The Indian Market is expected to have positive opening on strong global cues as US markets closed with heavy gains and Asian markets are trading higher along with drop in crude oil prices. On Tuesday, the Indian market closed in deep red due to heavy selling over the counters led by weak global cues and RBI’s rate hike. The domestic market opened sharply lower tracking negative cues from the global markets. Further, it lost more ground after RBI’s hike in CRR and Repo Rate and continued to trade on back foot till the end of session. Both NSE Nifty and BSE Sensex closed with losses of more than 3%. The BSE Sensex ended below 13,800 level and NSE Nifty closed below 4,200 mark. All indices closed in red and the interest sensitive indices like Bank and Reality slipped by more than 8% and 5% respectively. Followed by, the Capital Goods index also lost more than 5%. Oil & Gas, Metal, Power and Auto stocks also witnessed heavy selling from these baskets. The BSE Sensex closed lower by 557.57 points at 13,794.31 and NSE Nifty ended down by 142.25 points at 4,189.85. We expect that market may gain some grounds during the trading session.
The Reserve Bank of India has hiked Repo Rates by 50 basis points and Cash Reserve Ratio by 25 basis points on Tuesday (29th July 2008). This hike will be effective from 30th August. The Repo Rate will be at 9% for the first time since October, 2000, and CRR will beat 9% for the first time since November, 1999.
On Tuesday, the US market was closed with gains as oil hit its lowest point since May and Merrill Lynch''s $5.7 billion write-down and share sale. Crude oil prices dropped by $2.54 to close at $122.19 a barrel on the NYMEX. The Dow Jones Industrial Average (DJIA) closed higher by 266.48 points at 11,397.56 along with NASDAQ ended up by 55.40 points at 2,319.62 and S&P 500 index closed higher by 28.83 points at 1,263.20.
Indian ADRs ended with gains. In technology sector, Satyam ended higher by (6.09%) along with Infosys by (4.21%), Wipro by (4.11%) and Patni Computers advanced by (1.58%). In banking sector, ICICI bank and HDFC bank gained (3.20%) and (1.78%) respectively. In telecommunication sector, Tata Communication ended up by (6.49%) while MTNL dropped by (2.74%). Sterlite industries increased by (3.25%).
Today the major stock markets in Asia are trading higher after a strong bounce on Wall Street. Hang Seng index is trading higher by 369.18 points at 22,628.18 along with Japan’s Nikkei trading up by 156.26 points at 13,315.71 and Taiwan Weighted advanced 0.64% points at 7,059.30.
The FIIs on Tuesday stood as net seller in equity and debt. The gross equity purchased was Rs1,696.80 Crore and the gross debt purchased was Rs33.50 Crore while the gross equity sold stood at Rs2,306.10 Crore and gross debt sold stood at Rs323.00 Crore. Therefore, the net investment of equity reported was (Rs609.30) Crore and net debt was (Rs289.50) Crore.
Today, Nifty has support at 4,118 and resistance at 4,282 and BSE Sensex has support at 13,512 and resistance at 14,239.
The Reserve Bank of India has hiked Repo Rates by 50 basis points and Cash Reserve Ratio by 25 basis points on Tuesday (29th July 2008). This hike will be effective from 30th August. The Repo Rate will be at 9% for the first time since October, 2000, and CRR will beat 9% for the first time since November, 1999.
On Tuesday, the US market was closed with gains as oil hit its lowest point since May and Merrill Lynch''s $5.7 billion write-down and share sale. Crude oil prices dropped by $2.54 to close at $122.19 a barrel on the NYMEX. The Dow Jones Industrial Average (DJIA) closed higher by 266.48 points at 11,397.56 along with NASDAQ ended up by 55.40 points at 2,319.62 and S&P 500 index closed higher by 28.83 points at 1,263.20.
Indian ADRs ended with gains. In technology sector, Satyam ended higher by (6.09%) along with Infosys by (4.21%), Wipro by (4.11%) and Patni Computers advanced by (1.58%). In banking sector, ICICI bank and HDFC bank gained (3.20%) and (1.78%) respectively. In telecommunication sector, Tata Communication ended up by (6.49%) while MTNL dropped by (2.74%). Sterlite industries increased by (3.25%).
Today the major stock markets in Asia are trading higher after a strong bounce on Wall Street. Hang Seng index is trading higher by 369.18 points at 22,628.18 along with Japan’s Nikkei trading up by 156.26 points at 13,315.71 and Taiwan Weighted advanced 0.64% points at 7,059.30.
The FIIs on Tuesday stood as net seller in equity and debt. The gross equity purchased was Rs1,696.80 Crore and the gross debt purchased was Rs33.50 Crore while the gross equity sold stood at Rs2,306.10 Crore and gross debt sold stood at Rs323.00 Crore. Therefore, the net investment of equity reported was (Rs609.30) Crore and net debt was (Rs289.50) Crore.
Today, Nifty has support at 4,118 and resistance at 4,282 and BSE Sensex has support at 13,512 and resistance at 14,239.
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