Market to open higher

The sharp gains in overnight US indices and strong ongoing asian indices helps domestic market to witness further uptrend on the back of a bullish sentiment. The Nifty could rise further to 4900-4950 level on the upside while it has a crucial support at 4800 on the downside. The Sensex has a likely support at 15960 and resistance at 16230.

US indices registered gains, with the Dow Jones closing above the level at 12157, up 417 points, while the Nasdaq moving up by 86 points to close at 2256.

Indian floats, too, were upbeat on strong domestic and US markets. Except Patni Computers, Dr Reddy and Rediff other Indian ADRs ended at higher levels. HDFC Bank led the upmove and surged 12.64%, VSNL with gain of 11.96% and ICICI Bank moved up 10.19% while Infosys gained 5.32%, Wipro, Satyam, MTNL and Tata Motors gained over 1% each.

Crude oil prices in the international market gained further, with the Nymex crude oil for April delivery advanced by 85 cents to close at $108.75 a barrel and in the commodity segment, the Comex gold gained $4.20 to settle at $976 respectively.