Market may move northwards

The market is likely to witness upward trend as major Asian gauges like the Nikkei, the Hang Seng index, the Kospi index and the Jakarta index have gained substantially in current trades of over 1% each and US Market also ended with a positive note. The domestic indices also gained by strong volatility on Thursday and saw the index gained during intra-day trades to finally closed above 13600 marks.

US indices on Thursday rallied sharply, with the Dow Jones closing firm above the level at 12500, up 73 points, while the Nasdaq moving up by 26 points to close at 2485.

All Indian floats, also, gained in US market and ended higher. ICICI Bank, MTNL, Satyam and Wipro where the heaver gainers by over 4-5%, while Infosys, Dr Reddy, Tata Motors, HDFC Bank and VSNL were up by 2-3% each. while Rediff & Patni Compuetrs was up around a percent.

In the crude oil front, the Nymex light crude oil for february series declined by $2.14 at $51.88 a barrel. In the commodity segment, the Comex gold for February delivery advanced 50 cents to settle at $613.90 an ounce.