The Market is likely to have positive opening, as the US market closed in green. The market closed yesterday at all time high after struggling a lot at the initial stage. Though the market lost the ground at the initial stage but manages to recover all its losses as a result of heavy buying at lower levels. On Wednesday, the BSE Sensex closed higher by 84.98 points at 20,375.87 and NSE Nifty closed up by 62.05 points at 6,159.30. We expect the market to remain range bound during the trading session.
On Wednesday, the US market closed in green. The DJIA closed higher by 41.13 points at 13,473.90. The S&P 500 index increased by 8.94 points to close at 1,486.59 and NASDAQ grew by 18.79 points to close at 2,671.14.
Indian ADRs ended in positive territory. In technology sector, Satyam grew (1.03%) along with Wipro by (0.94%) and Infosys by (0.53%). In banking sector, ICICI bank and HDFC bank advanced by (2.57%) and (1%) respectively. In telecommunication sector, MTNL and VSNL increased by (4.07%) and (2.88%) respectively. Sterlite industries grew by (1.57%).
The major stock markets in Asia are trading weak. Hang Seng is trading lower by 163.98 points at 28,357.08. Japan''s Nikkei is trading down by 188.14 points at 15,744.12. Taiwan Weighted is trading at 8,415.31 fell by 75.53 points. Singapore Strait Times dropped by 8.78 points to trade at 3,540.47.
The FIIs stood as the net buyer on Wednesday both in equity and debt. The gross equity purchased was Rs4, 178.20 Crore and the gross debt purchased was Rs427 Crore while the gross equity sold stood at Rs3, 488.30 Crore and gross debt sold stood at Rs0.00 Crore. Therefore, the net investment of equity reported was Rs689.90 Crore and net debt was Rs427 Crore.
Today, Nifty has support at 6,053 and resistance at 6,232 and BSE Sensex has support at 20,118 and resistance at 20,489.
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