As the market is moving in tune with international markets trend, the local indices may resume negative on following weak Asian indices.
Market may resume on a weak note on the back of weak Asian indices in the early trades and positive US markets in overnight trades. However, optimism in the market likely to persist on strong bullish sentiment and the market may turn positive in the afternoon trades. Among the local indices, the Nifty could face resistance around 4650 and has a likely support at 4580.The Sensex on the downside may slip to 15350 and may face resistance at 15600.
US indices cut their gains Monday afternoon, but the broader market remained in positive territory as lower oil prices reassured investors for the second session in a row. While the Dow Jones gained 48 points at 11782, the Nasdaq gained 26 points to close at 2440.
Most of the Indian ADRs posted gains on the US bourses on Tuesday. Rediff led the pack with the gains of 5.56%, while Satyam surged 2.50%. Wipro, ICICI Bank, HDFC Bank, MTNL, Tata Motors and Dr Reddy gained over 0.20-2% each. However, Patni Computer fell over 0.89% and Infosys lost 0.43%.
Crude oil prices eased further, with the Nymex light crude oil slipping by 75 cents at $114.45 per barrel. In the metals segment, the Comex gold for June series slumped $36.50 to settle at $828.30 an ounce.
Daily trend of FII/MF investment in equities
On August 08, 2008, FIIs were net buyers of stocks to the tune of Rs79 crore (purchases worth Rs2,075 crore and sales of Rs1,996 crore). while domestic mutual funds were net sellers of stocks to the tune of Rs131 crore.
