New Page 1 The market is likely to stay firm on overnight gains in the US indices and strong Asian markets in morning trades.
After posting gains in the last sessions, the bias for the market may remain positive. The market is expected to make further headways on surging international indices and prevailing strong bullish sentiment. However, investors should remain cautious on account of the prevalence of a intra-day volatility. Among the local indices, the Nifty could test higher levels in the 4610-4650 range and has a support in the 4525-4485 range. The Sensex on the downside may slip to 15200 and may face resistance at 15463.
Major US indices roseThursday, hitting their highest levels in nearly 9 months, as investors eyed the latest batch of better-than-expected profits and forecasts and a report that suggested the labor market is starting to stabilize. While the Dow Jones flared up by 84 points at 8154, the Nasdaq moved up by 17 points to close at 1984.
All the Indian ADRs traded firm on the US bourses. Patni Computers led the pack with gains of over 20% while, ICICI Bank, HDFC Bank, Tata Motors, Rediff, Satyam, VSNL jumped over 1-4% and Infosys, Wipro, MTNL and Dr Reddy's closed with the marginal gains.
Crude oil prices raised, with the Nymex light crude oil for September delivery gaining by $3.59 to close at $66.94 a barrel. In the commodity space, the Comex gold for December delivery raised $7.60 to settle at $937.30 an ounce.
Daily trend of FII/MF investment in equities
On July 29, 2009, FIIs were net buyers of stocks to the tune of Rs139 crore (purchases worth Rs 2852 crore and sales of Rs2713 crore). while domestic mutual funds were net sellers of stocks to the tune of Rs292 crore (purchases worth Rs869 crore and sales of Rs1161 crore).
Results to be announced today: Aban llyod, ABB,Adlabs,Hindalco,India bulls,Tata power, Dish tv,Unity Infra,Orchid Chemical,
Singapore Nifty ( SGX ) is at (9.00 A.M) trades at : 4635, +57pts
Stocks with +ve Bias: Sterlite , Tisco,Hindalco, Century Textiles, ICICI Bank
Stocks with -ve Bias: ABB
Stocks for short term delivery: Aptech,
Stocks for Investment: Apollo tyres,Balrampur chini , Bajaj Holdings,Emco
