New Page 1 Investors should remain cautious as the the market may move in tandem with weak global indices.
After witnessing a slump of over 500 points in last couple trades, the market is likely to remain shaky on weak global markets. Although FIIs and domestic mutual funds have been providing cushion by remaining net buyers, the sentiment is likely to remain bullish. Among the key domestic indices, the Nifty may get support at 4160 and may test higher levels at 4250. The Sensex has a likely support at 13600 and on the upside could test 13900 levels.
US Indices tumbled on Thursday, as optimism about a global economic recovery was tempered by mixed data and a potential downgrade of the United Kingdom's credit rating. While the Dow Jones tumbling by 130 points to close at 8292. The Nasdaq declined 33 points on weak tech stocks and closed at 1695.
Except few, all the Indian ADRs ended with sharp declines. VSNL plummeted 4.74% and Infosys crashed 2.11% while, Satyam, Wipro, ICICI Bank, HDFC Bank and Rediff dropped 1-2% each. However, Tata Motors and MTNl managed to gained 7-8% each.
Crude oil prices fell further, with the Nymex light crude oil for July series slipped by 99 cents to close at $61.05 a barrel. In the commodity segment, the Comex gold for June delivery advanced $13.80 to settle at $951.20 an ounce.
Daily trend of FII/MF investment in equities
On May 20 2009, FIIs were net sellers of stocks to the tune of Rs234 crore (purchases worth Rs6400 crore and sales of Rs6634 crore) while domestic mutual funds were net buyers of stocks to the tune of Rs240 crore (purchases worth Rs1635 crore and sales of Rs1395 crore).
Results to be announced today: Edelweiss capital, ITC, Federal Bank,NTPC ltd,Sanghvi Movers.
Singapore Nifty ( SGX ) is at (9.00 A.M) trades at : - 3pts
Stocks with +ve Bias: Rolta ( S L 104),
Stocks for Investment: Godrej Consumers, Man Inds,L&T, HDFC ltd.
