Market to remain sideways

Lack of buying interest, not a single possible trigger to drive the market and subdued Asian indices kept the market lackluster in yesterday's trades. The benchmark indices, Sensex and Nifty, are expected to commence on a weak note today and witness significant selling in early trades, as international markets backed by weak US and Asian indices may put pressure on investor sentiment. However, prevailing strong bullish sentiment may help the market to remain positive with a sideways movement during intra-day trades. Among the Asian majors, Nikkei Index and Hang Seng Index are marginally down, nearly 0.5% each. On the technical front, the Nifty could test in the range of 5900-6000 on the upside and has supports in the 5800-5750 range, while the Sensex has a likely support at 18800 and may face resistance at 19500.

US indices slid on Tuesday on worries about banking sector profits ahead of the upcoming November jobs report and Federal Reserve policy meeting. While the Dow Jones slipped by 0.49% or 66 points at 13249, the Nasdaq was down by17 points or 0.66% to close at 2620.

Indian floats trading on the US bourses closed with the marginal gains. Among the major gainers Wipro added 3.82% while HDFC Bank, Satyam, Infosys, Tata Motors, ICICI Bank and Dr Reddy's Lab and Patni Computers gained around 1% each. However, VSNL and Rediff lost over 1% each.

Crude oil prices slipped marginally on assurance from OPEC to discuss the increase the oil production, with the Nymex light crude oil for January series rising by 99 cents at $89.31 a barrel. In the commodity space, the Comex gold for February delivery flared up by $12.90 to settle at $807.60 a troy ounce.