Market may witness pull-back

Headlines for the day
BEL to get Rs4,279-crore IAF order for Akash missiles
ITC to open nine more Fortune hotels this year
Siemens to invest Rs1,600 crore in Indian infra over 3 years
Titan to set up watch assembly facility
Axis looks to beef up affluent banking
Events for the day
Major corporate action:
NTPC Ltd FPO opens today
Emmbi Polyarns Ltd IPO closes today
Listing of Infinite Computer Solutions India Ltd
Ex-date for interim dividend of Aarti Industries, Bharat Electronics, Edelweiss Capital, Garware Offshore, Gujarat Reclaim, Kirloskar Oil, Mundra Port, Orbit Exports, Page Industries, Rishabh Digha and Transport Corporation.
Ex-date for Amalgamation of Brabourne Enterprise, CHI Investments, Octav Investments and Summit Securities.
Ex-date for rights issue of Hinduja Foundry in the ratio of 7:13.
Pre-market report
Global signals
On Tuesday, European stocks were closed higher on third straight session as mining and banking stock rise. At the end, FTSE 100 was closed 0.68% higher at 5283.
On second straight session, US markets were closed higher on the back of better than expected earning and solid pending home sales data. At the end, Nasdaq was closed at 2190, 19 points higher.
In today's trade, all the Asian Indices are trading higher except Shanghai Composite that trading marginally lower. At the time of writing this report, SGX Nifty is trading higher by 27 points.
Indian markets
The domestic indices are expected to continue its downward journey on fifth straight session following the weak global cues. The market is likely to opens on positive note on the back of strong Asian markets in morning trades and overnight gains in the US indices.
Among the local indices, the Nifty could test the 4900-4950 range on the up side, while on the down side it could find support at 47800 and 4800. While the Sensex is likely to get support at 16100 and may face resistance at 16500.
Indian ADR's
Among the Indian ADRs trading on the US bourses, Dr Reddy lead the gainers chart with gains of 4.42%, while on other hand MTNL hit the most with loss of 2.20%
Commodity cues
In the commodity space, wherein the Crude oil prices recorded decline, with the Nymex light crude oil for March series down by $0.4 to settle at $76.83 a barrel.
In the metals space, Comex Gold for April series up by $13.20 to settle at $1118.20 to a troy ounce.
In the metals space, Comex Silver for March series rise by $0.08 to settle at $16.74 to a troy ounce.
Daily trend of FII/MF investment in equities
On February 02, 2010, FIIs were the net sellers of the Indian Stocks in the tune of Rs48.80 crore (with the gross purchase of Rs2345.50 crore and gross sales of Rs2394.30crore).
While the Domestic mutual funds, on February 01, 2010, were the net buyers of the stocks in the tune of Rs32.50 crore (with gross purchase of Rs595.10 crore and gross sales of Rs562.50 crore).