New Page 1 Overnight gains in US markets and positive opening in most of the Asian indices in ongoing trades may help the local market to pull-back from lower levels.
The firm rally in the US markets and a rise in several Asian indices in the ongoing trading session may help the domestic indices pull-back from lower levels. However, lack of clarity in the market and volatility may drag down the market. Among the indices, the Nifty could face a resistance at 4150-4200 levels and has a likely supports at 4050-4000 levels.
US indices bounced back sharply and finished higher, after a report showing consumer confidence hit an eight-month high offset dismal housing news. As a result the Dow Jones gained 196 points to close at 8473, the Nasdaq ended 58 points higher at 1750.
Barring few, most of the Indian floats had a field day on the US bourses. Patni Computer flared up by 9.23% and HDFC Bank jumped 3.08% , while Dr Reddy's, Infosys, Wipro, MTNL and Wipro gained around 1-3% each. Among the laggards VSNL slipped 11.46%, Rediff fell 11.13%, ICICI Bank lost 1.02%, Tata Motors lost 1.02% and Satyam Computers was down by 0.93%.
Crude oil prices raised a little, with the Nymex light crude oil for July delivery advanced by 78 cents to close at $62.45 a barrel. In the commodity space, the Comex gold for June delivery slipped by $5.60 to settle at $953.30 an ounce.
Daily trend of FII/MF investment in equities
On May 25 2009, FIIs were net buyers of stocks to the tune of Rs3046 crore (purchases worth Rs5093 crore and sales of Rs2047 crore) while domestic mutual funds were net buyers of stocks to the tune of Rs388 crore (purchases worth Rs1105 crore and sales of Rs717 crore)
Singapore Nifty (9.20 AM) = +117 Points
Important Results : Cairn, Jindal Steel, NIIT ltd, and Indraprastha gas
Stocks with +ve bias: Bank Nifty, Essel propac (s/l 26.5), GTL infra
Stocks for Short Term delivery: Mro Tek
Stocks for Investment: Man Industries, Godrej Consumer, BEL, Orient Paper
