New Page 1 Investors should remain cautious as the the market may move in tandem with weak Asian indices.
After witnessing a slump of over 300 points in last couple of trades, the market is likely to remain shaky on weak global markets. Among the key domestic indices, the Nifty may get support at 4590 and may test higher levels at 4660. The Sensex has a likely support at 15321 and on the upside could test 15738 levels.
US Indices tumbled on Tuesday, as investors retreated at the start of what is typically a rough month, betting that the six-month stock advance has raced ahead of the economic recovery. While the Dow Jones tumbling by 186 points to close at 9311. The Nasdaq declined 40 points on weak tech stocks and closed at 1969.
Except Tata Motors, all the Indian ADRs ended with sharp declines. Satyam plummeted 9.46% and VSNL crashed 4.22% while, Infosys, Wipro, Dr Reddy, ICICI Bank, HDFC Bank, MTNL, Patni Computers and Rediff dropped 1-2% each.
Crude oil prices fell further, with the Nymex light crude oil for July series slipped by $1.91 to close at $68.05 a barrel. In the commodity segment, the Comex gold for December delivery gained $3 to settle at $956.50 an ounce.
Daily trend of FII/MF investment in equities
On August 31 2009, FIIs were net sellers of stocks to the tune of Rs86 crore (purchases worth Rs2674 crore and sales of Rs2760 crore) while domestic mutual funds were net sellers of stocks to the tune of Rs87 crore (purchases worth Rs687 crore and sales of Rs774 crore).
Singapore Nifty @ 9.15am: -26.5pts
Stocks with +ve bias: Rcom, Rcap, Hero Honda
Stocks For Short term Del: Delta Corp, IOB
Stocks For Investment: ADSL, United phosphorous, Philip Carbon, India Cement
