Upward trend may continue

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 are trading firm in current trades and have gained over 0.5% to 1% each. The domestic indices also gained by strong volatility on Thursday and saw the index gained during intra-day trades to finally closed above 15,100 marks may also help the market to move upward. However, US Market slipped in overnight trades on the back of problems in the credit market may keep investors cautious.

Major US indices slipped on Thursday, amid subprime fears and the comments expected today from Federal Reserve chief Ben Bernanke. The Dow Jones industrial average tumbled by 50 points or about 0.4 percent lower, the Nasdaq moved up by two points to close at 2565.

The Indian ADRs also witnessed fall on the US bourses. ICICI Bank tumbled 2.08% followed by Dr Reddy's Lab, Infosys, Satyam, Wipro, Tata Motors and Rediff were down around 0.5 -1% each. However, VSNL added 4.44% and Patni Computer gained around 4%.

Crude oil prices slipped on Thursday, with the Nymex light crude oil for October delivery fell by 15 cnts to close at $73.36 a barrel. In the commodity space, the Comex gold for Decembert delivery slipped $1.50 to settle at $673.90 an ounce.