Market may open low on weak global cues

The Indian stock market may open lower today tracking the pale Asian and US markets. Action today is likely to be stock-specific. The Asian indices like Nikkei 225, Hang Seng index, Kospi index and Straits Times index are down nearly 3-5% each in the ongoing trades. Among the local indices, the Nifty could test 2880 on the upside and may slip to 2800 on the downside. The Sensex has a likely support at 9240 and may face resistance at 9450.

US markets closed negative on Wednesday as a bleak retail sales report and more dour news from the banking sector amplified fears of a prolonged recession. With the Dow Jones registering its loss of 248 points at 8200, while the Nasdaq declining by 57 points to close at 1490.

Indian floats too followed the suit and ended weak on US bourses. Wipro tumbled 7.14% while Satyam, Tata Motors, HDFC Bank and Patni Computer fell 4-6% each. Infosys, ICICI Bank, MTNL, VSNL and Rediff lost over 1-3% each. Dr Reddy, however, gained 3.54%.

International crude oil prices moved down marginally, with the Nymex light crude oil for February delivery lost by 65 cents to close at $36.63 per barrel. In the commodity space, the Comex gold for February series declined $11.90 to settle at $808.80 a troy ounce.