The slump in the US markets and weak opening in Asian indices may see the domestic markets to open low.
After showing a smart recovery by surging over 100 points in yesterday's trades the market is likely to take a break today on the back of weak global cues. Investors' reaction to possible recession in US and high intra-day volatility remains the key factor in today's trades. Among the indices, the Nifty could test higher level around 5,500, while on the downside it has a key support at 5,040. The Sensex has a likely support at 17,140 and may face resistance at 19,000.
US indices closed weak on Thursday as weak manufacturing report revived worries that the economy is heading for a recession, if it's not already in one. While the Dow Jones slumped 143 points at 12,284, the Nasdaq was down 27 points at 2,300.
Indian floats too followed the suit and ended weak on US bourses. VSNL tumbled 5.21% while MTNL, HDFC Bank and ICICI Bank fell 2-3% each. Dr Reddy's, Rediff and Tata Motors lost over 1% each. Wipro, however, gained 1.38% and Infosys added 1.12%.
Global crude oil prices eased marginally, with the Nymex light crude oil for April series slipped by $1.47 to close at $98.23 per barrel. In the commodity space, the Comex gold for April delivery rose $11.40 to settle at $949.20 an ounce.
Daily trend of FII/MF investment in equities On Feb 20 2008, FIIs were net buyers of stocks to the tune of Rs56.70 crore (purchases worth Rs3,033.80 crore and sales of Rs2,977.10 crore) while domestic mutual funds were net sellers of stocks to the tune of Rs191.30 crore (purchases worth Rs523.70 crore and sales of Rs715 crore).
A look at the Indian ADRs
Company Name
Last Close ($)
% Change
Infosys
41.70
1.12
Satyam
26.09
-1.14
Wipro
11.75
1.38
Dr.Reddy's
13.76
-0.72
Tata Motors
17.86
-0.72
ICICI Bank
56.47
-3.17
HDFC Bank
114.48
-2.14
MTNL
6.00
-4.31
VSNL
24.00
-5.21
Rediff
8.50
-1.28
(Indian ADRs: Indian companies listed on the New York Stock Exchange)
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