Bias may remain weak

The market is likely to witness cautious trend as major Asian gauges like the Nikkei, the Hang Seng index, the Kospi index and the Jakarta index have declined above 1% each in current trades and may drag down the indices in early trades. The presence of a sharp intra-day volatility, overnight fall in US indices and the correction for last couple of sessions may see the market remain edgy and move on the either side of the zone.

US indices tumbled for a third straight day Thursday as surging treasury yields, higher mortgage rates and hawkish comments from bond guru Bill Gross that the Federal Reserve may have to raise interest rates later this year. While the Dow Jones tumbled 199 points at 13267, the Nasdaq was down 46 points at 2541..

Indian floats, also, bucked the weak US market trend and ended lower. Rediff and HDFC Bank lost 4.26% & 3.21% respectively, while ICICI Bank, Wipro, Dr Reddy's, Tata Motors, VSNL, & Infosys also lost below 1-2% each, Satyam and Patni Computer however, were the only gainers amongst the ADRs and gained by 0.24% & 1.65% respectively..

Global crude oil prices inched up, with the Nymex light crude oil for July series rising by 0.97 cents to close at $66.93 per barrel.