Sharekhan Pre-Market Report dated April 23, 2008

Sharekhans' daily newsletter     April 23, 2008  Market Round-up   9:45 am IST Asian Indices European Indices US Indices Sideways movement may continue On the back of a strong intra-day volatility, the market may witness side-ways movement. The market is likely to witness sideways movement on the back of a strong intra-day volatile moves. Stocks across sectors along with heavyweights may gyrate sharply. Overnight weakness in the US indices and strong ongoing Asian markets in mornings trades may further confuse the investors' sentiment. On the technical side, the Nifty has a stiff resistance at 5139 and the downside cap at 4924, while the Sensex could test higher levels of 16882 and has a likely support at 16682. Among the major results, Aventis Pharma, Bajaj Hindustan Ltd, Contain Corporation, Crisil, Educomp, Indian Bank, Kisloskar Oil, OBC, Polaris and SKF India are expected to announce their quarterly numbers. US indices registered losses on Tuesday. While the Dow Jones dropped 105 points to close at 12720, the Nasdaq fell 31 points at 2377. Except HDFC Bank, which was marginally up by 0.49%, all the Indian ADRs on US bourses ended in the red. Satyam Computer was the biggest looser and dropped 8.24% while Patni Computer was down by 6.20%, Rediff was down 5.60%, Wipro, Infosys, MTNL, ICICI Bank, VSNL and Tata Motors lost over 1.4% each. Crude oil prices in the US market gained on Tuesday, with the Nymex light crude oil for May delivery gaining by $1.89 to close at $119.50 a barrel in the commodity space, the Comex gold for June series gained $7.60 to settle at $925.20 a troy ounce. Daily trend of FII/MF investment in equities On April 21, 2008, FIIs were net buyers of stocks to the tune of Rs277.40 crore (purchases worth Rs2893.40 crore and sales of Rs2616 crore) while domestic mutual funds were net buyers of stocks to the tune of Rs99.60 crore (purchases worth Rs734.80 crore and sales of Rs635.20 crore). A look at the Indian ADRs Company Name Last Close ($) % Change Infosys 41.33 -3.16 Satyam 23.27 -8.24 Wipro 11.82 -4.06 Dr.Reddy's 15.30 -1.92 Tata Motors 15.61 -0.89 ICICI Bank 43.61 -1.13 HDFC Bank 108.08 0.49 MTNL 5.50 -1.79 VSNL (TCL)* 23.65 -2.71 Rediff 9.11 -5.60 Patni Computer 12.55 -6.20 (Indian ADRs: Indian companies listed on the New York Stock Exchange) Asian Indices at 09:20 IST on 23-04-2008 Index Level Change (pts) Change (%) Nikkei 13640.65 92.83 0.69 Hang Seng 25139.44 200.29 0.80 Kospi Index 1806.65 19.16 1.07 Straits Times 3201.27 14.04 0.44 Jakarta Composite 2289.16 0.07 0.00 European Indices at close on 22-04-2008 Index Level Change (pts) Change (%) FTSE 100 6034.70 -18.30 -0.30 CAC 40 Index 4872.64 -37.71 -0.77 Dax Index 6728.30 -58.25 -0.86 US Indices at close on 22-04-2008 Index Level Change (pts) Change (%) Dow Jones 12720.23 -104.79 -0.82 Nasdaq 2376.94 -31.10 -1.29   Note: If you are getting the Pre-market Report later than usual for some reason, you can access it on our website Sharekhan.com in the Live Markets section in two parts at 9:30am and 9:45am.