Sharekhan Pre-Market Report dated May 09 2008

. Market may be volatile in early trades   An overnight fall in European indices and the ongoing mix trend in the Asian indices may result in volatility in our market in the early trades.   The market is likely to witness a downtrend as major Asian indices like the Nikkei, the Hang Seng Index and the Kospi Index are down marginally, while the Jakarta Index has gained over 0.13% in the current trades and the US market also ended in the positive. The market is likely to extend its losing streak as the sentiment remains bearish and a sharp bout of volatility can be expected during the intra-day trades. The Nifty could test 5100-5130 levels on the upside, while it has a likely support at 5060 on the downside. The Sensex has a likely support at 16970 and could face strong resistance at 17200.   US indices on Thursday gained marginally, with the Dow Jones closing up 52 points at 12867 and the Nasdaq moving up by 13 points to close at 2451.   Indian ADR losers outnumbered the gainers on the US bourses. ICICI Bank, Patni Computer, Tata Motors and MTNL dropped 1-2% each while Infosys, Dr Reddy's, VSNL and HDFC Bank were down by one half percentage each. Among the gainers Satyam, Wipro and Rediff closed with a marginal gain.   The Nymex light crude oil for June delivery gained further by 16 cents to close at $123.69 a barrel. In the commodity space, the Comex gold for June series jumped $11.10 to settle at $882.30 an ounce.   Daily trend of FII investment in equities On May 06, 2008, FIIs were net buyers of stocks to the tune of Rs325.10 crore (purchases worth Rs3,435.70 crore and sales of Rs3,110.60 crore). Domestic mutual funds were net sellers of stocks to the tune of Rs23.10 crore (purchases worth Rs612.40 crore and sales of Rs635.50 crore).  INDICES SNAPSHOT ASIAN INDICES at 09:20 IST on 09/05/2008 Index Level Change(pts) Change(%) Nikkei 13815.68 -127.58 -0.91 Hang Seng 25370.91 -78.88 -0.31 Kospi Index 1825.50 22.50 -1.22 Straits Times 3167.82 -4.06 -0.13 Jakarta Composite 2380.116 3.18 0.13 EUROPEAN INDICES at close on 08/05/2008 FTSE 100 6270.80 9.80 0.16 CAC 40 Index 5055.58 -19.73 -0.39 Dax Index 7071.90 -4.35 -0.06 US INDICES at close on 08/05/2008 Dow Jones 12866.78 52.43 0.41 Nasdaq 2451.24 12.75 0.52	PRE-MARKET COMMENTARY 09/05/2008| Market round-up, 9:45 IST
	STOCK TO WATCH TODAY APOLLOTYR ASIANPNT KMFL NOVARTIS MASL   INDIAN ADRs Company Last Close %Change Infosys 42.83 -0.95 Satyam 25.59 0.20 Wipro 12.90 0.23 Dr.Reddy's 15.33 -0.58 Tata Motors 16.16 -1.28 ICICI Bank 43.06 -2.71 HDFC Bank 109.42 -0.08 MTNL 5.07 -0.98 VSNL (TCL)* 23.63 -0.88 Rediff 8.65 0.23 Patni Comp 12.65 -2.24
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