Market may rise on firm global cues

The market is likely to display a positive trend on the back of increasing investor confidence and positive global cues. Strong investor's appetite for heavyweights and sectoral stocks could see the market to extend its winning streak. However, caution should be maintained as higher bouts of intra-day volatility is likely to persist. Among the local indices, the Nifty could test higher levels in the 3050-3100 range and has a support at 2980. The Sensex on the downside may slip to 9550 and may face resistance at 9850.

Major US indices rose Tuesday, recharging the rally that gave the Dow Jones industrial average its first month of gains after six straight declines. But all three major gauges declined in the first quarter. While the Dow Jones flared up by 87 points at 7609, the Nasdaq moved up by 27 points to close at 4085.

Except MTNL & Wipro all the Indian ADRs traded firm on the US bourses. Dr Reddy's led the pack with gains of over 9.76% followed by HDFC Bank gained 9.13% and Tata Motors advanced 8.35% while, Patni Computers, Infosys, satyam, ICICI Bank and VSNL closed with the gains of 1-7% each.

The Nymex light crude oil for May delivery gained by 1.49% to close at $49.90 a barrel. In the commodity space, the Comex gold for June delivery jumped $7.30 to settle at $925 an ounce.