Markets could open flat to up following positive global cues & take further direction from weekly inflation data today

20 Jun 2008 | 00:00
Markets could open flat to up following positive global cues & take further direction from weekly inflation data today

Thursday was another bad session for the Indian Markets as the BSE Sensex closed on a weak note 15087.99, down by 2.2% over Wednesday's close. The Nifty opened gap down yesterday & remained weak through the day. It made an intra-day low of 4488.95 before it managed to close at 4504.25, down by 1.7% over Wednesday's close. The NSE cash turnover stood at Rs. 9342 crores in comparison to Rs. 12534 crores on Wednesday. The market breadth was negative on BSE with the advance-decline ratio of nearly 1:2. All the sectoral indices ended in the red with Realty & Banks being the major losers, decreasing by 4.3% & 4% respectively.

On Thursday, the US markets ended higher as the oil prices cooled off. Dow Jones & Nasdaq closed up by 0.3% & 1.3% respectively. The Indian ADRs ended on a mix note with Infosys, Wipro & Satyam increasing by 2.1%, 2.9% & 2.3% respectively. Dr. Reddy's closed down by 2.6%, while ICICI & HDFC Bank decreased by 2% & 0.8% respectively. MTNL increased by 3.6%. Among the Latin American markets, the Mexican market increased by 0.8%, while Brazilian market decreased by 0.8%. Among the metal prices, Aluminium & Copper increased by 0.4% & 1.3% respectively, while Zinc & Nickel decreased by 0.2% & 4.8% respectively. The light crude oil for July decreased by 3.5% to settle at $131.93 a barrel. Today, the Asian Markets are trading mix with Nikkei trading down by 0.9%, while Hang Seng & Shanghai are trading up by 2.3% & 4.3% respectively.

On Wednesday, the FIIs were net sellers of Rs. 450 crores in the cash market. As per the provisional figures, FIIs were net sellers of Rs. 598 crores in the cash market on Thursday, while they were net sellers of Rs. 1086 crores in the F&O markets.

Today, we expect the Markets to open flat to up following positive global cues & take further direction from weekly inflation data today. Among the sectoral indices, IT, FMCG & Metals are looking good & could outperform.