Market may open negative

The market is likely to remain under pressure after a sharp fall in the US market and weakness among major Asian indices in the ongoing trades. However, FIIs remaining net sellers in equities for last couple of sessions may drag the Sensex negative. Among the domestic indices, the Nifty could test higher levels of 2860 and may dip to 2790 - 2760 levels on the downside. The Sensex has a likely support at 9050 and may face resistance at 9350.

US indices fell sharply on Thursday, with the Dow Jones lost nearly 226 points on the back of dire news on earnings, housing and employment. The Dow tumbled 226 points to close at 8149, the Nasdaq also ended weak with a loss of 51 points at 1508.

All the Indian ADRs had a weak outing on Thursday. Satyam was the major loser amongst the ADRs and declined 9.57% followed by ICICI Bank & HDFC Bank which tumbled over 6% each, while Tata Motors, Wipro, Patni Computer, Dr Reddy, Infosys, MTNL and VSNL shed around 2-4% each.

Crude oil prices moved down, while the Nymex light crude oil for March series went down by 72 cents at $41.44 a barrel. In the commodity segment, the Comex gold shot up by $16.50 to settle at $906.50 an ounce.