New Page 1 Markets may open strong on global cues and remain volatile for the day
After posting sharp gains in the last session, 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 4425-4475 range and has a support in the 4325-4275 range. The Sensex on the downside may slip to 14600 and may face resistance at 14900.
Major US indices rose on Friday, with the Dow Jones flared up by 32 points at 8744, the Nasdaq moved up by 2 points to close at 1887.
All the Indian ADRs traded firm on the US bourses except MTNL & Rediff. Satyam led the pack with gains of over 7.07% followed by Wipro, ICICI Bank & VSNL gained 3% each. While, Infosys, Tata Motors, Patni Computer, Dr Reddy and HDFC Bank closed with the marginal gains.
Crude oil prices raised, with the Nymex light crude oil for August delivery gained by $1.48 to close at $63.50 a barrel. In the commodity space, the Comex gold for June delivery advanced $2.10 to settle at $937.50 an ounce.
Daily trend of FII/MF investment in equities
On July 16 2009, FIIs were net buyers of stocks to the tune of Rs292 crore (purchases worth Rs2619 crore and sales of Rs2327 crore) while domestic mutual funds were net buyers of stocks to the tune of Rs147 crore (purchases worth Rs940 crore and sales of Rs793 crore).