Pre Session Market

Indian market is likely to have a negative opening as putting the restriction by SEBI on the issue of participatory notes by foreign institutional investors to restrict the flow of foreign funds into the domestic market. Also US market closed in red and Asian market is trading weak. will add to the sentiment. On Tuesday, the Indian markets closed little lower as the BSE Sensex closed marginally lower by 6.81 points at 19,051.86 while Nifty slipped by 2.35 points to close at 5,668.05. We expect the market remain cautious during the trading session.

Tuesday, the US markets closed in a negative territory. The Dow Jones Industrial Average (DJIA) dropped by 71.86 points to close at 13,912.94. The S&P 500 (SPX) index decreased by 10.18 points to close at 1,538.53 while the NASDAQ Composite (RIXF) fell 16.14 points to close at 2,763.91.

Indian ADRs ended in negative territory. In technology sector, Patni computers fell (8.38%) along with Infosys by (5.73%), Satyam by (4.05%) and Wipro by (3.35%). In banking sector, HDFC bank and ICICI bank dropped by (10.14%) and (6.51%) respectively. In telecommunication sector, VSNL and MTNL slipped by (4.96%) and (2.28%) respectively.

The major stock markets in Asia are trading weak. Hang Seng is trading lower by 179.76 points at 28,774.79. Japan''s Nikkei slipped by 179.52 points to trade at 16,958.40. Singapore''s Straits Times index fell 29.91 points to trade at 3,780.91. Seoul Composite trading lower by 35.43 points to trade at 1,970.33.

Yesterday, FIIs stood at the net buyer as the gross equity purchased was Rs.8,184 (in crores), and the gross debt purchased was Rs5 (in crores) as against the gross equity sold was Rs4,325.60 (in crores) and the gross debt sold was Rs0.00 (in crores). The net investment of equity was Rs3,858.40 (in crores) and the net debt investment was Rs5 (in crores).

Today, Nifty has support at 5,405 and resistance at 5,674 and BSE Sensex has support at 18,410 and resistance at 19,089.