Pre Session Market

The Indian Market is likely to have a negative opening today due to weak cus from the global market. On Friday, the Indian market closed on a strong note on the back of heavy buying across the sectoral heavy weights. The market pared some of its gains after the declaration of the annual inflation figures based on wholesale price index which increased to 5.11% for the week ended 1 March 2008 as against 5.02% in the previous week backed by the higher prices of food items and manufactured products. The BSE Sensex closed higher by 403.17 points at 15,760.52 and NSE Nifty closed up by 122.2 points at 4,745.80. We expect that the market may remain cautious during the trading session.The US Federal Reserve has cut its discount rate by 25 basis point to 3.25% from 3.5% earlier and this will be effective immediately. The Federal Reserve also extended the term of discount-window loans to 90 days from the 30 days. Yen has hit 12 year high of 96.54 per dollar.On Friday, the Dow Jones Industrial Average (DJIA) closed lower by 194.65 points at 11,951.09. The S&P 500 (SPX) index decreased by 27.34 points to close at 1,288.14 and the NASDAQ Composite (RIXF) slipped by 51.12 points to close at 2,212.49.Today the major stock markets in Asia are trading weak. Hang Seng is trading lower by 1148.72 points at 21,088.39 followed by Japan''s Nikkei trading down by 514.61 points at 11,726.99 and Taiwan Weighted trading at 7,929.23 down by 232.16 points.Indian ADRS closed in red. Wipro, infosys and Satyam fell by (3.19%), (2.83%) and (1.56%) respectively.The FIIs on Friday stood as net seller in equity. The gross equity purchased was Rs3,457.70 Crore while the gross equity sold stood at Rs3,630.20 Crore. Therefore, the net investment of equity reported was (Rs172.50 Crore).Today, Nifty has support at 4,452 and resistance at 4,770 and BSE Sensex has support at 14,873 and resistance at 15,875.