Market may remain weak

After witnessing a jump of over 400 points in yesterday's trades, the market is likely to remain shaky on weak global markets. Also FIIs and domestic mutual funds remaining net sellers may keep the sentiment bearish. Among the key domestic indices, the Nifty may get support at 4800 and may test higher levels at 5600. The Sensex has a likely support at 16000 and on the upside could test 18700 levels.

US Indices tumbled on Monday, on weakness in financial sector and the continued threat of a recession. While the Dow Jones tumbling by 108 points to close at 12635. The Nasdaq declined 31 points on weak tech stocks and closed at 2383.

The Indian ADRs had a mixed outing on the US bourses. Patni Computer jumped 6.17% and MTNL surged by 4.88% while, Satyam, Wipro, Tata Motors, VSNL and Rediff gained around 1% each. However, HDFC Bank slipped 2.98%, ICICI Bank dropped 2.92%, Infosys fell 1.86% and Dr Reddy's Lab was down 1.58%.

Crude oil prices gained further, with the Nymex light crude oil for March series moved up by $1.06 to close at $90.02 a barrel. In the commodity segment, the Comex gold for April delivery slumped $4.10 to settle at $909.40 an ounce.