Global indices may impact

The market is likely to witness volatility during intra-day trades and may succumb to selling pressure amid overnight weakness in the US indices and the bearish sentiment among the Asian indices in the ongoing trades. Among the key domestic indices, the Nifty could get support at 5060 and a slip below this level may see it dip further to 5000. On the upside, the index has a key resistance at 5168. The Sensex has a likely support at 17085 and could test higher levels of 17370.

US indices ended weak on Monday amid a fresh rise in crude oil prices. The Dow Jones dropped by 199 points to close at 12829 whereas the Nasdaq ended 24 points lower at 2492.

All Indian floats too witnessed selling pressure and ended at lower levels. HDFC Bank tumbled over 4.64% at $104.19, Patni Computer declined 3.88% at $12.89, ICICI Bank was down by 3.24% at $43.05, Infosys slipped 2.61% at $44.32 and Dr Reddy's lost 2.24% at $14.86 while Satyam, Wipro, Tata Motor, MTNL, VSNL and Rediff lost more than 1% each.

Crude oil prices moved up, with the Nymex light crude oil for June delivery rising by $2.02 to close at $129.07 a barrel. In the commodity space, the Comex gold for June 2008 series added $14.40 to settle at $920.20.

Daily trend of FII investment in equities
On May 17, 2008, FIIs were net buyers of stocks to the tune of Rs57 crore (purchases worth Rs2,882.70 crore and sales of Rs2,825.60 crore).