICI bank dropped by (2.95%) and (1.57%) respectively. VSNL and MTNL grew by (3.93%) and (2.11%) respectively.

The major stock markets in Asia are trading weak. Hang Seng Index fell 358.41 points to trade at 28,774.61. Japan''s Nikkei is trading lower by 79.64 points at 17,379.34,. Singapore''s Straits Times index slipped by 17.90 points to trade at 3,857.87. Seoul Composite trading down by 18.74 points at 2,040.11.

Yesterday, FIIs stood at the net buyer as the gross equity purchased was Rs.6,043.10 (in crores), and the gross debt purchased was Rs291.70 (in crores) as against the gross equity sold was Rs4,295.30 (in crores) and the gross debt sold was Rs0.60 (in crores). The net investment of equity was Rs1,747.80 (in crores) and the net debt investment was Rs291.10 (in crores).

Today, Nifty has support at 5,380 and resistance at 5,595 and BSE Sensex has support at 18,514.07 and resistance at 19,080.