Overnight gains in several Asian indices in the ongoing trading session may help the domestic indices gain further.
After 100 points gains in the last session the market is likely to head northwards on firm Asian indices, which are up around 1% in morning trades. Also today being the last day of derivatives expiry for the June series, investors winding up their position may help the sentiment remain bullish. Among the domestic indices, the Nifty could test higher levels of 4350 and may dip to 4250 on the downside. The Sensex has a likely support at 14250 and may face resistance at 14550.
US indices trimmed gains after the Federal Reserve kept a key short-term interest rate near zero, but said nothing about expanding a program meant to keep long-term rates from spiking. While the Dow Jones lost up by 23 points at 8300, the Nasdaq moved up by 27 points at 1,792.
Indian floats trading on the US bourses fared better on Thursday, the gainers were, Satyam & Tata Motors registering the highest gains over 4% each while Wipro, HDFC Bank, VSNL, Infosys, Dr Reddy's, MTNL, ICICI Bank and Patni Computer gained around 1-2% each. Rediff however, dropped around 0.41%.
Crude oil prices moved up, while the Nymex light crude oil for August delivery decline by 57 cent to close at $68.67 a barrel. In the commodity segment, the Comex gold for August series flared up $10.10 to settle at $934.40 an ounce.
Daily trend of FII/MF investment in equities
On June 23 2009, FIIs were net sellers of stocks to the tune of Rs658 crore (purchases worth Rs2047 crore and sales of Rs2705 crore) while domestic mutual funds were net buyers of stocks to the tune of Rs82 crore (purchases worth Rs1033 crore and sales of Rs951 crore).
NSE bars further F&O positions in Essar Oil as 95% of market wide limit reached.
Stocks with +ve bias: Sterlite, Bajaj Hind, Reliance capital, Infosys
Stock for short-term delivery: Tata Tea
Stocks for Investments: IDBI, Bharti, Balchini
Expiry View:
Positive Bias : Kotak Bank
Negative Bias : Wipro, Unitech, HDIL
