Market may open lower on weak global cues

After witnessing a sharp slump of over 500 points in yesterday's trades, the market is likely to remain shaky as global markets fell further. Although FII have been providing cushion by remaining net buyers, the sentiment is likely to remain bearish. Among the key domestic indices, the Nifty may get support at 4800 and a break below this level could see the index slip further to 4550. The Sensex has a likely support at 16000 and may test higher levels at 18700.

US indices closed lower on Wednesday, after the discouraging remarks by a Fed official and worrisome news from Macy's. With the Dow Jones tumbling by 65 points to close at 12200. The Nasdaq declined 31 points on weak tech stocks and closed at 2279.

All the Indian ADRs ended with sharp declines following a slump in the domestic market. VSNL slipped over 3% while Tata Motors and VSNL , Infosys, Satyam, Wipro, Rediff and Patni Computers dropped 1-2% each. However, HDFC Bank gained marginally.

Crude oil prices fell marginally, with the Nymex light crude oil for March series fell by $1.27 to close at $87.14 a barrel. In the commodity segment, the Comex gold for April delivery jumped $14.70 to settle at $905 an ounce.