The Indian Market is likely to have a negative opening today due to weak cues from the global markets. On Tuesday, The Indian market closed lower backed unfavoring cues from the Asian markets. The market tumbled since the initial bell and kept on hovering in the negative territory throughout the trading session. The market gives up its yesterday’s gains as the selling intensified across the counters. From the sectoral front, the capital goods and metal stocks faced heavy selling pressures. The BSE Sensex closed lower by 169.46 points at 15,587.62 and NSE Nifty fell by 51.55 points to close at 4,709.65.We expect that the market may remain choppy during the trading session.
On Tuesday, the US market closed in negative territory. The Dow Jones Industrial Average (DJIA) closed lower by 35.34 points at 12,577.09 along with S&P index fell by 7 points to close at 1,365.54 and NASDAQ dropped by 16.07 points to close at 2,348.76.
The Indian ADRS closed in red. In technology sector, Satyam fell by 1.47% along with Infosys by 0.97%, Wipro by 0.42% and Patni Computers by 0.15%. In banking sector, ICICI bank and HDFC bank dropped by (2.67%) and (1.09%) respectively. In telecommunication sector, Tata Communication and MTNL decreased by (7.18%) and (1.93%) respectively. Sterlite industries slipped by (1.71%).
Today the major stock markets in Asia are trading mixed. Hang Seng is trading up by 80.45 points at 24,392.14 and Taiwan Weighted trading higher by 86.46 points at 8,759.31 while Japan’s Nikkei trading down by 5.15 points at 13,245.28.
The FIIs on Tuesday stood as net buyer both in equity while the net seller in debt. The gross equity purchased was Rs4,983.70 Crore and the gross debt purchased was Rs0.00 Crore while the gross equity sold stood at Rs4,607.00 Crore and gross debt sold stood at Rs119.90 Crore. Therefore, the net investment of equity reported was Rs376.70 Crore and net debt was (Rs119.90 Crore).
The government of India on Tuesday announced a Duty Free Tariff Preference Scheme for imports from as many as 50 Least Developed Countries (LDCs), of which 34 are in Africa. The Prime Minister, Dr Manmohan Singh at the two-day India Africa Forum Summit here, said that under the scheme India would unilaterally provide preferential market access for exports from all 50 LDCs. The scheme would cover 94% of India''s total tariff lines and particularly it would extend preferential market access on tariff lines that comprise close to 93% of global exports of all LDCs.
The government has also given approval for 20 foreign direct investment (FDI) proposals worth Rs 1,962.05 crore, including a Rs 924-crore deal involving UTV Software Communications. The proposals, approved by the Foreign Investment Promotion Board (FIPB), also include a proposal from cement manufacturer Lafarge India for merger of Lafarge India Holding Pvt Ltd with Lafarge India Pvt Ltd.
Today, Nifty has support at 4,583 and resistance at 4,798 and BSE Sensex has support at 15,263 and resistance at 15,918.
On Tuesday, the US market closed in negative territory. The Dow Jones Industrial Average (DJIA) closed lower by 35.34 points at 12,577.09 along with S&P index fell by 7 points to close at 1,365.54 and NASDAQ dropped by 16.07 points to close at 2,348.76.
The Indian ADRS closed in red. In technology sector, Satyam fell by 1.47% along with Infosys by 0.97%, Wipro by 0.42% and Patni Computers by 0.15%. In banking sector, ICICI bank and HDFC bank dropped by (2.67%) and (1.09%) respectively. In telecommunication sector, Tata Communication and MTNL decreased by (7.18%) and (1.93%) respectively. Sterlite industries slipped by (1.71%).
Today the major stock markets in Asia are trading mixed. Hang Seng is trading up by 80.45 points at 24,392.14 and Taiwan Weighted trading higher by 86.46 points at 8,759.31 while Japan’s Nikkei trading down by 5.15 points at 13,245.28.
The FIIs on Tuesday stood as net buyer both in equity while the net seller in debt. The gross equity purchased was Rs4,983.70 Crore and the gross debt purchased was Rs0.00 Crore while the gross equity sold stood at Rs4,607.00 Crore and gross debt sold stood at Rs119.90 Crore. Therefore, the net investment of equity reported was Rs376.70 Crore and net debt was (Rs119.90 Crore).
The government of India on Tuesday announced a Duty Free Tariff Preference Scheme for imports from as many as 50 Least Developed Countries (LDCs), of which 34 are in Africa. The Prime Minister, Dr Manmohan Singh at the two-day India Africa Forum Summit here, said that under the scheme India would unilaterally provide preferential market access for exports from all 50 LDCs. The scheme would cover 94% of India''s total tariff lines and particularly it would extend preferential market access on tariff lines that comprise close to 93% of global exports of all LDCs.
The government has also given approval for 20 foreign direct investment (FDI) proposals worth Rs 1,962.05 crore, including a Rs 924-crore deal involving UTV Software Communications. The proposals, approved by the Foreign Investment Promotion Board (FIPB), also include a proposal from cement manufacturer Lafarge India for merger of Lafarge India Holding Pvt Ltd with Lafarge India Pvt Ltd.
Today, Nifty has support at 4,583 and resistance at 4,798 and BSE Sensex has support at 15,263 and resistance at 15,918.
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