Webinfosys's Stock Market News : Pre Market Session

The Indian Market is expected to open on firm note on the back of strong global cues as the US market closed in green and Asian markets are trading with positive attitude. On Friday, the Indian market closed with losses after giving up its opening gains. The domestic market opened with positive note but was not able to maintain the balance and slipped soon after the start. It was hovering in negative territory through out the trading session due to the investors’ cautious behavior and ended in red on the back of rise in inflation. Inflation soars to 8.75% for the week ended 31st May 2008 which is highest in the seven years, as against 8.24% in the previous week. From the sectoral front, Metal, Reality, Oil & Gas and Powers stocks witnessed most of the profit booking while stocks of Pharma, Consumer Durables and Banking held gains of market. The BSE Sensex closed lower by 60.58 points at 15,189.62 and NSE Nifty ended down by 22.25 points at 4,517.10. We expect that market may gain some ground during the trading.

On Friday, the US market closed in positive territory due to technology and financial stocks, and lower crude prices helped the market end the week on a high note. Oil price falls to $135 a barrel. The Dow Jones Industrial Average (DJIA) closed higher by 165.77 points at 12,307.35 along with NASDAQ up by 50.15 points to close at 2,454.50 and S&P 500 rose 20.16 points to close at 1,360.03.

Indian ADRS ended positive. In technology sector, Wipro went up by (2.11%) along with Satyam by (2.02%), Infosys by (1.92%) and Patni Computers by (1.27%). In banking sector, ICICI bank and HDFC bank increased by (3.88%) and (0.63%) respectively. In telecommunication sector, MTNL and Tata Communication advanced by (3.23%) and (0.86%). Sterlite industries inclined by (1.50%).

Today the major stock markets in Asia are trading in green on Wall Street rally. Hang Seng index is trading higher by 374.00 points at 22,966.30 along with Japan’s Nikkei trading up by 205.89 points at 14,179.62 and Taiwan Weighted trading at 8,215.54 advanced by 109.95 points.

The FIIs Friday stood as net seller in equity. The gross equity purchased was Rs3,169.50 Crore and the gross debt purchased was Rs0.00 Crore while the gross equity sold stood at Rs4,311.20 Crore and gross debt sold stood at Rs0.00 Crore. Therefore, the net investment of equity reported was (Rs1,141.70) Crore and net debt was Rs0.00 Crore.

Crude oil futures for the month of July delivery closed lower by $1.88 at $134.86 per barrel on New York Mercantile Exchange. Saudi Arabia, which is the world''s biggest oil exporter, is planning to raise its output by the next month by about a half million barrels a day. At present it is pumping 9.45 million barrels a day, with an improvement of about 0.3 million barrels from last month.

Today, Nifty has support at 4,449 and resistance at 4,613 and BSE Sensex has support at 14,979 and resistance at 15,514.

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