Pre Market - Oct 6 2009

Indian markets ended sharply lower on Monday as investors resorted to profit booking at higher levels. Realty, metals and banks were the worst hit. Mid caps & Small caps too declined in line with the large caps. Today we expect the market to open firm on the back of positive Asian cues with profit booking expected to emerge at higher levels.

US Stocks rallied on Monday, with the Dow, S&P 500 and Nasdaq all gaining at least 1%, as investors used a two-week sell-off as an opportunity to jump back into the market. Both Dow Jones Industrial Average & Nasdaq were down 1.2% & 1.0% respectively.


Asian markets are also trading higher at this point in time with Hang Seng & Taiwan up 0.7% & 1.2% respectively. Indian ADRs too were up across the board with the exception of MTNL which was down marginally. Financials maintained their upward momentum with both HDFC Bank & ICICI Bank registering gains of 1.4% & 4.9% respectively. Tech ADR’s too surged with Wipro & Infosys up 4.2% & 3.0% respectively while Satyam ended up 3.5%. Tata Motors too was up 3.0%.