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. All the Asian indices are has scaled up nearly 1% each. On the technical front, the Nifty could test in the 4305-4300 range on the upside and has supports in the 4200 - 4150 range, while the Sensex has a likely support at 14000 and may face resistance at 14365.

US indices ended positive on Wednesday. The Dow Jones gained marginally by 4 points to close at 11812 while the Nasdaq ended 33 points higher at 2401.

Among the Indian ADRs trading on the US bourses ended on positive note, VSNL was the major gainer by 3.12%, followed by ICICI Bank up by 2.57%, Tata Motors 2.55%, Rediff 2.43%, MTNL 2.27% and Wipro 2.22, while Satyam Computer, Dr Reddy, HDFC Bank, Infosys & Patni Computers were up by 0.50-1% each.

Crude oil prices in the US markets slipped sharply, with the Nymex light crude oil for August delivery moving down by $2.45 to close at $134.55 a barrel. In the Commodity segment, the Comex gold for August series lost $9.30 to settle at $882.30 a troy ounce.