Utmost caution has to be maintained due to the existence of a sharp intra-day volatility.
Intra-day volatility may see the market swing both ways and hold back the local players from taking fresh positions. The market may slip initially following overnight slump in the US markets and weak Asian indices in morning trades. As the overall sentiment remains bearish, the market may not overcome from early weakness. The Nifty may witness resistance at 5100 on the upside while the near-term support at 4620 is seen on the downside. The Sensex has a likely support at 15700 and could witness resistance at 16150.
US indices finished on a negative side on Monday. While the Dow Jones ended in negative at 11740 declined by 154 points, the Nasdaq down by 43 points at 2169.
Among the Indian ADRs on the US bourses. Except VSNL and Patni Computers rest of all were performing in negative territory, from which ICICI Bank was leading by 4.49%, followed by Wipro declined 4.10%, Infosys lost 3.09% and Satyam moved down by 3%. While, Dr Reddy, Tata Motors, HDFC Bank, Rediff and MTNL closed with the loss of about 1% each.
In the commodity segment, the Comex gold for the April declined $2.40 to settle at $971.80 an ounce. The Nymex light crude oil for April delivery gained $2.75 to close at $107.90 a barrel.
Daily trend of FII/MF investment in equities On Mar 07 2008, FIIs were net Buyers of stocks to the tune of Rs1106.90 crore (purchases worth Rs5447.60 crore and sales of Rs4340.80 crore) while domestic mutual funds were net sellers of stocks to the tune of Rs51.50 crore (purchases worth Rs867.10 crore and sales of Rs918.60 crore).
A look at the Indian ADRs
Company Name
Last Close ($)
% Change
Infosys
34.80
-3.09
Satyam
22.67
-3.00
Wipro
10.28
-4.10
Dr.Reddy's
13.74
-1.93
Tata Motors
15.98
-1.05
ICICI Bank
41.23
-4.49
HDFC Bank
93.31
-1.92
MTNL
5.30
-1.12
VSNL (TCL)*
22.15
0.14
Rediff
7.12
-2.20
Patni Computer
10.74
0.94
(Indian ADRs: Indian companies listed on the New York Stock Exchange)
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