The Indian Market is likely to have a positive opening as he Asian market is trading higher. On Tuesday, the Indian Market closed with handsome gains after the announcement of the monetary policy by the RBI in which it kept all the key interest rates unchanged but it raised the Cash Reserve Ratio by 25 basis point As per this, the scheduled banks required to maintain CRR of 8.25% with effect from the fortnight beginning May 24, 2008. But earlier there are rumors of hike in repo rate and revere repo rate but RBI beat all the expectations by keeping these rates unchanged. This led to the boosting of the sentiments among the investors and heavy buying was witnessed from the realty, metal and bakex indices baskets. In this review, RBI expects the economy to grew by 8-8.5% in 2008-09 also inflation remained a serious concern and as per RBI it would be brought down to around 5.5% in 2008-09 and the preference would be to bring it close to 5%. Though the market opened on a firm note but pared all its gains before the announcement of the policy but gained he momentum soon after the declaration of monetary policy review. The BSE Sensex closed higher by 362.50 points at 17,378.46 and NSE Nifty closed up by 105.85 points to close at 5,195.50. We expect that the market may remain volatile during the trading session.
On Tuesday, the US market closed mixed. The Dow Jones Industrial Average (DJIA) closed lower by 39.81 points at 12,831.94 along with S&P 500 fell by 5.43 points to close at 1,390.94 while NASDAQ closed marginally higher by 1.70 points at 2,426.10.
The Indian ADRS closed mixed. In technology sector, Satyam grew by (5.67%) along with Infosys by (3.81%), Patni Comp by (2.58%) and Wipro by (1.89%). In banking sector, HDFC Bank decreased by (0.55%) while ICICI Bank increased by (0.22%). In telecommunication sector, MTNL and Tata Communications dropped by (2.12%) and (1.93%) respectively.
Today the major stock markets in Asia are trading with marginal gains. Hang Seng is trading higher by 43.10 points at 25,871.05 along with Taiwan Weighted trading up by 36.80 points at 8,928.54 and Seoul Composite trading at 1,816.72 up by 5.21 points.
The FIIs on Tuesday stood as net buyer in equity while net seller in debt. The gross equity purchased was Rs2,620.70 Crore and the gross debt purchased was Rs0.00 Crore while the gross equity sold stood at Rs2,539.50 Crore and gross debt sold stood at Rs444.60 Crore. Therefore, the net investment of equity reported was Rs81.20 Crore and net debt was (Rs444.60 Crore).
Today, Nifty has support at 5,086 and resistance at 5,289 and BSE Sensex has support at 17,034 and resistance at 17,791.
On Tuesday, the US market closed mixed. The Dow Jones Industrial Average (DJIA) closed lower by 39.81 points at 12,831.94 along with S&P 500 fell by 5.43 points to close at 1,390.94 while NASDAQ closed marginally higher by 1.70 points at 2,426.10.
The Indian ADRS closed mixed. In technology sector, Satyam grew by (5.67%) along with Infosys by (3.81%), Patni Comp by (2.58%) and Wipro by (1.89%). In banking sector, HDFC Bank decreased by (0.55%) while ICICI Bank increased by (0.22%). In telecommunication sector, MTNL and Tata Communications dropped by (2.12%) and (1.93%) respectively.
Today the major stock markets in Asia are trading with marginal gains. Hang Seng is trading higher by 43.10 points at 25,871.05 along with Taiwan Weighted trading up by 36.80 points at 8,928.54 and Seoul Composite trading at 1,816.72 up by 5.21 points.
The FIIs on Tuesday stood as net buyer in equity while net seller in debt. The gross equity purchased was Rs2,620.70 Crore and the gross debt purchased was Rs0.00 Crore while the gross equity sold stood at Rs2,539.50 Crore and gross debt sold stood at Rs444.60 Crore. Therefore, the net investment of equity reported was Rs81.20 Crore and net debt was (Rs444.60 Crore).
Today, Nifty has support at 5,086 and resistance at 5,289 and BSE Sensex has support at 17,034 and resistance at 17,791.
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