The market may trade on a slippery ground following weakness in global indices.
A fall in US markets and major Asian indices taking a sharp dip in morning trades may pull down the domestic indices in early trades. Also, FIIs turning net sellers of equities on Friday might force the investors to play safe, while stock-specific activity will be seen during intra-day trades. On the technical side, the Nifty could test higher levels of 4850 and 4900 and on the downside it has a support at 4680. The Sensex may face resistance at 16060 and could test lower levels of 15680.
US indices ended with sharp loss on Friday, with the Dow Jones declined 147 points to close at 11894 and the Nasdaq moving down by 8 points at 2212
All Indian ADRs trading on the US bourses closed in the red. Rediff led the pack with loss of over 7% while MTNL, VSNL, HDFC Bank, ICICI Bank, Wipro, Patni Computers, Tata Motors, Satyam and Infosys gained over 4-6% each. However, Dr Reddy's eased marginally.
The Nymex light crude oil for April 08 series declined by 32 cents at $105.15 per barrel. In the commodity space, the Comex gold for April delivery declined $2.90 to settle at $974.20 a troy ounce.
Daily trend of FII/MF investment in equities On Mar 05 2008, FIIs were net sellers of stocks to the tune of Rs129.70 crore (purchases worth Rs2852.50 crore and sales of Rs2982.20 crore) while domestic mutual funds were net sellers of stocks to the tune of Rs280.10 crore (purchases worth Rs881.70 crore and sales of Rs1161.80 crore).
A look at the Indian ADRs
Company Name
Last Close ($)
% Change
Infosys
35.91
-3.02
Satyam
23.37
-5.69
Wipro
10.72
-4.71
Dr.Reddy's
14.01
-0.57
Tata Motors
16.15
-4.49
ICICI Bank
43.17
-4.87
HDFC Bank
95.14
-4.86
MTNL
5.36
-5.13
VSNL (TCL)*
23.20
-6.39
Rediff
7.28
-7.14
Patni Computer
10.64
-4.06
(Indian ADRs: Indian companies listed on the New York Stock Exchange)
To know more about our products and services, click here.
Note: If you are getting the Pre-market Report later than usual for some reason, you can access it on our website Sharekhan.com in the Live Markets section in two parts at 9:30am and 9:45am.
"This document has been prepared by Sharekhan Ltd. This Document is subject to changes without prior notice and is intended only for the person or entity to which it is addressed to and may contain confidential and/or privileged material and is not for any type of circulation. Any review, retransmission, or any other use is prohibited. Kindly note that this document does not constitute an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Though disseminated to all the customers simultaneously, not all customers may receive this report at the same time. SHAREKHAN will not treat recipients as customers by virtue of their receiving this report. The information contained herein is from publicly available data or other sources believed to be reliable. While we would endeavour to update the information herein on reasonable basis, SHAREKHAN, its subsidiaries and associated companies, their directors and employees ("SHAREKHAN and affiliates") are under no obligation to update or keep the information current. Also, there may be regulatory, compliance, or other reasons that may prevent SHAREKHAN and affiliates from doing so. We do not represent that information contained herein is accurate or complete and it should not be relied upon as such. This document is prepared for assistance only and is not intended to be and must not alone betaken as the basis for an investment decision. The user assumes the entire risk of any use made of this information. Each recipient of this document should make such investigations as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this document (including the merits and risks involved), and should consult its own advisors to determine the merits and risks of such an investment. The investment discussed or views expressed may not be suitable for all investors. We do not undertake to advise you as to any change of our views. Affiliates of Sharekhan may have issued other reports that are inconsistent with and reach different conclusion from the information presented in this report. This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject SHAREKHAN and affiliates to any registration or licensing requirement within such jurisdiction. The securities described herein may or may not be eligible for sale in all jurisdictions or to certain category of investors. Persons in whose possession this document may come are required to inform themselves of and to observe such restriction. SHAREKHAN & affiliates may have used the information set forth herein before publication and may have positions in, may from time to time purchase or sell or may be materially interested in any of the securities mentioned or related securities. SHAREKHAN may from time to time solicit from, or perform investment banking, or other services for, any company mentioned herein. Without limiting any of the foregoing, in no event shall SHAREKHAN, any of its affiliates or any third party involved in, or related to, computing or compiling the information have any liability for any damages of any kind. Any comments or statements made herein are those of the analyst and do not necessarily reflect those of SHAREKHAN."
