The Indian Market is likely to have a positive opening today as cues from the global markets are in favor. On Monday, the Indian market made a smart come back towards the end of the session to closed with handsome gains on the back of selective buying across the sectoral indices. Though the domestic market opened with a bang tracking the favoring cues from he global markets but lost the momentum towards the mid session as the heavy profit booking prevailed. But the market gathered the momentum towards the final hours to close with good gains. However, the Mid Cap and Small Cap stocks were out of favor as heavy selling was seen from these baskets. From the sectoral front, the metal and realty stocks were the most hit as they faced heavy selling pressures while the Banking stocks remained the centre of attraction as the investors showed more buying interest from these counters. The BSE Sensex closed higher by 294.57 points at 15,289.40 and NSE Nifty closed up by 35.9 points 4609.85. We expect that the market may extend its gains further during the trading session.
On Monday, the US market closed in green. The Dow Jones Industrial Average (DJIA) closed up by 187.32 points at 12,548.64. The S&P 500 (SPX) index closed higher by 20.37 points at 1,349.88 and NASDAQ Composite (RIXF) grew by 68.64 points to close at 2,326.75.
The US market rallied yesterday as J.P. Morgan Chase & Co. agreed to increase its bid to acquire Bear Stearns Cos. and also the economic data pointed to signs of stability in the troubled housing sector. JP Morgan lifted its offer for Bear Stearns to 10 U.S. dollars per share from 2 dollars. The revised plan is aimed at soothing Bear Stearns shareholders upset over JP Morgan''s earlier offer.
The Indian ADRS closed in positive. In technology sector, Satyam grew by (8.23%) along with Infosys by (7.14%), Wipro by (6.38%). In banking sector, ICICI bank and HDFC bank advanced by (13.10%) and (7.99%) respectively. In telecommunication sector, Tata Communication increased by (8.29%).
Today the major stock markets in Asia are trading strong. Hang Seng is trading higher by 701.71 points at 21,809.93 along with Japan’s Nikkei trading up by 166.24 points at 12,646.33 and Singapore Strait Times trading at 2,976.27 up by 48.48 points.
The FIIs on Monday stood as net buyer in equity. The gross equity purchased was Rs4,183.30 Crore and the gross debt purchased was Rs0.00 Crore while the gross equity sold stood at Rs3,646.10 Crore and gross debt sold stood at Rs0.00 Crore. Therefore, the net investment of equity reported was Rs537.20 Crore and net debt was Rs0.00 Crore.
The Wholesale Price index rose to an 11-month high of 5.92%. The WPI-based inflation increased sharply on account of spurt in prices across the board, with cereals (6.28%), milk (9.71%), vegetables (9.79%), dairy products (9.31%), cement (5.13%), iron and steel (20.87%) and edible oils (17.52%). By seeing this growth in inflation, the Indian government has reduced customs duty on rice and edible oils drastically to rein in their prices in domestic market. The customs duty on rice has been cut to nil from 70% earlier as well as duties on all crude and refined edible oils were also slashed from the existing levels of 52% and 75% to 20% and 27.5% respectively.
Today, Nifty has support at 4,534 and resistance at 4,732 and BSE Sensex has support at 14,923 and resistance at 15,793.
On Monday, the US market closed in green. The Dow Jones Industrial Average (DJIA) closed up by 187.32 points at 12,548.64. The S&P 500 (SPX) index closed higher by 20.37 points at 1,349.88 and NASDAQ Composite (RIXF) grew by 68.64 points to close at 2,326.75.
The US market rallied yesterday as J.P. Morgan Chase & Co. agreed to increase its bid to acquire Bear Stearns Cos. and also the economic data pointed to signs of stability in the troubled housing sector. JP Morgan lifted its offer for Bear Stearns to 10 U.S. dollars per share from 2 dollars. The revised plan is aimed at soothing Bear Stearns shareholders upset over JP Morgan''s earlier offer.
The Indian ADRS closed in positive. In technology sector, Satyam grew by (8.23%) along with Infosys by (7.14%), Wipro by (6.38%). In banking sector, ICICI bank and HDFC bank advanced by (13.10%) and (7.99%) respectively. In telecommunication sector, Tata Communication increased by (8.29%).
Today the major stock markets in Asia are trading strong. Hang Seng is trading higher by 701.71 points at 21,809.93 along with Japan’s Nikkei trading up by 166.24 points at 12,646.33 and Singapore Strait Times trading at 2,976.27 up by 48.48 points.
The FIIs on Monday stood as net buyer in equity. The gross equity purchased was Rs4,183.30 Crore and the gross debt purchased was Rs0.00 Crore while the gross equity sold stood at Rs3,646.10 Crore and gross debt sold stood at Rs0.00 Crore. Therefore, the net investment of equity reported was Rs537.20 Crore and net debt was Rs0.00 Crore.
The Wholesale Price index rose to an 11-month high of 5.92%. The WPI-based inflation increased sharply on account of spurt in prices across the board, with cereals (6.28%), milk (9.71%), vegetables (9.79%), dairy products (9.31%), cement (5.13%), iron and steel (20.87%) and edible oils (17.52%). By seeing this growth in inflation, the Indian government has reduced customs duty on rice and edible oils drastically to rein in their prices in domestic market. The customs duty on rice has been cut to nil from 70% earlier as well as duties on all crude and refined edible oils were also slashed from the existing levels of 52% and 75% to 20% and 27.5% respectively.
Today, Nifty has support at 4,534 and resistance at 4,732 and BSE Sensex has support at 14,923 and resistance at 15,793.
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