New Page 1 Caution has to be maintained as expect a sharp intra-day volatility.
The market may witness cautious trend as US indices ended on a negativw note yesterday and Asian indices are exhibiting mixed trends in the morning trades. Although the bias remains negative, investors should maintain caution as profit taking at higher levels may pull down the market. Among the local indices the Nifty could test 4480 and 4440 on the downside while on the upper side it may move up to 4550. The Sensex has a likely support at 14800 and may face resistance at 15150.
US indices finished on a negative note on Tuesday, falling for a second session in a row on continued worries that the pace of the recession is not waning as much as has been hoped. While the Dow Jones ended in a negative at 8505 declined by 107 points, the Nasdaq down by 20 points at 1796.
Most of the Indian ADR's fell on the US bourses. Patni Computers & Wipro were the biggest loser and dropped over 3-4% followed Dr Reddy & Rediff declined over 2%, while Infosys, Tata Motors and MTNL were down around 1% each. However, Satyam Computers soared over 13.95% while ICICI Bank, HDFC Bank and VSNL gained around half a percent each.
Crude oil prices inched lower in the US market, with the Nymex light crude oil for July delivery down by 15 cents to close at $70.47 a barrel. In the commodity space, the Comex gold for August series raised $4.70 to settle at $932.20.
Daily trend of FII/MF investment in equities
On June 15 2009, FIIs were net sellers of stocks to the tune of Rs213 crore (purchases worth Rs2579 crore and sales of Rs2792 crore) while domestic mutual funds were net sellers of stocks to the tune of Rs482 crore (purchases worth Rs649 crore and sales of Rs1131 crore).
SGX Nifty : 4411 (-26) 9.15 a.m
Stocks with +ve bais : India Cement (SL 154), HDFC (SL 2270), GT Offshore (s/l 377)
Stock with -ve bias : DLF (SL 375)
Stock for investment : Balrampur chini, Bajaj Holding, BEL, Godrej Consumer, Man Ind
