The Indian Market is likely to have a positive opening as the cues from the global markets are in favor. On Friday, The Indian Market closed on a strong note due to the favoring cues from the global markets as well as better results by some of the telecom companies like Bharti Airtel, that boosted the sentiments of the investors. The market opened on a firm note but pare some of its gains during the mid session due to weekly inflation figures that grew to 7.33% for the week ended April 2008 as against 7.14% last year. However, the market gathered the momentum after the mid session as the buying intensified across the telecom, banking and metal baskets. The BSE Sensex closed higher by 404.90 points at 17,125.98 and NSE Nifty closed up by 111.85 points at 5,111.70. We expect that the volatility may grip the market during the trading session as The Reserve Bank of India (RBI) will come out with its annual credit policy for the fiscal 2008-09 on April 29 and the US Fed has its policy meeting on the April 30.
On Friday, the US market closed mixed. The Dow Jones Industrial Average (DJIA) closed higher by 42.91 points at 12,891.86 along with S&P 500 closed up by 9.02 points at 1,397.84 while NASDAQ closed lower by 5.99 points at 2,422.93.
The Indian ADRS closed mixed. In technology sector, Wipro grew by 2.74% along with Infosys by 0.09% while Patni computers and Satyam fell by 1.01% and 0.20% respectively. In banking sector, HDFC bank and ICICI bank advanced by (5.31%) and (5.24%) respectively. In telecommunication sector, MTNL and Tata Communication increased by (4.26%) and (0.77%) respectively.
Today the major stock markets in Asia are trading firm. Hang Seng is trading higher by 177.89 points at 25,694.67 along with Japan’s Nikkei trading up by 104.63 points at 13,968.10 and Taiwan Weighted trading at 8,984.70 up by 36.87 points.
The FIIs on Friday stood as net seller both in equity as well as debt. The gross equity purchased was Rs3,675.20 Crore and the gross debt purchased was Rs0.00 Crore while the gross equity sold stood at Rs4,201.30 Crore and gross debt sold stood at Rs6.10 Crore. Therefore, the net investment of equity reported was (Rs526.10 Crore) and net debt was (Rs6.10 Crore).
Today, Nifty has support at 5,013 and resistance at 5,198 and BSE Sensex has support at 16,712 and resistance at 17,486.
On Friday, the US market closed mixed. The Dow Jones Industrial Average (DJIA) closed higher by 42.91 points at 12,891.86 along with S&P 500 closed up by 9.02 points at 1,397.84 while NASDAQ closed lower by 5.99 points at 2,422.93.
The Indian ADRS closed mixed. In technology sector, Wipro grew by 2.74% along with Infosys by 0.09% while Patni computers and Satyam fell by 1.01% and 0.20% respectively. In banking sector, HDFC bank and ICICI bank advanced by (5.31%) and (5.24%) respectively. In telecommunication sector, MTNL and Tata Communication increased by (4.26%) and (0.77%) respectively.
Today the major stock markets in Asia are trading firm. Hang Seng is trading higher by 177.89 points at 25,694.67 along with Japan’s Nikkei trading up by 104.63 points at 13,968.10 and Taiwan Weighted trading at 8,984.70 up by 36.87 points.
The FIIs on Friday stood as net seller both in equity as well as debt. The gross equity purchased was Rs3,675.20 Crore and the gross debt purchased was Rs0.00 Crore while the gross equity sold stood at Rs4,201.30 Crore and gross debt sold stood at Rs6.10 Crore. Therefore, the net investment of equity reported was (Rs526.10 Crore) and net debt was (Rs6.10 Crore).
Today, Nifty has support at 5,013 and resistance at 5,198 and BSE Sensex has support at 16,712 and resistance at 17,486.
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