The Indian Market is expected to have negative opening on the back of weak global cues as the US market closed in red and Asian markets are trading on weak zone. On Wednesday, the Indian market closed with downbeat note due to investors’ negative attitude led to heavy sell across the ground. The domestic market turned volatile after positive start and moved between positive and negative territory till mid session with gradual decline. Further it lost the grip to close in backfoot. The postponement of the meeting between the UPA and the Left parties over the ongoing nuclear issue, which was scheduled yesterday (Wednesday) also, added to the negative sentiments in the market. The Nifty closed below 4600 and the Sensex below 15500 levels. From the sectoral front, Metal, Capital Goods, Banking and Reality stocks were major losers as most of the selling was seen on theses baskets while FMCG and Auto stocks showed some sign of life. The BSE Sensex closed lower by 274.59 points at 15,422.31 and NSE Nifty ended down by 70.60 points at 4,582.4. We expect that market may lose ground during the trading.
US markets closed lower on Wednesday as FedEx Corp. delivered disappointing results and regional banking powerhouse Fifth Third Bancorp''s dividend cut reinforced concern bank losses and record oil will prolong the slump in profits. Morgan Stanley’s income dropped by more than half by 57% that indicates the effects of credit crises.
The Dow Jones Industrial Average (DJIA) closed lower by 131.24 points at 12,029.06 along with NASDAQ down by 28.02 points to close at 2,429.71 and S&P 500 dropped by 13.12 points to close at 1,337.81.
Indian ADRs ended negative. In technology sector, Infosys dropped by (2.84%) along with Satyam by (2.50%), Wipro by (2.31%) and Patni Computers by (10.50%). In banking sector, ICICI bank and HDFC bank decreased by (2.76%) and (2.61%) respectively. In telecommunication sector, MTNL advanced by (0.68%) while Tata Communication reduced by (4.44%). Sterlite industries declined (0.11%).
Today the major stock markets in Asia are trading in red backed by overnight fall in Wall Street and higher oil prices. Crude oil prices raised $2.67 a barrel to close at $136.68 on the New York Mercantile Exchange. Hang Seng index is trading lower by 383.91 points at 22,941.89 along with Japan’s Nikkei trading down by 293.42 points at 14,159.40 and Taiwan Weighted trading at 8,099.78 fell by 117.80 points.
The FIIs on Wednesday stood as net buyer in equity. The gross equity purchased was Rs2,546.20 Crore and the gross debt purchased was Rs0.00 Crore while the gross equity sold stood at Rs2,173.80 Crore and gross debt sold stood at Rs0.00 Crore. Therefore, the net investment of equity reported was Rs372.40 Crore and net debt was Rs0.00 Crore.
Today, Nifty has support at 4,423 and resistance at 4,603 and BSE Sensex has support at 14,843 and resistance at 15,628.
US markets closed lower on Wednesday as FedEx Corp. delivered disappointing results and regional banking powerhouse Fifth Third Bancorp''s dividend cut reinforced concern bank losses and record oil will prolong the slump in profits. Morgan Stanley’s income dropped by more than half by 57% that indicates the effects of credit crises.
The Dow Jones Industrial Average (DJIA) closed lower by 131.24 points at 12,029.06 along with NASDAQ down by 28.02 points to close at 2,429.71 and S&P 500 dropped by 13.12 points to close at 1,337.81.
Indian ADRs ended negative. In technology sector, Infosys dropped by (2.84%) along with Satyam by (2.50%), Wipro by (2.31%) and Patni Computers by (10.50%). In banking sector, ICICI bank and HDFC bank decreased by (2.76%) and (2.61%) respectively. In telecommunication sector, MTNL advanced by (0.68%) while Tata Communication reduced by (4.44%). Sterlite industries declined (0.11%).
Today the major stock markets in Asia are trading in red backed by overnight fall in Wall Street and higher oil prices. Crude oil prices raised $2.67 a barrel to close at $136.68 on the New York Mercantile Exchange. Hang Seng index is trading lower by 383.91 points at 22,941.89 along with Japan’s Nikkei trading down by 293.42 points at 14,159.40 and Taiwan Weighted trading at 8,099.78 fell by 117.80 points.
The FIIs on Wednesday stood as net buyer in equity. The gross equity purchased was Rs2,546.20 Crore and the gross debt purchased was Rs0.00 Crore while the gross equity sold stood at Rs2,173.80 Crore and gross debt sold stood at Rs0.00 Crore. Therefore, the net investment of equity reported was Rs372.40 Crore and net debt was Rs0.00 Crore.
Today, Nifty has support at 4,423 and resistance at 4,603 and BSE Sensex has support at 14,843 and resistance at 15,628.
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