Market likely to open lower

The market may slip initially following overnight slump in the US markets and in the major Asian indices taking a sharp dip in morning trades may pull down the domestic indices in early trades.On the technical front, the Nifty could test higher levels at 3000 and may find support at 2900, while the Sensex may face resistance at 9750 and find support at 9500.

US indices fell on Friday with Dow Jones dropped 82 points at 7850, the Nasdaq declined 7 points to close at 1534.

Indian ADRs were largely mixed on the US bourses. Satyam jumped nearly 11.70%, VSNL, MTNL, Tata Motors and Rediff ended with modest gains. while Dr Reddy, HDFC bank, Infosys, Patni Computer, ICICI Bank and Wipro ended with loss of around 1-3%.

Crude oil prices in the US market edged higher, with the Nymex light crude oil for March 09 delivery rising by $3.53 to close at $37.51 per barrel. In the commodity segment, the Comex gold for April 09 series lost $7 to settle at $942.20 an ounce.