Reliance Power to list today

Currently market is mainly driven by the moment in the global markets and which are under pressure of global growth concerns. The mood of the market is expected to remain negative on the back of subdued Asian indices in current trades and may drag the market in early trades. Among the indices, the Nifty could test higher levels around 5400 while on the downside the index has a strong support at 4900 level. The Sensex has a likely support at 16700 and may face resistance at 18300.

US indices had a mixed outing on Friday as ongoing credit market woes dragged down the financial sector and Amazon.com's stock buyback plan gave the tech stocks a boost. While the Dow Jones lost 65 points at 12182, the Nasdaq added 12 points to close at 2305.

Most of the Indian ADRs barring few ended in the red on the US bourses. VSNL tumbled 3.52% and ICICI Bank slipped 2.5% while Dr Reddy's Lab, Tata Motors, HDFC Bank and Rediff lost over 1% each. However, Satyam surged 5.30%, Infosys gained 4.41% and Wipro added 2.79%.

Crude oil prices in the global market extended their upward trend, with the Nymex light crude oil for March series jumping by $3.66 at $91.77 a barrel. In the commodity space, the Comex gold for April delivery rallied sharply by $12.30 to settle at $922.30 a troy ounce.