Weak global market may drag down the markets in early trades.
The market may slip initially following overnight slump in the US markets and a sharp fall amongst major Asian indices in morning trades. As the overall sentiment remains bullish, the market may overcome early weakness and attract buying support as the trading progresses. On the technical front, the Nifty could test higher levels at 5370 and may find support at 5220, while the Sensex may face resistance at 18000 and find support at 17670.
US indices fell sharply on Thursday as investors took the opportunity of booking profits.While the Dow Jones dropped 112 points at 12582, the Nasdaq declined 22 points to close at 2332.
Except VSNL & Dr Reddy, rest of the Indian ADRs bucked the positive domestic markets trend and instead fell in tune with the US indices. ICICI Bank was the biggest loser and dropped over 3% while Infosys, Wipro, Tata Motors, Satyam, HDFC Bank, MTNL and Patni Computers were down over 1-2% each.
Crude oil prices in the US market edged higher, with the Nymex light crude oil for April 08 delivery rising by $2.95 to close at $102.59 per barrel. In the commodity segment, the Comex gold for April 08 series gained $6.50 to settle at $967.50 an ounce.
Daily trend of FII/MF investment in equities On Feb 27 2008, FIIs were net buyers of stocks to the tune of Rs396.40 crore (purchases worth Rs3698.60 crore and sales of Rs3302.20 crore) while domestic mutual funds were net buyers of stocks to the tune of Rs192.50 crore (purchases worth Rs985.40 crore and sales of Rs792.90crore).
A look at the Indian ADRs
Company Name
Last Close ($)
% Change
Infosys
40.92
-2.57
Satyam
26.67
-0.86
Wipro
11.94
-2.85
Dr.Reddy's
14.42
0.28
Tata Motors
17.72
-1.66
ICICI Bank
53.88
-3.34
HDFC Bank
113.28
-2.60
MTNL
6.10
-2.40
VSNL (TCL)*
25.60
0.39
Rediff
9.03
2.73
Patni Computer
12.67
-2.16
(Indian ADRs: Indian companies listed on the New York Stock Exchange)
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