New Page 1 The market is likely to remain volatile on the back of mix Asian indices in current trades and Tuesday's gain in US indices.
After registering the gains of 150 points, the market is likely to exhibit weak trends on the back of a strong intra-day volatile moves. The firm US markets and mix Asian indices in morning trades also likely to put pressure on the domestic indices. On the upside, the Nifty could test around the 5050 level and may witness support around the 4980 level. The Sensex has a likely support at 16611 and may test higher levels of 17050.
US indices rallied Tuesday, finding momentum after a choppy morning, with the Dow, S&P 500 and Nasdaq all hitting one-year highs, with the Dow Jones advanced over 50 points to close at 9830 while the Nasdaq gains by 8 points at 2146.
The Indian ADRs witnessed decent to firm buying support on US bourses. Tata Motors, HDFC Bank & ICICI Bank were the major gainer amongst the ADRs and vaulted over 2-3% each, while Satyam & Wipro propelled 1.90%. Infosys, Dr Reddy, MTNL and VSNL were up over 1% each. Patni Computers & Rediff however lost marginallly and closed in negative territory.
Crude oil prices in the global market moved up on Tuesday. The Nymex light crude oil for October series gained by $1.84 at $71.55 per barrel. In the commodity segment, the Comex gold for December delivery moved up by $10.60 to settle at $1015.50 an ounce.
Daily trend of FII/MF investment in equities
On September 18 2009, FIIs were net buyers of stocks to the tune of Rs1870 crore (purchases worth Rs4505 crore and sales of Rs2635 crore).
SINGAPORE NIFTY @ 9.20AM = 5022 (-1.00)
Stocks with +ve Bias: TTML (SL 34.90), Zee Entertainment (SL 213), SBI (SL 2145)
Stocks for Investments: United Phos, ADSL, Bajaj Holdings, Philips Carbon & Apollo Tyres
