Market may scale up further

After surging above the 13000 mark yesterday, the market could notch up further gains owing to bullish sentiment, with FIIs also turning net buyers of equity stocks in the last sessions of the current month. The FIIs have been net sellers of equities during the month of february, that saw the Sensex erase over 2000 points from its recent all-time high of 14723. While the Nifty could target 3775 on the upside, it has supports at 3700 on the downside. The Sensex has a support at 12800 and a resistance at 13250.

US indices posted modest gains on Thursday, thanks to a slide in the crude oil prices. While the Dow Jones added 68 points to 12261, the Nasdaq moved up 13 points to close at 2388.

Indian floats, also, gained in US market and ended higher. MTNL advanced 5.14% at $6.55, HDFC Bank gained 5.07% at $67.38, VSNL raised by 4.87% at $17, Wipro up by 3.83% at $15.99, ICICI Bank advnaced 3.80% at Rs $40.44, Tata Motors gained 3.66% at $17.58 and Infosys gained 2.93% at $54.07 , Satyam, Dr Reddy, Reddif and Patni Computers gained about 1-2% each.

Crude oil prices in the international market declined with the Nymex US light crude oil for April falling 18 cents to close at $61.64 a barrel. In the commodity segment, the Comex gold advanced $2.60 to settle at $655.50 an ounce.