Global cues see Indian markets open low

The market is likely to remain under pressure after a sharp overnight fall on the US market and weakness among major Asian indices in the ongoing trades. However, FIIs remaining net buyers in equities for last two sessions may bring some cheers to the market. On the downside, support for Nifty is at 4940 and on breaking below this level the next support is at 4695, while on the upside it could test 5350. The Sensex has a likely support at 17000 and may face resistance at 18200.

US indices tumbled on Thursday on investors reaction to Federal chief's congressional testimony that economic conditions are likely to get worse before they get better. While the Dow Jones fell 175 points at 12377, the Nasdaq shed 41 points to close at 2333.

Indian ADRs had a mixed outing on US bourses. Infosys, VSNL, MTNL ,Rediff, Satyam, Tata Motors and HDFC Bank dropped around 1-4% each. While, Dr Reddy's, ICICI Bank, and Wipro were up around 1% each.

Crude oil prices gained further, with the Nymex light crude oil added $2.19 at $95.46 per barrel. In the metals segment, the Comex gold for April series moved up by 80 cents to settle at $910.20 an ounce.