The Indian Market is expected to have positive opening as Asian markets are trading mixed and drop in crude oil. On Monday, domestic market bounced back during final trading hours after its earlier fall, to close marginally down. Market opened with losses tracking negative cues from global markets. Further domestic market continued its downward journey due to the sustained selling pressure over the ground. Some buying in key stocks forced the market to gather the momentum during last hour of trade to end marginally lower on short covering. NSE Nifty ended above 4,300 mark and BSE Sensex around 14,500 level. From the sectoral front, Oil & Gas, Bank, Reality and FMCG stocks were major contributors in the recovery. However, Metal, consumer Durables, capital goods and IT stocks remained out of favour as witnessed most of the selling from these baskets. The BSE Sensex closed lower by 66.02 points at 14,498.51 and NSE Nifty ended down by 11.35 points at 4,348.65. The BSE Mid Caps and Small Caps ended with losses of 0.31 points and 0.25 points at 5,741.98 and 6,891.39. We expect that market may trade volatile during the trading session.
Finance Secretary Duvvuri Subbarao has been appointed as the new governor of the Reserve Bank of India. Subbarao will take charge from Y V Reddy, who relinquishes office on completion of his eventful five years at the helm of central bank on September 5. An alumini of IIT Kanpur, Subbarao topped the civil services examination in 1972 and was assigned the Andhra Pradesh cadre.
U.S. markets were closed on Monday for Labor Day.
On Monday crude oil prices dropped by more than $4 on eased concern of more damage by Hurricane Gustav Hurricane Gustav after the storm weakened before hitting the Louisiana coast. US crude fell $4.24 to settle at $111.22 a barrel.
Today the major stock markets in Asia are trading mixed. Hang Seng index is trading higher by 94.92 points at 21,001.23 along with Japan’s Nikkei trading up by 63.11 points at 12,894.20, while Taiwan Weighted dropped by 34.55 points at 6,778.54 and Singapore''s Straits Times is flat at 2,713.69.
The FIIs on Monday stood as net seller in equity and net buyer in debt. The gross equity purchased was Rs2,669.70 Crore and the gross debt purchased was Rs288.70 Crore while the gross equity sold stood at Rs2,926.80 Crore and gross debt sold stood at Rs10.00 Crore. Therefore, the net investment of equity reported was (Rs257.00) Crore and net debt was Rs78.70 Crore.
The Indian rupee closed at its lowest level against the dollar in nearly 1.5 years on Monday as importers stepped up dollar purchases. The partially convertible rupee closed at 44.18/19 per dollar, its lowest close since mid-March 2007 as against Friday''s close of 43.93/94. It fell to as low as 44.23 in early deals.
Today, Nifty has support at 4,274 and resistance at 4,439 and BSE Sensex has support at 14,204 and resistance at 14,886
Finance Secretary Duvvuri Subbarao has been appointed as the new governor of the Reserve Bank of India. Subbarao will take charge from Y V Reddy, who relinquishes office on completion of his eventful five years at the helm of central bank on September 5. An alumini of IIT Kanpur, Subbarao topped the civil services examination in 1972 and was assigned the Andhra Pradesh cadre.
U.S. markets were closed on Monday for Labor Day.
On Monday crude oil prices dropped by more than $4 on eased concern of more damage by Hurricane Gustav Hurricane Gustav after the storm weakened before hitting the Louisiana coast. US crude fell $4.24 to settle at $111.22 a barrel.
Today the major stock markets in Asia are trading mixed. Hang Seng index is trading higher by 94.92 points at 21,001.23 along with Japan’s Nikkei trading up by 63.11 points at 12,894.20, while Taiwan Weighted dropped by 34.55 points at 6,778.54 and Singapore''s Straits Times is flat at 2,713.69.
The FIIs on Monday stood as net seller in equity and net buyer in debt. The gross equity purchased was Rs2,669.70 Crore and the gross debt purchased was Rs288.70 Crore while the gross equity sold stood at Rs2,926.80 Crore and gross debt sold stood at Rs10.00 Crore. Therefore, the net investment of equity reported was (Rs257.00) Crore and net debt was Rs78.70 Crore.
The Indian rupee closed at its lowest level against the dollar in nearly 1.5 years on Monday as importers stepped up dollar purchases. The partially convertible rupee closed at 44.18/19 per dollar, its lowest close since mid-March 2007 as against Friday''s close of 43.93/94. It fell to as low as 44.23 in early deals.
Today, Nifty has support at 4,274 and resistance at 4,439 and BSE Sensex has support at 14,204 and resistance at 14,886
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