Market may gain on positive global cues

The strong Asian indices in morning trades and overnight gains in US markets may see market add gains. The US Federal Reserve chief Ben Bernanke indicating the further rate cut may also help the sentiment remain positive. However, FIIs remaining net sellers in equities in last couple of sessions may hurt the investor sentiment. Among the local indices, the Nifty could test 5900-6200 levels on the upside and may slip to 5394 on the downside. The Sensex has a likely support at 18800 and may face resistance at 19500.

Major US indices registered moderate gains on Thursday as investors mulled weak home sales and mixed corporate news ahead of a key speech from Fed chairman. While the Dow Jones gained by 22 points at 13312, the Nasdaq moved up by five points to close at 2668.

Except Rediff all the Indian ADRs traded weak on the US bourses. MTNL was the biggest loser with a loss of over 5% while Infosys, ICICI Bank, Tata Motors, Satyam, Wipro, VSNL, Patni Computer, Dr Reddy's and HDFC Bank slipped over 0.5-3% each.

Crude oil prices advanced further, with the Nymex light crude oil for January delivery gaining by 39 cents to close at $91.01 a barrel. In the commodity space, the Comex gold for February delivery slipped $5 to settle at $802.30 an ounce.