Weak global markets indicate negative open

The market may open on a weak note following the weak global trend. The Asian markets are currently down on fears that US spending will decline after Citigroup renewing fears about credit and the health of the U.S. economy. Market also witnessed a slump in last couple trades and is likely to remain shaky on weak global markets. The FIIs remained net sellers in equities in last couple of sessions may also add some pressure on investor sentiment. Among the key domestic indices, the Nifty may get support at 5800 and may test higher levels at 6000. The Sensex has a likely support at 19500 and on the upside could test 20500 levels.

US stocks tanked on Monday as Goldman Sachs and Citigroup renewing fears on the financial sector and a weak report on home builder confidence sparked a broad market selloff. While the Dow Jones tumbled 218 points at 12958, the Nasdaq slipped 43 points to close at 2593.

Most of the Indian ADRs barring few ended in the red on the US bourses. ICICI Bank tumbled 5.46% and Wipro slipped 5.41% while Infosys, Satyam, Tata Motors, HDFC Bank and VSNL lost over 2-4% each. However, Dr Reddy's Lab and Patni Computer gained marginally.

Crude oil prices in the global market extended their upward trend on weakness in the U.S. dollar and concerns supplies could tighten as the U.S. and other consumer nations head into winter. The Nymex light crude oil for January series gaining by 80 cents at $94.64 a barrel. In the commodity space, the Comex gold for December delivery moved down by $9 to settle at $787 a troy ounce.