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 weak. On Friday, the Indian market closed with heavy losses pressurized by selling across the ground. It was a hard day for the domestic market as it hanged around extremely negative zone after positive start. It had shown negative attitude through out the trading session. Nuke Deal and inflation worries also caused distress for the market as political uncertainty occurred after CPM threatened the UPA to withdraw its support if government moves forward with the deal. Inflation figure released on Friday reached to 13 years high to 11.05% for the week ended 7 June 2008. From the sectoral front, metal and oil & gas stocks were most unfavorable as most of selling was seen in these baskets. The BSE Sensex closed lower by 516.70 points at 14,571.29 and NSE Nifty ended down by 156.70 points at 4,347.55. We expect that market may decline further during the trading session.
US markets closed lower on Friday following negative news from the financial sector. Merrill Lynch slashed their earnings outlooks on several large regional banks. Standard & Poor may downgrade the credit ratings on General Motors, Chrysler and Ford.
The Dow Jones Industrial Average (DJIA) closed lower by 220.40 points at 11,842.69 along with NASDAQ down by 55.97 points to close at 2,406.09 and S&P 500 dropped by 24.90 points to close at 1,317.93.
Indian ADRs ended down. In technology sector, Wipro dropped by (7.42%) along with Satyam by (5.83%), Patni Computers by (4.58%) and Infosys by (4.42%). In banking sector, ICICI bank and HDFC bank increased by (5.71%) and (4.42%) respectively. In telecommunication sector, Tata Communication and MTNL reduced by (5.62%) and (0.65%). Sterlite industries declined (4.67%).
Today the major stock markets in Asia are trading in red extending its losses to third day, after Wall Street plunged on Friday. Hang Seng index is trading lower by 290.53 points at 22,455.07 along with Japan’s Nikkei trading down by 162.27 points at 13,779.81 and Taiwan Weighted trading at 7,867.57 with a fall of 34.87 points.
The FIIs on Friday stood as net seller in equity. The gross equity purchased was Rs1,858.70 Crore and the gross debt purchased was Rs0.00 Crore while the gross equity sold stood at Rs2,211.30 Crore and gross debt sold stood at Rs0.00 Crore. Therefore, the net investment of equity reported was (Rs352.60) Crore and net debt was Rs0.00 Crore.
Today, Nifty has support at 4,234 and resistance at 4,419 and BSE Sensex has support at 14,218 and resistance at 14,801.
US markets closed lower on Friday following negative news from the financial sector. Merrill Lynch slashed their earnings outlooks on several large regional banks. Standard & Poor may downgrade the credit ratings on General Motors, Chrysler and Ford.
The Dow Jones Industrial Average (DJIA) closed lower by 220.40 points at 11,842.69 along with NASDAQ down by 55.97 points to close at 2,406.09 and S&P 500 dropped by 24.90 points to close at 1,317.93.
Indian ADRs ended down. In technology sector, Wipro dropped by (7.42%) along with Satyam by (5.83%), Patni Computers by (4.58%) and Infosys by (4.42%). In banking sector, ICICI bank and HDFC bank increased by (5.71%) and (4.42%) respectively. In telecommunication sector, Tata Communication and MTNL reduced by (5.62%) and (0.65%). Sterlite industries declined (4.67%).
Today the major stock markets in Asia are trading in red extending its losses to third day, after Wall Street plunged on Friday. Hang Seng index is trading lower by 290.53 points at 22,455.07 along with Japan’s Nikkei trading down by 162.27 points at 13,779.81 and Taiwan Weighted trading at 7,867.57 with a fall of 34.87 points.
The FIIs on Friday stood as net seller in equity. The gross equity purchased was Rs1,858.70 Crore and the gross debt purchased was Rs0.00 Crore while the gross equity sold stood at Rs2,211.30 Crore and gross debt sold stood at Rs0.00 Crore. Therefore, the net investment of equity reported was (Rs352.60) Crore and net debt was Rs0.00 Crore.
Today, Nifty has support at 4,234 and resistance at 4,419 and BSE Sensex has support at 14,218 and resistance at 14,801.
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