New Page 1 On the back of a strong intra-day volatility, the market may witness side-ways movement.
The strong global cues for the straight third trading day may help sensex open higher. The US market staged strong performance on the back of better than expected economic data, while positive opening in all the major Asian Indices is expected to help Sensex to open gap-up to its yesterday's closing. The Q2 results that will start trickling in from the second week of October 2009 are expected to rise the optimism in the market as the India Inc. is expected to perform better on YoY basis. Such strong optimism amongst investors could help the sentiment remain positive. Among the local indices, the Nifty could test the 5050-5100 range on the upside while on the down side it could find support at 4850 and 4700. The Sensex is likely to get support at 16480 and may face resistance at 17000.
Stocks seesawed Wednesday, with blue chips weaker and techs a bit higher as a two-day advance petered out amid a mixed dollar, lower oil prices and some jitters at the start of the quarterly financial reporting period. Dow decline by 6 points to close at 9726, while Nasdaq ended 7 points up at 2110.
Among the Indian ADRs trading on the US bourses, it was only Dr Reddy and Rediff that closed in positive with the gains of 0.35% and 0.29% respectively. While on the back of the weakening of dollar against the Indian rupee, ADR of Indian IT companies Infosys, Wipro, Satyam were down in the range of 0.93-2.10%, while Tata Motors, HDFC Bank and VSNL and ICICI Bank, MTNL lost over 0.50-3.22% each.
Crude oil prices advanced sharply, with the Nymex light crude oil for November series fell by $1.31 to close at $69.57 a barrel. In the commodity space, the Comex gold for December series advanced by $4.70 to settle at $1044.40 a troy ounce.
Daily trend of FII/MF investment in equities (links)
On October 07 2009, FIIs were net buyers of stocks to the tune of Rs31.40 crore (purchases worth Rs4178.30 crore and sales of Rs4146.90), while domestic mutual funds on October 05, 2009 were net sellers of stocks to the tune of Rs 906.70 crore (purchases worth Rs476.10 crore and sales of Rs1382.80 crore.
Stocks with +ve bias : IDFC , Bharti, Bajaj Hind, Jp asso Sl 232,Renuka.
Stock For Short term Delivery :Spice Jet,Dish Tv
Stocks with ve bias : Suzlon , Unitech sl 103.5
Stocks for investment : Tata Chem, Aditya Birla Nuvo
Inflation: Bloomberg expectation of 1% v/s 0.83%
