Firm international markets may trigger buoyancy in early trades.
The benchmark indices, Sensex and Nifty, are expected to commence on a firm note and witness significant rally during intra-day trades, as international markets backed by firm US and Asian indices may help the sentiment remain buoyant. Among the Asian majors, Hang Sang has surged 1.62% at 23645 while Nikkei has scaled up nearly 0.50% at 13983. On the technical front, the Nifty could test in the 5500 on the upside and has supports in the 5040, while the Sensex has a likely support at 17500 and may face resistance at 17770.
US indices posted significant gains on Monday as investors' cheered the strong consumer confidence report. As a result, the Dow Jones closed at 12570, up 189.20 points, while the Nasdaq added 24 points to close at 2327.
Except Rediff, rest of the Indian floats had a decent outing on the US bourses. Dr Reddy was the biggest gainer and rose 3.71% while Satyam scaled up 3.02% and ICICI Bank jumped 3.21%. Other gainers like Infosys, Wipro, MTNL, Tata Motors, VSNL and Patni gained over 1% each.
Crude oil prices in the US market gained, with the Nymex light crude oil for April delivery raised by 42 cents to close at $99.23 a barrel and in the commodity segment, the Comex gold for April series lost $0.42 to settle at $940.50 a troy ounce.
A look at the Indian ADRs
Company Name
Last Close ($)
% Change
Infosys
42.13
1.52
Satyam
26.61
5.78
Wipro
12.07
4.64
Dr.Reddy's
14.24
0.36
Tata Motors
18.12
6.76
ICICI Bank
55.60
2.47
HDFC Bank
114.13
1.42
MTNL
6.21
2.31
VSNL
24.36
2.01
REDF
8.21
-1.68
PTI
13.13
2.34
(Indian ADRs: Indian companies listed on the New York Stock Exchange)
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