Webinfosys's Stock Market News : Pre Session Market

The Indian Market is expected to have negative opening on the back of unfavorable cues from the global markets as Asian markets are trading lower and US market ended mixed. On Monday, the Indian market closed with huge losses due to the heavy selling pressure. The market opened with the extremely negative attitude on the back of weak global cues and continued the same till end of the trading. BSE Sensex touched below 15000 mark and NSE Nifty below 4500, during early trading hours. It remained in negative territory throughout the trading session and closed in deep red. From the sectoral front, only Pharma index ended in positive territory while reality, capital goods, oil & gas and banking stocks were the major losers. The BSE Sensex closed lower by 506.08 points at 15,066.10 and NSE Nifty fell by 126.85 points to close at 4,500.95. We expect that the market may remain volatile during the trading session.

On Monday, the US market closed mixed due to the better than expected homes sales data. It started on strong note but ended mixed on Lehman Brothers statement that it had planned to raise $6 billion after a second-quarter net loss estimated at $2.8 billion.

The Dow Jones Industrial Average (DJIA) closed higher by 70.51 points at 12,280.32 along with S&P 500 grew by 1.08 points to close at 1,361.76 while NASDAQ plunged by 15.10 points to close at 2,459.46.

Indian ADRS ended low. In technology sector, Wipro was down by (1.46%) along with Infosys by (1.18%), Satyam by (0.96%) and Patni Computers by (0.51%). In banking sector, ICICI bank and HDFC bank decreased by (2.20%) and (1.26%) respectively. In telecommunication sector, MTNL and Tata Communication dropped by (3.20%) and (2.57%). Sterlite industries reduced by (1.64%).

Today the major stock markets in Asia are trading lower. Hong Kong''s Hang Seng is trading down by 716.36 points at 23,685.82 along with Taiwan Weighted trading dropped by 113.88 points at 8,474.08 and Japan’s Nikkei trading at 14,173.09 down by 8.29 points.

The FIIs on Monday stood as net buyer in equity and net seller in debt. The gross equity purchased was Rs2,887.30 Crore and the gross debt purchased was Rs0.00 Crore while the gross equity sold stood at Rs2,580.30 Crore and gross debt sold stood at Rs15.00 Crore. Therefore, the net investment of equity reported was Rs307.00 Crore and net debt was (Rs15.00) Crore.

Today, Nifty has support at 4,406 and resistance at 4,583 and BSE Sensex has support at 14,756 and resistance at 15,392.

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