The Indian Market is likely to have a positive opening today as the US market closed in green. On Thursday, the Indian market closed in the positive territory on a volatile trading session. Tracking the favoring cues from the Asian markets, the domestic market opened on a firm note but was unable to sustain at higher levels as the profit booking prevails. However, buying the lower levels towards the final trading hours of the session led the market to close on a positive note. From the sectoral front, the oil & gas and IT remained in the limelight as most buying was seen from these baskets while Capital goods stocks remained out of favor. The BSE Sensex closed higher by 82.15 points at 15,832.55 and NSE Nifty closed up by 17.4 points at 4,771.60. We expect that the market may remain range bound during the trading session and the declaration of inflation figures by the government will give further directions to the market.

On Thursday, the US market closed in green. The Dow Jones Industrial Average (DJIA) closed higher by 20.20 points at 12,626.03 along with S&P 500 (SPX) index grew marginally by 1.78 points to close at 1,369.31 and NASDAQ Composite (RIXF) closed up by 1.90 points at 2,363.30.

The Indian ADRs closed mixed. In technology sector, Satyam grew by (4.21%) along with Patni Computers by 1.07% and Infosys by 0.65% while Wipro fell by (2.02%). In banking sector, HDFC bank and ICICI bank dropped by (1.75%) and (0.13%) respectively. In telecommunication sector, Tata Communications and MTNL grew by (4%) and (1.96%) respectively. Sterlite industries increased by (1.71%).

Today the major stock markets in Asia are trading lower. Japan's Nikkei is trading lower by 90.92 points at 13,298.98 long with Taiwan Weighted trading down by 8.98 points at 5,596.34.

The FIIs on Thursday stood as net seller in equity. The gross equity purchased was Rs2,898.60 Crore and the gross debt purchased was Rs0.00 Crore while the gross equity sold stood at Rs2,918.70 Crore and gross debt sold stood at Rs0.00 Crore. Therefore, the net investment of equity reported was (Rs20.20 Crore) and net debt was Rs0.00 Crore.

Today, Nifty has support at 4,628 and resistance at 4,879 and BSE Sensex has support at 15,346 and resistance at 16,183.

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