Market may remain weak

The market is likely to remain under pressure following an overnight fall on the US market. The weakness in the Asian markets in ongoing trades and overnight slump in commodities markets coupled with offloading of FIIs in domestic market may add pressure on the investors sentiment.. Among the major domestic indices, the Nifty could test 4375 on the downside and breaching upon this level it may test 4300, while it has a resistance in the 4435-4475 band. The Sensex has a likely support at 15200 and test higher levels of 15400.

US indices slumped Thursday, with the Dow suffering its second worst session of the year as worries about the global credit market sparked a broad selloff in equities. While the Dow Jones tumbled 387 points at 13271, the Nasdaq dropped 56 points to close at 2556.

Barring Dr Reddy's Lab, rest of the Indian ADRs were battered on the US bourses. HDFC Bank led the slump and crashed over 6% while ICICI Bank, VSNL, and MTNL tumbled over 4.-5% each. Infosys, Wipro, Satyam, Patni Computer and Rediff slumped 2-3% each.

Crude oil prices slipped on Wednesday, with the Nymex light crude oil for September delivery losing 56 cents to close at $71.59 a barrel. In the commodity space, the Comex gold for December delivery fell $13.50 to settle at $672.80 an ounce.