Bullish mood may continue

The uptrend in the market is likely to continue following firm global indices and FIIs remaining net buyers in equities may bring cheers to the market. However, intra-day volatility on the back of expiry of September derivative contracts remains the major concern. Among the key local indices, the Nifty could test 5000 and on breaching 5000 it could test 5040 on the upside and has a strong support at 4930 during intra-day trades.

US indices on Wednesday rallied sharply, with the Dow ended the session 122 points away from its all-time high above 14,000, which it hit in July. The Dow Jones closing firm at 13878, up 100 points, while the Nasdaq moving up by 16 points to close at 2699.

Sharp upsurge in both the domestic and US markets spurred the Indian ADRs trading on the US bourses. Registering phenomenal gains in Patni Computer, Satyam, MTNL and VSNL which vaulted over 4-6% each, while Wipro, Tata Motors, ICICI Bank, HDFC Bank, Infosys gained over 1-2% each. However, Rediff tumbled 4.17%.

Crude oil prices in the international market moved up, with the Nymex light crude oil for November delivery gaining by 77 cents to close at $80.30 a barrel. In the commodity space, the Comex gold for December delivery slipped by $3.30 to settle at $735.50 an ounce.