The Indian Market is expected to have positive opening on the back of strong global cues as the US market closed in green and the Asian markets are going through positive sentiment. On Wednesday, Indian markets closed in green after going through volatility whole day. The market opened with the positive energy tracking the global cues but was not able to sustain the momentum and turned volatile due to the short covering of the expiry of the derivatives contract as well as positive start of the European market and government decision to relax its stance on the ban of cement exports gave a bit of support to the market. Further, buying in some key stocks like metal, banking, IT and FMCG influenced the market to close in green. Finance minister’s statement that oil cess is baseless and government is not considering to levy this for compensating oil losses, also helped the market sentiment. The capital goods and power stocks were out of favor as most of the selling was seen from these baskets. The BSE Sensex closed higher by 249.78 points at 16,525.37 and NSE Nifty grew by 58.55 points to close at 4,918.35. We expect that the market may gain further during the trading session.
Union Cabinet is expected to take decision today on the possible hike in fuel price. The government may also talk about rescue package for oil companies, which could include price hike, duty reductions and additional bonds. Earlier according some media reports, government was planning to consider cess on the income and corporate tax to compensate fuel price hike. But yesterday finance minister has denied that.
On Wednesday, the US market closed in positive territory. The Dow Jones Industrial Average (DJIA) closed higher by 45.68 points at 12,594.03 along with S&P 500 went up by 5.49 points to close at 1,390.84 and NASDAQ dropped by 5.46 points to close at 2,486.70.
Indian ADRS ended up. In technology sector, Infosys raised by (2.54%) along with Satyam by (2.48%), Wipro by (1.73%) and Patni Computers by (0.92%). In banking sector, ICICI bank and HDFC bank increased by (0.90%) and (0.88%) respectively. In telecommunication sector, Tata Communication and MTNL enhanced by (1.86%) and (0.42%). Sterlite industries went up by (0.90%).
Today the major stock markets in Asia are trading higher. Japan’s Nikkei is trading up by 383.28 points at 14,092.72 along with Hang Seng index trading high by 221.14 points at 24,470.65 and Taiwan Weighted trading at 8,740.79 down by 75.06 points.
The FIIs Wednesday stood as net seller in equity. The gross equity purchased was Rs2,338.60 Crore and the gross debt purchased was Rs0.00 Crore while the gross equity sold stood at Rs2,692.80 Crore and gross debt sold stood at Rs0.00 Crore. Therefore, the net investment of equity reported was Rs(354.20) Crore and net debt was Rs0.00 Crore.
Today, Nifty has support at 4,831 and resistance at 5,016 and BSE Sensex has support at 16,217 and resistance at 16,939.
Union Cabinet is expected to take decision today on the possible hike in fuel price. The government may also talk about rescue package for oil companies, which could include price hike, duty reductions and additional bonds. Earlier according some media reports, government was planning to consider cess on the income and corporate tax to compensate fuel price hike. But yesterday finance minister has denied that.
On Wednesday, the US market closed in positive territory. The Dow Jones Industrial Average (DJIA) closed higher by 45.68 points at 12,594.03 along with S&P 500 went up by 5.49 points to close at 1,390.84 and NASDAQ dropped by 5.46 points to close at 2,486.70.
Indian ADRS ended up. In technology sector, Infosys raised by (2.54%) along with Satyam by (2.48%), Wipro by (1.73%) and Patni Computers by (0.92%). In banking sector, ICICI bank and HDFC bank increased by (0.90%) and (0.88%) respectively. In telecommunication sector, Tata Communication and MTNL enhanced by (1.86%) and (0.42%). Sterlite industries went up by (0.90%).
Today the major stock markets in Asia are trading higher. Japan’s Nikkei is trading up by 383.28 points at 14,092.72 along with Hang Seng index trading high by 221.14 points at 24,470.65 and Taiwan Weighted trading at 8,740.79 down by 75.06 points.
The FIIs Wednesday stood as net seller in equity. The gross equity purchased was Rs2,338.60 Crore and the gross debt purchased was Rs0.00 Crore while the gross equity sold stood at Rs2,692.80 Crore and gross debt sold stood at Rs0.00 Crore. Therefore, the net investment of equity reported was Rs(354.20) Crore and net debt was Rs0.00 Crore.
Today, Nifty has support at 4,831 and resistance at 5,016 and BSE Sensex has support at 16,217 and resistance at 16,939.
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