Weak global indices may weigh on sentiment

The market is likely to remain under pressure following an overnight fall on the US market and weakness among major Asian indices in the ongoing trades. Intra-day volatility may also weigh on the sentiment. Among the key local indices, the Nifty has a key support at 4025 and a slip below this level could see it test lower levels around 3995, while on the upside the index could test 4150. The Sensex has a likely support at 13530 and may face resistance at 13875.

US indices fell on Wednesday with the Dow Jones tumbling 167 points to close at 11216. The Nasdaq dropped 54 points at 2251.

Indian floats largely had a mixed outing on the US bourses. VSNL was the major loser and declined by above 2% followed by Tata Motors and Wipro, which lost 2.19% and 1.27% respectively. ICICI Bank, Dr Reddy and Rediff ended with steady losses. Among the gainers, Rediff jumped 6.54% while Infosys, Satyam, HDFC Bank and MTNL ended with steady gains.

Crude oil prices moved up, with the Nymex light crude oil for August delivery rising by $2.60 to close at $143.57 a barrel. In the commodity space, the Comex gold for August 2008 series added $2 to settle at $946.50.