Pre Session Market

Indian market is likely to have positive opening as the market got some relief from the SEBI''s statement not to ban the FII inflow on a permanent basis. On Wednesday, the Indian markets made a remarkable recovery after falling to a large extent and closed lower. The BSE Sensex closed lower by 336.04 points at 18,715.82 and Nifty fell 108.75 points to close at 5559.30. We expect the market to see some bull run along with gaining some further grounds.

Wednesday, the US markets closed mixed as the Dow Jones Industrial Average (DJIA) dropped by 20.40 points to close at 13,892.54, whereas the S&P 500 (SPX) index and NASDAQ Composite closed marginally higher by 2.71 points and 28.76 points to close at 1,541.24 and 2792.67 respectively.

Indian ADRs ended in positive territory. In banking sector, ICICI bank & HDFC bank surged (4.37%) and (1.51%) respectively. In technology sector, Satyam increased by (4.69%) along with Infosys by (4.20%) and Wipro by (3.20%). In telecommunication sector, MTNL grew by (2.33%), whereas VSNL dropped (1.85%).

The major stock markets in Asia are trading higher. Hang Seng rose by 258.88 points at 29557.59. Japan''s Nikkei surged 141.36 points to trade at 17096.67. However, Singapore''s Straits Times index is trading marginally lower by 11.07 points at 3828.66. Seoul Composite is up by 2.41 points to trade at 1986.35.

Yesterday, FIIs performed mixed activity as the gross equity purchased was Rs.6832.60 (in crores), and the gross debt purchased was Rs.30.10 (in crores) as against the gross equity sold was Rs.5678.50 (in crores) and the gross debt sold was Rs.111.40 (in crores). The net investment of equity was Rs.1154.1 (in crores) and the net debt investment was Rs.-81.30 (in crores).

Today, Nifty has support at 5,542 and resistance at 5,682 and BSE Sensex has support at 18,702 and resistance at 19,126.