The Indian Market is likely to have negative opening, as the cues from the global markets are not in favor. On Wednesday, the market declined drastically during the trading session on the concern of rally of inflation above 10% mark due to the hike in fuel prices by the Union government. The Union Cabinet on Wednesday raised the prices of petrol by Rs5 and diesel by Rs3 due to rising crude oil prices. The price of the domestic cooking gas was also hiked by Rs50 a cylinder. The excise duty on petrol was cut Re1 a litre. Kerosene was exempted. The customs duty on crude was also reduced to nil from 5%. Though the market gained some grounds to pare its losses in the mid session but all of a sudden lost the grip due to fear of inflationary pressures as well as negative cues from the global markets. The market showed no sign of recovery till the close due to heavy selling pressures across the sectoral indices.
The BSE Sensex closed lower by 447.77 points at 15,514.79 and NSE Nifty fell by 130.3 points to close at 4,585.60. We expect that the market may remain volatile during the trading session due to the concern of rising inflation as well as the global market are not supportive.
On Wednesday, the US market was closed mixed. The Dow Jones Industrial Average (DJIA) closed lower by 12.37 points at 12,390.48 while NASDAQ closed up by 22.66 points at 2,503.41 and S&P 500 index closed flat at 1,377.20.
Major Indian ADRS closed mixed. In technology sector, Wipro fell by (1.79%) along with Satyam by (1.06%) and Infosys by (0.17%) while Patni Computers grew by (1.18%). In banking sector, HDFC bank dropped by (1.75%) while ICICI bank advanced by (0.17%). In telecommunication sector, Tata Communication and MTNL slipped by (3.71%) and (1.94%). Sterlite industries decreased by (3.55%).
Today the major stock markets in Asia are trading weak. Japan Nikkei is trading lower by 99.78 points at 14,335.79 along with Taiwan Weighted trading down by 97.68 points at 8,530.12 and Singapore Strait Times trading at 3,117 down by 17.80 points.
The FIIs on Wednesday stood as net seller both in equity as well as debt. The gross equity purchased was Rs2,966.80 Crore and the gross debt purchased was Rs0.00 Crore while the gross equity sold stood at Rs3,919.20 Crore and gross debt sold stood at Rs25.00 Crore. Therefore, the net investment of equity reported was (Rs952.30 Crore) and net debt was (Rs25.00 Crore).
Today, Nifty has support at 4,483 and resistance at 4,673 and BSE Sensex has support at 15,196 and resistance at 15,793.
The BSE Sensex closed lower by 447.77 points at 15,514.79 and NSE Nifty fell by 130.3 points to close at 4,585.60. We expect that the market may remain volatile during the trading session due to the concern of rising inflation as well as the global market are not supportive.
On Wednesday, the US market was closed mixed. The Dow Jones Industrial Average (DJIA) closed lower by 12.37 points at 12,390.48 while NASDAQ closed up by 22.66 points at 2,503.41 and S&P 500 index closed flat at 1,377.20.
Major Indian ADRS closed mixed. In technology sector, Wipro fell by (1.79%) along with Satyam by (1.06%) and Infosys by (0.17%) while Patni Computers grew by (1.18%). In banking sector, HDFC bank dropped by (1.75%) while ICICI bank advanced by (0.17%). In telecommunication sector, Tata Communication and MTNL slipped by (3.71%) and (1.94%). Sterlite industries decreased by (3.55%).
Today the major stock markets in Asia are trading weak. Japan Nikkei is trading lower by 99.78 points at 14,335.79 along with Taiwan Weighted trading down by 97.68 points at 8,530.12 and Singapore Strait Times trading at 3,117 down by 17.80 points.
The FIIs on Wednesday stood as net seller both in equity as well as debt. The gross equity purchased was Rs2,966.80 Crore and the gross debt purchased was Rs0.00 Crore while the gross equity sold stood at Rs3,919.20 Crore and gross debt sold stood at Rs25.00 Crore. Therefore, the net investment of equity reported was (Rs952.30 Crore) and net debt was (Rs25.00 Crore).
Today, Nifty has support at 4,483 and resistance at 4,673 and BSE Sensex has support at 15,196 and resistance at 15,793.
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