New Page 1 Yesterday's upsurge and firm Asian markets in current trades likely to generate optimism in the opening trades.
After witnessing the surge on Wednesday the market is expected to make further headways on firm Asian markets. The market may see some short-term profit bookings in frontline stocks creating a volatility in the afternoon trades. Among the indices, the Nifty could test higher levels around the 4250-4250 range, while on the downside it has a key support around 4200-4150. The Sensex has a likely support at 14100 and may face resistance at 14400. Important results: L&T, Opto circuit, Bajaj holding, Bajaj Auto, ICI India, Welspun Gujarat, Zee Ent.
Major US indices gained on Wednesday, with all three major gauges jumping at least 3% after Intel's forecast for a second-half pickup and the Federal Reserve's improved outlook reassured wary investors. The Dow Jones gained 257 points at 8161 and the Nasdaq moved up by 63 points to close at 1863.
Indian floats trading on the US bourses fared better, after crashing in tandem with a slump in domestic bourses in the last few sessions. Among the gainers Tata Motors, Wipro, Satyam and MTNL gained 6-8% each, While Rediff, VSNL, HDFC Bank, ICICI Bank and Infosys rose over 3-5% each. Dr Reddy, however, dropped over 0.44%.
Crude oil prices rose on Wednesday, with the Nymex light crude oil for August delivery gaining $2.02 to close at $61.54 a barrel. In the commodity space, the Comex gold for August delivery gained $16.60 to settle at $939.40 an ounce.
Daily trend of FII/MF investment in equities
On July 14 2009, FIIs were net buyers of stocks to the tune of Rs453 crore (purchases worth Rs2107 crore and sales of Rs1654 crore) while domestic mutual funds were net buyers of stocks to the tune of Rs222 crore (purchases worth Rs807 crore and sales of Rs585 crore).
Data to be announced Today Inflation : Bloomberg expectation 1.4 % v/s 1.55%
Important results: L& T , opto circuit,bajaj holding, bajaj auto,ici India,welspun guj, zee ent
Stocks with +ve bias : Rcom, Grasim
Stocks for short-term delivery: Birla Corp,Hind Zinc
Stocks for investment: Balrampur chini, Emco ltd, Ultratech cement & Bajaj Holdings.
