he Indian Market is expected to open lower on the back of unfavorable cues from the US market like the surge in global crude oil price and growth in US unemployment rate. On Friday, the Indian market closed on the back foot due the selling pressure led by the investor’s cautious behavior. The market opened with the positive attitude but was not able to sustain the momentum due to the fears of rising inflation. It remains volatile throughout the trading session and closed in red. From the sectoral front, only Auto stocks were in limelight as most buying was witnessed from this basket while metal, reality stocks were the main sufferers. The BSE Sensex closed lower by 197.54 points at 15,572.18 and NSE Nifty fell by 49.15 points to close at 4,627.80. We expect that the market may remain cautious during the trading session.
On the back of rising inflation and record oil prices, central oil bonds may reach to a new high today. On Friday 10-year benchmark bond yield ended at 8.23% and also reached to its highest level of 8.24% during the trading which is highest level since June 2007.
On Friday, the US market closed in deep red due to surge in crude oil prices above $138 and also due to increase in the US unemployment rates. The unemployment rates in May rose to 5.5%, which is the biggest increase in US since 1986. The US Labor Department said non-farm payrolls fell by 49,000 in May from April. That was in line with expectations but the department revised its April figure to show a drop of 28,000 rather than the 20,000 estimate it made last month.
The Dow Jones Industrial Average (DJIA) closed lower by 394.64 points at 12,209.81 along with NASDAQ plunged by 75.38 points to close at 2,474.56 and S&P 500 fell by 43.37 points to close at 1,360.68.
Indian ADRS ended low. In technology sector, Wipro was down by (5.57%) along with Satyam by (5.57%), Infosys by (3.85%) and Patni Computers by (2.29%). In banking sector, HDF bank and ICICI bank decreased by (7.42%) and (4.06%) respectively. In telecommunication sector, Tata Communication and MTNL dropped by (10.60%) and (2.49%). Sterlite industries reduced by (4.20%).
Today the major stock markets in Asia are trading sharply lower on the back of Wall Street losses on Friday following record oil prices and a steep rise in U.S. unemployment. Japan’s Nikkei is trading down by 298.56 points at 14,190.88 along with Taiwan Weighted trading dropped by 183.84 points at 8,561.51 and Singapore''s Straits Times trading at 3,078.51 down by 68.22 points. Hong Cong and China Markets are closed today for a national holiday.
The FIIs on Friday stood as net seller in equity and in debt. The gross equity purchased was Rs3,739.60 Crore and the gross debt purchased was Rs0.00 Crore while the gross equity sold stood at Rs5,158.50 Crore and gross debt sold stood at Rs30.00 Crore. Therefore, the net investment of equity reported was (Rs1,419.00) Crore and net debt was (Rs30.00) Crore.
Today, Nifty has support at 4,392 and resistance at 4,673 and BSE Sensex has support at 15,063 and resistance at 15,692.
On the back of rising inflation and record oil prices, central oil bonds may reach to a new high today. On Friday 10-year benchmark bond yield ended at 8.23% and also reached to its highest level of 8.24% during the trading which is highest level since June 2007.
On Friday, the US market closed in deep red due to surge in crude oil prices above $138 and also due to increase in the US unemployment rates. The unemployment rates in May rose to 5.5%, which is the biggest increase in US since 1986. The US Labor Department said non-farm payrolls fell by 49,000 in May from April. That was in line with expectations but the department revised its April figure to show a drop of 28,000 rather than the 20,000 estimate it made last month.
The Dow Jones Industrial Average (DJIA) closed lower by 394.64 points at 12,209.81 along with NASDAQ plunged by 75.38 points to close at 2,474.56 and S&P 500 fell by 43.37 points to close at 1,360.68.
Indian ADRS ended low. In technology sector, Wipro was down by (5.57%) along with Satyam by (5.57%), Infosys by (3.85%) and Patni Computers by (2.29%). In banking sector, HDF bank and ICICI bank decreased by (7.42%) and (4.06%) respectively. In telecommunication sector, Tata Communication and MTNL dropped by (10.60%) and (2.49%). Sterlite industries reduced by (4.20%).
Today the major stock markets in Asia are trading sharply lower on the back of Wall Street losses on Friday following record oil prices and a steep rise in U.S. unemployment. Japan’s Nikkei is trading down by 298.56 points at 14,190.88 along with Taiwan Weighted trading dropped by 183.84 points at 8,561.51 and Singapore''s Straits Times trading at 3,078.51 down by 68.22 points. Hong Cong and China Markets are closed today for a national holiday.
The FIIs on Friday stood as net seller in equity and in debt. The gross equity purchased was Rs3,739.60 Crore and the gross debt purchased was Rs0.00 Crore while the gross equity sold stood at Rs5,158.50 Crore and gross debt sold stood at Rs30.00 Crore. Therefore, the net investment of equity reported was (Rs1,419.00) Crore and net debt was (Rs30.00) Crore.
Today, Nifty has support at 4,392 and resistance at 4,673 and BSE Sensex has support at 15,063 and resistance at 15,692.
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