Market may rise on easing global credit conditions

Asian indices rose in early trades on speculation that global credit conditions are easing after the largest US mortgage lender secured new financing and the local indices may advance further tracking the same. Strong investors' appetite for heavyweight and mid-cap stocks could see the market to extend winning streak. However, caution should be maintained as higher bouts of intra-day volatility is likely to persist. Among the local indices, the Nifty could test higher levels at 4,550 and breaching upon this may test 4620 and has a support at 4500. The Sensex on the downside may slip to15,250 and may face resistance at 15,700.

Major US indices rose Thursday, as investors eyed upbeat news on the largest US mortgage lenders and continued to bet that the Federal Reserve will cut interest rates next week. While the Dow Jones flared up by 133 points at 13,425, the Nasdaq moved up by nine points to close at 2,601.

Except Wipro all the Indian ADRs traded firm on the US bourses. Satyam Computer led the pack with gains of over 1.84% while, HDFC Bank, Dr Reddy's, Tata Motors, MTNL, Infosys, Satyam, Patni Computer and VSNL closed with the gains of 0.5-1% each.

International crude oil prices rose over $80 mark, with Nymex light crude oil for October delivery gained by 18 cents to close at $80.09 a barrel. In the commodity space, the Comex gold for December delivery slipped by $2.80 to settle at $717.90 an ounce.