The Indian Market is expected to open on negative note on the back of cues from the global markets as Asian markets are trading mixed and US market ended mixed. On Tuesday, the Indian market closed with losses. Both Nifty and Sensex slipped to 2008 lows due to heavy selling pressure led by concerns of a possible increase in interest rates. The market opened with the negative note tracking weak global cues. It was showing some sign of recovery during early trade. It recovered from the lowest level but still was in negative territory till the end of the trading session to close in red. From the sectoral front, only pharma and oil & gas indices were in limelight as they witnessed most of the buying in their baskets while all other stocks closed in red mainly banking, metal, reality and IT stocks remained out of favor. The BSE Sensex closed lower by 176.85 points at 14,889.25 and NSE Nifty fell by 51.95 points to close at 4,449.80. We expect that the market may be cautious during the trading session.
Corporate advance tax payments for the first installment which falls due on 15 June 2008 will be another near term trigger for the market. The income tax law requires a company to 15% the estimated tax liability for the year as advance tax in the first installment.
Also the industrial production numbers for April 2008, which the government will unveil on Thursday, 12 June 2008 will play a crucial role and the market may also be keeping a watch on this to take further direction.
The Central Board of Direct Taxes will meet in the next few days to finalize the revision for the direct tax collection. The target will be revised upwards by a very substantial amount The government has targeted direct tax collection of Rs3,65,000 Crore for the current fiscal and new target will be above this.
On Tuesday, the US market closed mixed. The Dow Jones Industrial Average (DJIA) closed higher by 9.44 points at 12,289.76 while NASDAQ dropped by 10.52 points to close at 2,448.94 and S&P 500 plunged by 3.32 points to close at 1,358.44.
Indian ADRS ended down. In technology sector, Wipro was down by (2.96%) along with Infosys by (2.52%), Satyam by (2.28%) and Patni Computers by (0.56%). In banking sector, HDFC bank and ICICI bank decreased by (2.08%) and (1.44%) respectively. In telecommunication sector, Tata Communication and MTNL dropped by (2.22%) and (1.98%). Sterlite industries reduced by (4.35%).
Today the major stock markets in Asia are trading mixed. Taiwan Weighted is trading up by 19.53 points at 8,389.53 along with Japan’s Nikkei rose 5.17 points at 14,026.34 while Hong Kong''s Hang Seng lost 70.97 points and trading at 23,304.55.
The FIIs on Tuesday stood as net seller in equity. The gross equity purchased was Rs2,556.60 Crore and the gross debt purchased was Rs0.00 Crore while the gross equity sold stood at Rs3,898.40 Crore and gross debt sold stood at Rs0.00 Crore. Therefore, the net investment of equity reported was (Rs1,341.80) Crore and net debt was Rs0.00 Crore.
Today, Nifty has support at 4,354 and resistance at 4,547 and BSE Sensex has support at 14,563 and resistance at 15,208.
Corporate advance tax payments for the first installment which falls due on 15 June 2008 will be another near term trigger for the market. The income tax law requires a company to 15% the estimated tax liability for the year as advance tax in the first installment.
Also the industrial production numbers for April 2008, which the government will unveil on Thursday, 12 June 2008 will play a crucial role and the market may also be keeping a watch on this to take further direction.
The Central Board of Direct Taxes will meet in the next few days to finalize the revision for the direct tax collection. The target will be revised upwards by a very substantial amount The government has targeted direct tax collection of Rs3,65,000 Crore for the current fiscal and new target will be above this.
On Tuesday, the US market closed mixed. The Dow Jones Industrial Average (DJIA) closed higher by 9.44 points at 12,289.76 while NASDAQ dropped by 10.52 points to close at 2,448.94 and S&P 500 plunged by 3.32 points to close at 1,358.44.
Indian ADRS ended down. In technology sector, Wipro was down by (2.96%) along with Infosys by (2.52%), Satyam by (2.28%) and Patni Computers by (0.56%). In banking sector, HDFC bank and ICICI bank decreased by (2.08%) and (1.44%) respectively. In telecommunication sector, Tata Communication and MTNL dropped by (2.22%) and (1.98%). Sterlite industries reduced by (4.35%).
Today the major stock markets in Asia are trading mixed. Taiwan Weighted is trading up by 19.53 points at 8,389.53 along with Japan’s Nikkei rose 5.17 points at 14,026.34 while Hong Kong''s Hang Seng lost 70.97 points and trading at 23,304.55.
The FIIs on Tuesday stood as net seller in equity. The gross equity purchased was Rs2,556.60 Crore and the gross debt purchased was Rs0.00 Crore while the gross equity sold stood at Rs3,898.40 Crore and gross debt sold stood at Rs0.00 Crore. Therefore, the net investment of equity reported was (Rs1,341.80) Crore and net debt was Rs0.00 Crore.
Today, Nifty has support at 4,354 and resistance at 4,547 and BSE Sensex has support at 14,563 and resistance at 15,208.
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