Negative bias may continue

The market tumbled by over 500 points in the last trading session and is expected to fall further on weak global cues. The weak close in the US markets and a sharp fall in most of the Asian markets coupled with the presence of sharp intra-day volatility could drag down the local indices. The Nifty could test higher levels at 4410 and may find supports at 4296 or 4245 while the Sensex has a likely support at 14,455 and may face resistance at 14,725.

US indices tumbled sharply on Wednesday, as the Dow Jones slumped by 220 points to close at 11843 and the Nasdaq ended 56 points lower at 2406.

Indian floats largely ended on a weak note. Wipro dropped 7.42% while Satyam, VSNL, Infosys, HDFC Bank and Patni Computer were down nearly 4-5% each. Dr Reddy's and Tata Motors also faltered while MTNL and Rediff registered steady gains.

Crude oil prices in the US market edged higher, with the Nymex light crude oil for July '08 delivery gaining $2.69 to close at $132.62 a barrel. In the commodity space, the Comex gold for August series declined marginally by 50 cents to settle at $903.70 a troy ounce.