New Page 1 Firm international markets may trigger buoyancy in early trades.
The benchmark indices, Sensex and Nifty, are expected to commence on a firm note and witness significant rally during intra-day trades, as international markets backed by firm US and mixed Asian indices may help the sentiment remain buoyant. On the technical front, the Nifty could test in the 3470-3510 range on the upside and has supports in the 3400-3350 range, while the Sensex has a likely support at 11000 and may face resistance at 11300.
US indices staged a late-session rally at the end of a turbulent day, influenced by a weak housing market report, a mix of corporate results and the latest for the automakers. As a result, the Dow Jones flared up by 70 points at 7,957, while the Nasdaq added 6 points to close at 1652.
All of the Indian ADRs traded firm on the US bourses. ICICI Bank & HDFC Bank led the pack with gains of 9.34 & 6.40% while Wipro, Infosys, Tata Motors, VSNL and Patni Computers gained around 1-5% each. However, Dr Reddy ended with marginal gains. While Rediff & Satyam closed in negative territory.
Crude oil prices in the US market surged, with the Nymex light crude oil for June delivery remained unchanged . In the commodity segment, the Comex gold for June series gained $14.10 to settle at $906.60 a troy ounce.
Daily trend of FII/MF investment in equities
On April 22 2009, FIIs were net buyers of stocks to the tune of Rs2 crore (purchases worth Rs1425 crore and sales of Rs1423 crore) while domestic mutual funds were net sellers of stocks to the tune of Rs191 crore (purchases worth Rs559 crore and sales of Rs750 crore).
Results to be announced today: 3i infotech, BEL, Cipla, IDBI Bank, Maruti, Ranbaxy.
Stocks with +ve Bias: Gitanjali Gems, Aban,
Stocks for Investment: BEL, BHEL, HDFC ltd.
