Global cues to pinch

The market is moving in tune with global markets and the weak Asian indices in current trades coupled with overnight fall in the US markets is likely to weigh on the local indices. Nervousness in the market is likely to continue after the Sensex reporting losses in last week's trades. The domestic funds resorting to selling of equities in the last session could make the investors jittery from taking any fresh position. Among the key local indices, the Nifty could decline to 2765 on the downside while on the upside there is a near term resistance at 2825. The Sensex has a likely support at 8890 and may face resistance at 9180.

The Dow Jones industrial average slumped to a more than 6-year low Thursday, as fears of a prolonged recession sent stock investors heading for the exits. While the Dow Jones shed 90 points at 7466, the Nasdaq was down 25 points to close at 1443.

Most of the Indian ADR's fell on the US bourses. Satyam was the biggest loser and dropped over 7% followed Dr Reddy declined 2.15%, while Infosys, ICICI Bank, HDFC Bank and Tata Motors were down around 0.26-2% each. However, Rediff soared over 8% while Wipro, Patni Computer and VSNL gained around 1% each.

Crude oil prices gained sharply, with the Nymex light crude oil added $4.86 at $39.48 per barrel. In the metals segment, the Comex gold for April series lost $1.70 to settle at $976.50 an ounce.