Positive opening in most of the Asian indices in ongoing trades and firm US markets may help the local market to pull-back from lower levels.
The modest rally in the US markets and a rise in several Asian indices in the ongoing trading session may help the domestic indices pull-back from lower levels. However, lack of clarity in the market and volatility may drag down the market. Among the indices, the Nifty could face a resistance at 5,500 level and has a likely supports at 5,040 level.
US indices bounced back moderately and finished higher on Friday, helped by the report stated that troubled bond insurer Ambac Financial could see a bailout as soon as next week. While the Dow Jones moved up by 97 points at 12,381, the Nasdaq managed to add four points at 2,303.
Barring MTNL, all the Indian floats slipped on the US bourses. ICICI Bank tumbled up by 4.60% and HDFC Bank slipped 2.63% , while Dr Reddy's, Tata Motors, Infosys, Patni Computer and Rediff were down by 0.5%-2% each.
Crude oil prices rose marginally, with the Nymex light crude oil for April delivery gaining by 58 cents to close at $98.81 a barrel. In the commodity space, the Comex gold for April delivery slipped by $1.40 to settle at $937.80 an ounce.
Daily trend of FII/MF investment in equities On Feb 21 2008, FIIs were net buyers of stocks to the tune of Rs285.60 crore (purchases worth Rs2,786 crore and sales of Rs2,500.30 crore) while domestic mutual funds were net sellers of stocks to the tune of Rs226.80 crore (purchases worth Rs467.40 crore and sales of Rs694.20 crore).
A look at the Indian ADRs
Company Name
Last Close ($)
% Change
Infosys
41.50
-0.48
Satyam
25.83
-1.00
Wipro
11.75
0.00
Dr.Reddy's
13.73
-0.22
Tata Motors
17.71
-0.84
ICICI Bank
53.87
-4.60
HDFC Bank
111.47
-2.63
MTNL
6.07
1.17
VSNL
23.88
-0.50
Rediff
8.35
-1.76
Patni Computer
12.83
-2.43
(Indian ADRs: Indian companies listed on the New York Stock Exchange)
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