New Page 1 The market is likely to see further action on the back of firm US markets and the gains in the Asian indices in the prevailing trades.
A positive opening in most of the Asian indices in ongoing trades and prevailing strong bullish sentiment may help the local market advance further. However, bouts of strong intra-day volatile moves may weigh on the sentiment. Among the key indices, the Nifty has a resistance at 4400 and has a key support at 4300 in the near-term. The Sensex has a likely support at 14150 and may face resistance at 14450.
Us indices ended a volatile session higher Thursday as the government's most recent debt auction saw solid demand and a rise in oil prices boosted shares of energy producers. While the Dow Jones gained over 104 points at 8404, the Nasdaq moved up by 21 points at 1752.
Indian floats trading on the US bourses fared better on Thursday, the gainers were, ICICI Bank registering the highest gains over 5.06% while Tata Motors, Infosys, Wipro, Dr Reddy's, HDFC Bank and Patni Computer gained around 1-2% each. Rediff, MTNL and VSNL however, dropped around 1-3%.
Crude oil prices moved up, while the Nymex light crude oil for July delivery rose by $1.63 to close at $65.08 a barrel. In the commodity segment, the Comex gold for August series flared up $8 to settle at $963.20 an ounce.
Daily trend of FII/MF investment in equities
On May 27 2009, FIIs were net buyers of stocks to the tune of Rs437 crore (purchases worth Rs4076.70 crore and sales of Rs3640 crore) while domestic mutual funds were net buyers of stocks to the tune of Rs1004 crore (purchases worth Rs1737 crore and sales of Rs733 crore).
Results today: Tata Motors, Bank of India, BPCL, Colgate, Gujarat Alkalies, Voltas, IOC, Welspun Gujarat, IVRCL Infra, Lanco Infra, PVR, BAG Films, IVR Prime, Arvind, Ashapura Minechem
Singapore Nifty ( SGX ) is at (9.00 A.M) trades at : 4354(+22)
Stocks with +ve Bias: +ve Cairn, Aban
Stocks with -ve Bias: Infosys
Stock With Short term deliver : Alphageo , Shivvani Oil
