Market may remain weak

The current market sentiment is mainly driven by the global scenario and earning estimations. The mood of the market is expected to remain sluggish on the back of weak US markets and subdued Asian indices in current trades may drag the market further down in early trades. Among the indices, the Nifty could test higher levels around 6,100 and 6,600 while on the downside the index has a strong support at 5,840-5,675 levels. The Sensex has a likely support at 19,500 and may face resistance at 20,500. Biocon, Finacial Technologies, Godrej Consumers, HCL Tech, IDBI, Indiabulls, NDTV, Orchid Chemicals, Ranbaxy, Reliance Industries, Reliance Energy, RNRL and Wipro are expected to announce their quarterly numbers.

Major US indices finished flat on Wednesday, on disappointing earnings and outlook with more worries about the economy caused another sell off on Wall Street. While the Dow Jones slipped by 35 points at 12466, the Nasdaq slipped by 23 points to close at 2395.

Crude oil prices moved down marginally, with the Nymex light crude oil for February delivery slipping by a dollar to close at $90.84 a barrel. In the commodity space, the Comex gold for February delivery fell $19.40 to settle at $882 an ounce.