South-bound journey may continue

The Asian indices are also currently fell over 6-10% in the ongoing trades. FII's remaining net sellers in equities is likely to exert more pressure on the local stocks. Among the key domestic indices, the Nifty could test the recent low of 3450 on the downside and a break below could see it decline to 3400, while on the upside the index has resistances at 3550 and 3600. The Sensex has a likely support at 11150 and may face resistance at 11450. Infosys Technology, Mastek, Sintex Industries, Bharat Bhushan, Indus Fila and International Housing are expected to announce their numbers.

US indices witnessed a sharp fall on Thursday as panicked investors dumped stocks across the board. While the Dow Jones dropped 679 points at 8579, the Nasdaq lost 95 points to close at 1645.

Indian ADRs took a cue from the falling local markets, however, only MTNL managed to end in positive territory on the US bourses with 10.36%. Among the major laggards Wipro, HDFC Bank & Dr Reddy's Lab tanked over 5-7%, while Infosys, Satyam, Tata Motors, ICICI Bank, VSNL Rediff and Patni Computer eased around 1-3% each.

Crude oil prices lost in the international market, with the Nymex light crude oil for November delivery down up by $2.36 to close at $86.59 per barrel. In the commodity space, the Comex gold for December delivery declined $20 to settle at $886.50 an ounce.