US markets have shown a firm rally. Also the indices across several Asian markets in the ongoing trading sessions are on the rise. This indicates that the indices back home in India may pull back from the lower levels. Of course there is a lot of volatility and lack of clarity which may drag the market down further. The Nifty may see some resistance at 4150-4200 levels and may find some support at 4050-4000 levels. The bounce back in the US indices which helped them finish higher, hit eight month high offset dismal housing news. The consumers have started showing some confidence as per a report which has changed the mood of the market in US. Gaining 196 points Dow Jones closed at 8473, whereas with an increase of 58 points the NASDAQ ended at 1750.
Back home in India we see except few, most of the Indian floats had a field day on the US bourses. Patni Computer flared up by 9.23% and HDFC Bank jumped 3.08%, while Dr Reddy’s, Infosys, Wipro, MTNL and Wipro gained around 1-3% each. Among the laggards VSNL slipped 11.46%, Rediff fell 11.13%, ICICI Bank lost 1.02%, Tata Motors lost 1.02% and Satyam Computers was down by 0.93%. Prices of crude oil saw a little raise, with the Nymex light crude oil for July delivery advanced by 78 cents to close at $62.45 a barrel. In the commodity space, the Comex gold for June delivery slipped by $5.60 to settle at $953.30 an ounce.
The Sensex has seen a surge and due to positive opening in the European markets it breached the 14000 mark because of intense buying which was seen across the board. In the sectors like Realty, banking, metal, power and consumer durables stocks did gained though FMCG saw negative. The Midcap of BSE and Small caps increased by 3.51% and 3.18% respectively. BSE Realty and Bankex soared over 5%, Metal and Power gained over 4% whereas the consumer durable and IT sector jumped to 3%. European stocks showed positive sign of global recession being over and rose wonderfully. Indian Stock markets start on a positive note. There was a temporary fall of 2.33% as registered yesterday. Today the market saw a gain of 191.18 points as it opened at 13780.41.
Sterlite, ONGC, JP Associates, Infosys are the stocks to be watched tomorrow.Share