Slide to continue

Market may slide further on account of weak Asian markets in morning trades and overnight fall in the US markets. Political uncertainties and continued selling pressure may also drag the domestic indices further down. Key indices, the Nifty may get support at 3300 level and on the upside it could test higher levels at 3300. The Sensex has a likely support at 10,600 and may face resistance at 11,000.

US indices declined on Wednesday as recession fears resurface. While the Dow Jones slipped 733 points at 8578, while the Nasdaq lost 151 points to close at 1628.

All the Indian ADRs fell in tune with the broader market. ICICI Bank led the slump and tumbled 14.19% followed by HDFC Bank (down 13.21%), VSNL (down 12.36%), Dr Reddy (down 13.47%), Satyam (down 11.54%) and Infosys (down 10.98%) while Wipro, Tata Motors and Rediff slipped by over 5-9% each.

Crude oil prices lost sharply as investors saw further signs of economic weakness and worried that a U.S. recession could kill demand for fuel. With the Nymex light crude oil for November delivery moved down by $4.09 to close at $74.54 a barrel. In the commodity space, the Comex gold for December series lost $0.50 to settle at $839 a troy ounce.