Indian Stock Market Pre Session Report, Dated 30/12/2009
Today domestic markets are likely to open marginally negative as the bearish sentiment across Asian markets is likely to weigh on market participants. In Japan, Nikkei is trading lower by 0.26% as Japan Airlines (JAL) plunged by a drastic 32% to a record low at 60 yen as the carrier’s biggest lenders oppose a plan to restructure the company through bankruptcy. However, the Dollar’s surge against the Yen to a two month high has contained Nikkei’s further losses. In China, Shanghai Composite is trading up by 0.95%, whereas Hang Seng is low by 0.54%. The U.S. market closed on a weaker note in the overnight trade as Dollar kept gyrating from an early loss of 0.5% to close with a moderate gain of 0.3%. In the domestic arena, Nifty managed to breach the 5200 mark yesterday, which exudes signs of firmness across broader level. However the frontline stocks are less likely to carry any upward movement amidst lack of positive triggers and expectation of stringent monetary policy ahead. Bottom fishing can once again be the charm of the day in the absence of frontline stocks’ movement. Today domestic markets are likely to trade within a narrow range amidst moderate volatility.
On Thursday, the profit booking in the fag end of the session led the domestic stocks market to pare most of its intraday gains to close marginally above yesterday’s close. Domestic markets pulled back from the days low in the mid session due to recovery of most Asian markets as well as firm opening of the European markets. The firmness across other markets helped domestic benchmark indices touch 19 months high. However, the market did not sustain at the higher level and tumbled to pare most of its gains ahead of the expiry of the derivatives contract scheduled this Thursday. The BSE Sensex ended above 17,400 level and NSE Nifty closed above 5,185 mark at new 2009 high.
The BSE Sensex closed higher by 40.95 points or (0.24%) at 17,401.56 and NSE Nifty ended up by 9.55 points or (0.18%) at 5,187.95. BSE Midcap and Smallcap closed with gains of 33.33 and 94.26 points at 6,674.47 and 8,214.97 respectively. The BSE Sensex touched intraday high of 17,486.05 and intraday low of 17,372.63.
On Tuesday, US stocks tumbled putting an end to the six-day winning streak. In the early hours of trade, stocks posted modest gains but soon toppled as dollar made an early rebound. Greenback led the dollar index swung from an early session loss of 0.5% to a gain of 0.3%. The benchmark key indices slipped into the negative territory within a fraction of seconds unable to withstand the surge in greenback. Dollar finally settled with a 0.2% gain. On the macroeconomic front, data relating to consumer confidence and housing reports did little to support stocks. S&P/Case-Shiller Home Price Index for October posted 146.6, in line with the consensus estimate of 147.0, while the Composite 20-city Home Price Index for October was down by 7.3% year-over-year, on par with the estimated decline of 7.2%. In the interim, the Consumer Confidence Index for December assisted slender movements in the market, which came in at 52.9, in line with 53.0 that has been broadly expected. The trading volume was lowest for the year in the light of an extended weekend on account of New Year. Benchmark crude for February delivery closed partially higher at $78.86 per barrel on the New York Mercantile Exchange.
The Dow Jones Industrial Average (DJIA) closed with a marginal loss of 1.67 points at 10,545.41 while NASDAQ index went down by 2.68 points to 2,288.40. The S&P 500 (SPX) closed slightly lower by 1.58 points at 1,126.20.
Indian ADRs ended mixed. In the IT space, Infosys was down 0.52%, Satyam was down 0.42%, Wipro was down 0.89%, while Patni was up 2.19%. In the telecom pack, MTNL was down 0.63% and Tata Comm was down 0.47%. In the banking sector, ICICI Bank was up 0.78%, while HDFC Bank was down 0.99%. In the other space, Sterlite was down 0.82%, Dr Reddys was down 3.49%, while Tata Motors was up 0.895.
The FIIs on Tuesday stood as net buyers in equity and debt. Gross equity purchased stood at Rs 1,594.70 Crore and gross debt purchased stood at Rs 783.40 Crore, while the gross equity sold stood at Rs 1,420.80 Crore and gross debt sold stood at Rs 2,207.10 Crore. Therefore, the net investment of equity and debt reported were Rs 811.30 Crore and Rs (786.30) Crore respectively.
On Tuesday, the partially convertible rupee ended at Rs 46.66/67, marginally lower than the previous close at Rs 46.65/66. Green back’s demand from refineries pressurized rupee’s gain.
On BSE, total number of shares traded were 37.66 Crore and total turnover stood at Rs 3,945.05 Crore. On NSE, total number of shares traded were 61.40 Crore and total turnover was Rs 11,502.03 Crore.
Top traded volumes on NSE Nifty – Suzlon Energy with total volume traded 32072861 shares, followed by Unitech with 22013320, Hindalco with 16533655, Reliance Power 9125460 shares and Tata Steel with 7639331 shares.
On NSE Future and Options, total number of contracts traded in index futures was 566283 with a total turnover of Rs 14,545.13 Crore. Along with this total number of contracts traded in stock futures were 669510 with a total turnover of Rs 23,533.20 crore. Total numbers of contracts for index options were 1320506 with a total turnover of Rs 34,145.81 Crore and total numbers of contracts for stock options were 58572 and notional turnover was Rs 2,110.61 Crore.
Today, Nifty would have a support at 5,135 and resistance at 5,228 and BSE Sensex has support at 17,280.and resistance at 17,490.
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