Indian market is likely to have a positive opening for the day, as the market participants have got a positive response from the US Fed meeting in which federal funds rate are lowered by 25bps to 4.5% & the discount rate by a quarter-point to 5%. On Wednesday, the benchmark index Sensex ended up with marginal gain of 54.48 points at 19,837.99, whereas Nifty also closed with a gain of 31.90 points to close at 5,900.65. We expect that the market may trade with little volatility with buying across the key indices.
On Wednesday, the US markets ended in green territory as the Dow Jones Industrial Average (DJIA) ended with a gain of 137.54 points to close at 13,930.01. Further the NASDAQ Composite & S&P 500 (SPX) index also ended up by 42.41 points & 18.36 points at 2,859.12 & 1,549.38 respectively.
Indian ADRs traded mixed. In telecommunication sector, VSNL & MTNL plunged by (7.81%) & (2.65%) respectively. In Pharma sector, Dr. Redddy''s Lab is down by (0.56%). However, in Banking sector ICICI bank & HDFC bank surged (4.56%) & (6.55%). Further in Technology sector, Patni Computers decreased by (5.84%), whereas Wipro & Satyam are up by (3.52%) & (2.85%).
The major stock markets in Asia are also trading mixed. Hang Seng is trading up by 245.85 points at 31,598.43. Along with this, Japan''s Nikkei is trading with a gain of 126.20 points to trade at 16,863.83. Singapore''s Straits Times index is also trading higher by 17.96 points at 3,823.66, whereas Seoul Composite lost 7.16 points to trade at 2,057.69.
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