Global indices may weigh

The market is likely witness volatility during intra-day trades and may succumb to selling pressure amid overnight weakness in the US indices and the bearish looking Asian indices in the ongoing trades. Among the key domestic indices, the Nifty could get support at 4750 and a slip below this level may see it dip further to 4700, while on the upside, the index has a key resistance at 5050. The Sensex has a likely support at 16000 and could test higher levels of 16300.

US indices ended weak on Wednesday amid fresh rise in crude oil prices. While the Dow Jones dropped by 110 points to close at 12423, the Nasdaq ended 17 points lower at 2324.

Indian floats, too, witnessed selling pressure and all ended at lower levels. Tata Motors tumbled over 6.80% at $16.18, ICICI Bank declined 5.37% at $40.69, HDFC Bank down by 2.68% at $101.75, Patni Compuetrs slipped 2.61% at $11.20 and Wipro moved down 2.51% at $11.27 while Infosys, Satyam, Dr Reddy, MTNL and VSNL lost above 1% each. Rediff remains unchanged.

Crude oil prices moved up, with the Nymex light crude oil for May 08 delivery rising by $4.58 to close at $105.80 a barrel. In the commodity space, the Comex gold for April 08 series added $14.20 to settle at $949.20 respectively.