Market likely to remain volatile

The market may correct further for the second straight session on inflation worries and dwindling foreign fund inflows in domestic markets. Nervousness in the market is likely to continue after the Sensex reported losses in yesterday's trades. Weakness in the global indices could make the investors jittery from taking any fresh position. Among the key local indices, the Nifty could decline to 5780 or 5448 on the downside while on the upside there is a near term resistance at 6000. The Sensex has a likely support at 19500 and may face resistance at 20500.

US Indices tumbled on Thursday as investors continued to worry about the credit market crisis and the strength of the consumer despite dip in the oil prices. While the Dow Jones slipped 121 points to close at 13110, the Nasdaq lost 26 points to close at 2619.

Barring few, most of the Indian floats had a lost heavily on the US bourses. HDFC bank tumbled 4.24% and ICICI bank slipped 4.11% , while Tata Motors, Infosys, Satyam, Wipro and Rediff lost around 1-2% each. Among the gainers MTNL rose 3.5%, while Dr Reddy's, VSNL and Patni Computer were up by 1%.

The Nymex light crude oil for December delivery slipped by 66 cents to close at $93.43 a barrel. In the commodity space, the Comex gold for December series fell by $27.40 to settle at $787.30 a troy ounce.