The market is likely to add gains on the back of positive global cues.
After crossing the psychological mark of 14,000 on Friday the market is likely to move forward taking cues from firm Asian markets in current trades and overnight gains in US markets. The gradual increase in fund inflows in domestic equities and presence of strong bullish sentiment also help the market to remain firm. However, being the last week of September derivative expiry series may keep the market volatile in the later part of the day. Among the local indices, the Nifty could test 4,300 on the upside and may slip to 4,200 on the downside. The Sensex has a likely support at 13,900 and may face resistance at 14,200.
Major US indices registered significant gains on Friday, with the Dow Jones flared up by 369 points at 11,388, the Nasdaq moved up by 75 points to close at 2274.
Except MTNL all the Indian ADRs traded firm on the US bourses. Satyam Computer led the pack with gains of nearly 13.04% followed by Infosys & Wipro gained above 10%, ICICI Bank, Rediff, HDFC Bank and Patni Computer jumped over 5-7% each. Among other gainers Dr Reddy's Lab,Tata motors and VSNL added around 0.50% each.
Crude oil prices advanced further sharply, with the Nymex light crude oil for October delivery gaining by $6.67 to close at $104.55 a barrel. In the commodity space, the Comex gold for December delivery lost $32.30 to settle at $864.70 an ounce.
Daily trend of FIIs / MF investment in equities
On September 18, 2008, FIIs were net sellers of stocks to the tune of Rs598.70 crore (purchases worth Rs7,146.70 crore and sales of Rs7,745.40 crore).
