Market will remain volatile

The market is likely to resume on a weak note as Asian indices are down around 1% percent each in morning trades despite firm US market in the overnight trades. Pressure on the liquidity front due to institutional investors remaining net sellers of equities and expectations of decent quarterly earnings could make the investors jittery.

US indices finished firm on Thursday after comments from bond insurer MBIA, with the Dow Jones surging 208 points to close at 15650 while the Nasdaq gained 41 points at 2390.

Indian stocks trading on the US bourses closed on a mixed note. Among the major gainers VSNL rose by 5% and Infosys gained over 3% while Wipro, Tata Motots and HDFC bank gained around 1% each. However, Patni Computer, Dr Reddy's Lab, ICICI Bank and Rediff Computers slipped around 1-5% each.

Crude oil prices in the global market declined yesterday. The Nymex light crude oil for March series slipped by 58 cents at $91.64 per barrel. In the commodity segment, the Comex gold for April delivery moved up $1.70 to settle at $928 an ounce.