Indian indices to open on Bearish note

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Indian indices to open on Bearish note
The key domestic indices are likely to open on a bearish note, as most of the Asian indices were trading negative following the overnight decline in the US market. Further, the SGX Nifty is also trading 0.74% lower at 5,522, signaling a gap down opening for the Indian market.

The sentiment in the US got dampened as the Fed Chairman Bernanke gave no signal for any additional stimulus, despite of signs of slowdown in the economic growth. The MSCI Asia Pacific Index fell 0.3% to 133.27, with about two stocks declining for each that increased.

The Nikkei225 declined by 0.40% at 9,404.71, whereas the Shanghai Composite and Hang Seng declined by 0.79% at 2,722.61 and 1.03% at 22,630.26, respectively. Further, the Taiwan Weighted and Seoul Composite declined by 0.17% and 1.13%, respectively. In the domestic arena, the markets are likely to follow the route of global counterpart and trade on a lackluster note. The Realty, Oil&Gas, IT and Capital Goods space will be in focus during today"s trade.

Today, Nifty will face a resistance near 5,640 level and will have a support near the 5,480 mark.

Previous Session

On Tuesday, the domestic bourses carried forward the previous session"s upward momentum and closed near the session highs, backed by strong buying in the Realty, Oil&Gas and IT space. After witnessing a gap down opening, the benchmark indices were seen paring off the losses and started trading in a narrow range across the baseline.

However, post mid-session, the market gained momentum and a strong rally was witnessed, which took the benchmarks to the session highs. The benchmark Nifty went above the 5,550 mark. The Sensex heavyweight Reliance Industries well supported the strong upmove, gaining by 1.93% during the session. 

The BSE Sensex closed at 18,495.62 up by 75.51 points or by 0.41% and the NSE Nifty closed at 5,556.15, higher by 24.10 points or by 0.44%. The BSE Midcap was at 6,931.77, higher by 52.87 points or 0.77%, whereas the BSE SmallCap closed at 8,306.37, increasing by 53.57 points or by 0.65%. The BSE Sensex touched intraday high of 18,545.95 and intraday low of 18,351.24.

On Tuesday, the U.S. markets closed on a negative note after trading in the positive terrain for the major part of the session. Fed Chairman Bernanke's late hour speech on the U.S. economic outlook, pushed the market to the lowest point of the session. The sentiment was dampened as there was no signal from him to extend fresh stimulus to boost the slowdown in the economy. The technology space remained the worst performer of the session, losing by 1.8% during today"s trade.

In the major indices, the Dow Jones Industrial Average (DJIA) closed with a loss of 19.15 or 0.16% at 12,070.81 while NASDAQ index finished down by 1.00 points or 0.04% to 2,701.56. The S&P 500 (SPX) closed lower by 1.23 points or 0.10% to 1,284.94.

The FIIs on Tuesday stood as net seller in both equity and debt. Gross equity purchased stood at Rs. 1572.60 crore and gross debt purchased stood at Rs. 375.20 crore, while the gross equity sold stood at Rs. 1995.60 crore and gross debt sold stood at Rs. 1200.80 crore. Therefore, the net investment of equity and debt reported were Rs. (423.00) crore and Rs. (825.60) crore, respectively.

Top traded volumes on NSE Nifty - JP Associates 6969311, Reliance Industries 4025919, Cipla 2421958, HUL 2256698 and Tata Steel 2098576.

On BSE, total number of shares traded was 21.12 crore and total turnover stood at Rs. 2506.27 crore. On NSE, total number of shares traded was 47.71 crore and total turnover stood at Rs. 8711.76 crore.

In the NSE Futures and Options segment, total number of contracts traded in index futures was 299831 with a total turnover of Rs. 7681.72 crore. Along with this total number of contracts traded in stock futures were 389318 with a total turnover of Rs. 9580.74 crore. Total numbers of contracts for index options were 1709752 with a total turnover of Rs. 47715.01 crore and total number of contracts for stock options was 85828 with a total turnover of Rs. 2154.04 crore.

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