Sharp fall in US indices and weak Asian indices in current trades may weigh on the local indices.
Market is likely to open with a negative gap following the weak international markets. Also intra-day volatility remains the major concern. Among the local indices the Nifty has a support at 4330 and it may rise to 4400, while the Sensex has a support at 14400 and has a resistance at 14700. US indices declined sharply on Friday with the Dow Jones slipped almost 172 at 11544, the Nasdaq lost 44 points to close at 2368.
Most of the Indian ADRs trading on the US bourses closed in the green. Rediff led the pack with gains of over 4.95% followed by Satyam, VSNL and Dr Reddy both of which gained above 1-2%. Tata Motors, ICICI Bank, and Patni Computer gained marginally. However, Infosys, Wipro, HDFC Bank and MTNL eased marginally.
Crude oil prices in the US markets moved down marginally, with the Nymex light crude oil for October delivery moving down by 13 cents to close at $115.46 a barrel. In the Commodity segment, the Comex gold for December series lost $2.20 cents to settle at $835.00 a troy ounce.
Daily trend of FIIs investment in equities
On August 28, 2008, FIIs were net buyers of stocks to the tune of Rs143.80 crore (purchases worth Rs3403.30 crore and sales of Rs3259.50 crore).
