Market may open flat

After witnessing a slump of over 500 points in last couple trades, the market is likely to remain shaky on weak global markets. Although FIIs and domestic mutual funds have been providing cushion by remaining net buyers, the sentiment is likely to remain bullish. Among the key domestic indices, the Nifty may get support at 4160 and may test higher levels at 4250. The Sensex has a likely support at 13600 and on the upside could test 13900 levels.

US Indices tumbled on Thursday, as optimism about a global economic recovery was tempered by mixed data and a potential downgrade of the United Kingdom's credit rating. While the Dow Jones tumbling by 130 points to close at 8292. The Nasdaq declined 33 points on weak tech stocks and closed at 1695.

Except few, all the Indian ADRs ended with sharp declines. VSNL plummeted 4.74% and Infosys crashed 2.11% while, Satyam, Wipro, ICICI Bank, HDFC Bank and Rediff dropped 1-2% each. However, Tata Motors and MTNl managed to gained 7-8% each.

Crude oil prices fell further, with the Nymex light crude oil for July series slipped by 99 cents to close at $61.05 a barrel. In the commodity segment, the Comex gold for June delivery advanced $13.80 to settle at $951.20 an ounce.