New Page 1 The Market may log gains due to optimism amongst the investors.
Yesterday's pullback and firm economy outlook may help the market advance further. Asian indices coupled with US indices are displaying a subdued trend in the ongoing trades and may exert some pressure on the domestic indices. However, players are maintaining their bets on almost all the sectors. Among the key local indices, the Nifty has a support at 4600 and a break below this level could see it slip further to 4550-4500, while on the upside the index could test higher level at 4700. The Sensex has a likely support at 15300 and may face resistance at 15600.
Major US indices Stocks cut losses, but still ended lower Wednesday, as spiking Treasury yields and rising commodity prices added to worries that inflation could limit any recovery effort. While the Dow Jones moved down by 24 points at 8739, the Nasdaq moved down by 7 points to close at 1853.
Most of the Indian ADRs traded firm on the US bourses. Satyam led the pack with gains of 35.71% while HDFC Bank, Dr Reddy, Tata Motors, ICICI Bank and Patni Computers jumped over 0.09-4% each. Among the laggards Rediff lost 6.67%, Wipro, Infosys, MTNL and VSNL lost marginally.
Crude oil prices raised, with the Nymex light crude oil for July delivery falling by $1.32 to close at $71.33 a barrel. In the commodity space, the Comex gold for August delivery reamined unchanged at $954.70 an ounce.
Daily trend of FII/MF investment in equities
On June 09 2009, FIIs were net buyers of stocks to the tune of Rs990 crore (purchases worth Rs3,815 crore and sales of Rs2,825 crore) while domestic mutual funds were net buyers of stocks to the tune of Rs320 crore (purchases worth Rs1093 crore and sales of Rs773 crore).
Inflation expectation : 0.10 v/s 0.48
Stock with +ve bias: Nag con ( sl 132),Rcom (sl 335)
Stocks with ve bias: SBI (sl 1799),Suzlon (sl 133)
Stock for investment: Man Industries,Bal chini,Bajaj Holdings, godrej Consumer.
