Continuing offloading of domestic equities by the FIIs and weakness in global indices may weigh on investors sentiment.
Overnight fall in US markets after the record rise in oil prices and weak Asian indices in current trades likely to weigh on the local indices in early trades. The market is likely to exhibit weak trends on the back of a strong intra-day volatile moves. The sentiment is likely to remain bearish on weak global indices and disappointing close in yesterday's trades. Also the FIIs remaining net sellers of equities in the domestic market may see the investors remain jittery. Among the local indices, the Nifty could test higher levels at 5,100 and has a support at 4,600. The Sensex on the downside may slip to15,300 and may face resistance at 17,200.
US indices finished weak on Wednesday as record oil and gas prices countered an attempt to rally for a second session in a row. While the Dow Jones declined 47points at 12,110, the Nasdaq dropped 12 points to close at 2,244 on weakness in tech stocks.
Crude oil prices rebounded to another record high on Wednesday after the government report said supplies of crude and gasoline had risen much more than expected. The Nymex light crude oil for April delivery surged to a high of $110.20 before closing at $109.92. In the commodity segment, the Comex gold for April series was up by $4.50 to settle at $980.50 a troy ounce.
A look at the Indian ADRs
Company Name
Last Close ($)
% Change
Infosys
35.33
-3.6
Satyam
21.57
-9.37
Wipro
10.64
-2.21
Dr.Reddy's
13.74
0.96
Tata Motors
15.99
-3.79
ICICI Bank
43.00
-5.35
HDFC Bank
101.49
-3.05
MTNL
5.31
-3.45
VSNL (TCL)*
25.00
0.81
Rediff
7.01
-0.43
Patni Computer
10.65
1.72
(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."
