Indian Markets on 16 April 2008
Markets expected to gain some more following positive global cues
The Indian markets closed on a strong note on Tuesday. The BSE Sensex closed at 16153.7, up by 2.2% over Friday's close. After opening down in the early hour of trade, the Nifty recovered well to enter the positive terrain. It gained strength through the day, making an intra-day high of 4916.4, before it managed to close at 4879.7, up by 2.1% over Friday's close. The NSE cash turnover stood at Rs. 14081 crores in comparison to Rs. 11815.36 crores on Friday. The market breadth was positive on BSE with the advance-decline ratio of close to 2:1. All the sectoral indices ended in the green, with IT, TECk & Healthcare indices being the major gainers, increasing by 5.6%, 4% & 3.3% respectively.
The US markets closed on a positive note on Tuesday. Dow Jones & Nasdaq composite gained 0.5%, each. The Indian ADRs ended on a positive note with Infosys, Wipro & Satyam increasing by 8.4%, 4% & 8.9% respectively. ICICI & HDFC Bank increased by 5.3% & 4.8% respectively, while Tata Communications increased by 5%. Among the Latin American Markets, the Mexican market closed up by 0.6%, while Brazilian market increased by 0.8%. Among the Metal prices, Copper, Zinc & Nickel increased by 0.9%, 1.9% & 0.5% respectively, while Aluminium decreased by 0.4%. The light crude oil for May increased by 1.8% to settle at $113.8 barrel. Today, the Asian markets are trading up with Nikkei & Singapore Strait trading up by 1.4% & 1.2% respectively. Hang Seng index is trading up by 0.4%.
On Friday, the FIIs were net sellers of Rs. 31 crores in the cash markets. Mutual Funds were net buyers of 173 crores. As per the provisional figures, FIIs were net sellers of Rs. 57 crores in the cash market on Tuesday, while they were net sellers of Rs. 795 crores in the F&O markets.
Today, we expect the Markets to open up following positive global cues. However, volatility is expected later during the day with profit taking at higher levels. Among the sectoral indices, IT, TECk & Healthcare could continue to outperform.
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