Market may start buoyant

The benchmark indices, Sensex and Nifty, are expected to commence on a firm note and witness significant rally during intra-day trades, as international markets backed by firm US and Asian indices may help the sentiment remain buoyant. Among the Asian majors, Kospi Index has surged 1.34% at 1885.89 while Straits Times & Jakarta Composite Index has scaled up nearly 1% each. On the technical front, the Nifty could test in the 4450-4470 range on the upside and has supports in the 4349 - 4325 range, while the Sensex has a likely support at 14890 and may face resistance at 15007.

US indices posted significant gains on Tuesday as investors' cheered the strong consumer confidence report. As a result, the Dow Jones flared up by 46 points at 13,612, while the Nasdaq added 10 points to close at 2662.

All of the Indian ADRs traded firm on the US bourses. Wipro led the pack with gains of 5.10% while Infosys, Satyam, Rediff, Patni Computers, Tata Motors and HDFC Bank gained around 2-4% each. However, VSNL, MTNL and ICICI Bank ended with marginal gains.

Crude oil prices in the US market surged, with the Nymex light crude oil for August delivery raising by $1 to close at $72.81 a . In the commodity segment, the Comex gold for August series gained $4.02 to settle at $654.80 a troy ounce.