Market may remain weak

The market may witness downfall, with concerns over foreign funds pulling out money from the domestic market coupled with weak asian indices and overnight fall in US indices continue to haunt the investor sentiment. While the Nifty could test 3800 on the downside and 3850 on the upside, the Sensex is likely to face a resistance at 13520 and has support at 13300 levels.

US indices sheds for the second straight session on Thursday, While the Dow Jones tumbled 43 points to 12421, the Nasdaq shed 12 points to close at 2416.

Indian ADRs largely ended on a mixed note on the US bourses. VSNL, Infosys, Tata Motors and MTNL gained nearly 1-2% each. However, HDFC Bank tumbled over 2.41%, Rediff dropped 1.79%, ICICI Bank moved down 1.67%, Infosys lost 1.59% while Satyam, DR Reddy closed with marginal losses. Patni Computers ended unchanged.

Crude oil prices moved down, with the Nymex US light crude oil for february delivery drop by $1.06 cents to close at $62.66 a barrel. In the commodity segment, the Comex gold declined $2.70 to settle at $621.60 an ounce.