Pre Session Market

Indian market is likely to have negative opening due to weak global cues. On Monday, the Indian market opened with handsome gains and rallied to close the session on an impressive note due to heavy buying in the index heavyweights. The BSE Sensex surged 394.67 points to close at 19,247.54 and NSE Nifty closed higher by 123.1 points at 5,731.70. We expect that the market will remain cautious, as the profit booking will take a lead during the trading session.

On Monday, the US market closed in negative territory. The DJIA closed lower by 237.44 points at 12,743.44. The Nasdaq and S&P 500 index fell by 55.61 points and 33.48 points at 2,540.99 and 1,407.22 respectively.

Indian ADRs ended in red. In technology sector, Satyam declined by (4.06%) along with Wipro by (2.50%) and Infosys by (1.13%). In banking sector, ICICI bank and HDFC bank fell (5.91%) and (5.54%) respectively. MTNL and VSNL dropped by (3.49%) and (1.11%) respectively.

The major stock markets in Asia are trading weak. Hang Seng is trading lower by 891.33 points at 26,735.29. Japan''s Nikkei is trading down by 320.34 points at 14,814.87. Singapore Strait times is trading at 3,340.53 fell by 78.05 points. Taiwan weighted declined by 271.02 points to trade at 8,257.31 and Seoul Composite dropped by 50.34 points to trade at 1,804.99.

The FIIs stood as the net seller yesterday as the gross equity purchased was Rs.2,756.30 (in crores) and the gross debt purchased was Rs174 (in crores). The gross equity sold was Rs2,929.70 (in crores), and the gross debt sold was Rs367.40 (in crores). The net investment of equity was -Rs173.40 (in crores) and the net debt investment was -Rs193.40 (in crores).

Today, Nifty has support at 5,581 and resistance at 5,739 and BSE Sensex has support at 18,746 and resistance at 19,260.