Indian market is likely to open on firm note today. Yesterday, market ended mixed amid higher volatility due to the issues regarding inflation and interest rate. BSE sensex closed at 14009.90 down by 81.08 points while Nifty was up by 2.55 points to close at 4047.10. The outlook for the market is continued optimism on back of positive global cues.
Wednesday, US markets surged due to lack of overly hawkish commentary from Fed Chairman Bernanke eased the worst of fears about a possible rate hike. DOW ended up 87.01 points at 12741.86 and NASDAQ rose by 28.50 points to close at 2488.38.
Indian ADRs closed in green on Wednesday. In the technology sector, while Sify ended up 3.28%, Wipro rose 1.24% and Infosys surged 3.08%, Satyam jumped 3.94%. Tata Motors closed up 2.16%. Among banks, HDFC Bank added 0.81% and ICICI Bank closed higher 3.24%. In the telecom space, VSNL rose 1.74% while MTNL ended up 4.42%.
The major stock markets in Asia are trading higher on Thursday. Nikkei 225 index was adding 92.33 points at 17844.97. KOSPI gained 9.51 points at 1445.61 and Straits Times advanced 59.74 points at 3241.95. Oil prices closed around $58 a barrel.
Today, Nifty has support at 3990 and resistance at 4,125 and BSE Sensex has support at 13970 and resistance at 14,335. However, it is our advice to watch trading session carefully.
FIIs were net sellers to the tune of Rs239.60crores in equity (provisional) on 14th February 2007. Mutual funds were net purchasers to the tune of Rs24.87crores in equity (provisional) on 13th February 2007.
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