Webinfosys's Stock Market News : Pre Market Session

The Indian Market is expected to have a positive opening on the back of mixed global cues. On Friday, the Indian market closed in green with a smart recovery. Market neglected the weak European market and inflation rate, which touched a fresh high of 11.63% for the week ended 21st June 2008 as against 11.42% of the previous week. The domestic market tumbled at opening but soon started to recover on the back of buying interest from the hammered down sectors like realty, capital goods, power, banking and oil stocks. Further it extended its gains to close in positive zone. The BSE Sensex closed above 13,400 points today and NSE Nifty above 4,000. All indices except Metal closed in green and among those Capital Goods, Reality, Power Oil & Gas and Bank stocks were in limelight as witnessed most of the buying pressure. The Capital Goods and Reality indices closed with gain of more than 6%. The BSE Sensex closed higher by 359.89 points at 13,454.00 and NSE Nifty ended up by 90.25 points at 4,016.00. We expect that market may gain some ground during the trading session.

US markets were closed on Friday due to the Independence Day holiday.

Today the major stock markets in Asia are trading mixed. Asian markets declined in the initial trading, on the concern of falling global growth that is affecting the demand for goods and commodities. Further, the markets gained some strength.

Hang Seng index is trading higher by 99.69 points at 21,523.51 along with Taiwan Weighted trading up by 7.92 points at 7,233.33 while Japan’s Nikkei trading down by 8.43 points at 13,229.46.

The FIIs on Friday stood as net seller in equity and net buyer in debt. The gross equity purchased was Rs3,309.80 Crore and the gross debt purchased was Rs1,235.90 Crore while the gross equity sold stood at Rs4,012.20 Crore and gross debt sold stood at Rs76.70 Crore. Therefore, the net investment of equity reported was (Rs702.50) Crore and net debt was 1,159.20 Crore.

The rupee gained 14 paise to close at 43.15/16 against the US currency after a smart rally in local equity markets and on some dollar selling by foreign banks. In active trade at the Interbank Foreign Exchange (Forex) market, the local unit opened slightly better at 43.25/26 and improved further to settle the day at 43.15/16 against yesterday''s close of 43.29/31 a dollar.

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