Pre Market Report 16th April 2008

The market may open higher today, 16 April 2008, extending yesterday's rally, which was led by IT bellwether Infosys Technologies. Asian markets were trading higher today, 16 April 2008. US markets settled with decent gains yesterday, 15 April 2008.

Power Finance Corporation, Reliance Petroleum, Mindtree Consulting and Petronet Lng among others will declare their March quarterly results today.

Asian markets were trading higher today, 16 April 2008. Japan's Nikkei (up 1.42% at 13,174.62), Hong Kong's Hang Seng (up 0.84% at 24,102.72), Taiwan's Taiwan Weighted (up 0.76% at 8,992.41), Singapore's Straits Times (up 1.32% at 3,096.97) and South Korea's Seoul Composite (up 0.90% at 1,757.80) edged higher.

US markets logged gains on Tuesday, 15 April 2008, following better-than-forecast earnings at regional banks and record prices for oil and gasoline. The gain was led by financial and energy shares. The Dow Jones industrial average gained 60 points to close at 12,362. The Nasdaq gained 10 points at 2,286, while the S&P 500 index rose 6 points to 1,334.

Back home, the battered stock market found rebounded yesterday, 15 April 2008, triggered by IT bellwether Infosys Technologies' good future outlook. The 30-share BSE Sensex rose 346.02 points or 2.19% at 16,153.66 and the S&P CNX Nifty was up 101.85 points or 2.13% at 4879.65 on that day.

Sensex has gained 1344.17 points or 9.07% from a low of 14,809.49 on 17 March 2008. It is off 5,053.11 points or 23.82% from a record high of 21206.77 hit on 10 January 2008.

As per provisional data, foreign funds sold shares worth a net Rs 56.52 crore on Tuesday, 15 April 2008. Domestic funds purchased shares worth a net Rs 13.27 crore on that day.

FIIs were net sellers of Rs 795.13 crore in the futures & options segment on Tuesday, 15 April 2008. They were net sellers of index futures to the tune of Rs 738.58 crore and bought index options worth Rs 302.18 crore. They were net sellers of stock futures to the tune of Rs 361.57 crore and bought stock options worth Rs 2.84 crore.