Market may gain further

Following overnight gains in the US market and firm Asian indices in opening trades, the market is likely to trade in positive territory on the back of firm buying in frontline stocks. While the Nifty could test the 4000 level on the upside, the Sensex has a likely resistance at 13910 and support at 13740.

US indices on Wednesday rallied sharply, with the Dow Jones closing firm above the level at 12511, up 103 points, while the Nasdaq moving up by 18 points to close at 2431.

Rediff ended weak out of 11 floats trading on the US bourses. Tata Motors gained 4.83% followed by MTNL advanced 3.51%, Satyam moved up 3.21% and HDFC Bank up by 3.03%. While, ICICI Bank, Wipro, Dr Reddy's, and Infosys gained over 1-2% each. Patni Computers however gained marginally.

In the crude oil front, the Nymex light crude oil for February series lost 76 cents to close at $60.34 per barrel. The Comex gold for february delivery gained $3.40 to settle at $630.30 respectively.