Market may start buoyant

The benchmark indices, Sensex and Nifty, are expected to commence on a firm note and witness significant rally during intra-day trades, as international markets backed by firm US and Asian indices may help the sentiment remain buoyant. Among the Asian majors, Hang Sang has surged 3.07% at 22040 while Nikkei has scaled up nearly 2.75% at 12293. On the technical front, the Nifty could test in the 4600 on the upside and has supports in the 4450, while the Sensex has a likely support at 14677 and may face resistance at 15000.

US indices posted significant gains on Tuesday as investors' cheered the strong consumer confidence report. As a result, the Dow Jones close at 12393, up 420 points, while the Nasdaq added 91 points to close at 2268.

Barring Dr Reddy with the marginal gain at $13.59, rest of the Indian ADRs finished on a strong note. VSNL led the pack with gains of 25.74% followed by ICICI Bank (up 12.51%), HDFC Bank (up 12.08%) and MTNL (up 8.06%). Satyam, Infosys, Wipro, Tata Motors, Rediff and Patni Computers gained around 4-7% each.

Crude oil prices in the US market gained, with the Nymex light crude oil for April delivery raised by $3.74 to close at $109.42 a barrel and in the commodity segment, the Comex gold for April series gained $1.70 to settle at $1004.30 a troy ounce.