Nervousness may continue

After witnessing a sharp slump of 437 points in yesterday's trades, the market is likely to remain shaky as global markets fell. Although Fiis have been providing cushion by remaining net buyers, the sentiment is likely to remain bearish on weak global indices. Among the key domestic indices, the Nifty may get support at 4400 and a break below this level could see the index slip further to 4460. The Sensex has a likely support at 14500 and may test higher levels at 14800.

US indices cut losses Monday, ending mixed, as investors scooped up bank and consumer shares and kept an eye on Treasury bond yields, the dollar and commodity prices. The Dow ended higher at 8764 up a points, while the tech-laden Nasdaq declined to close 7 points lower at 1837.

Indian floats had a weak outing on the US bourses. Except few all fell sharply. MTNL tumbled 7.26%, VSNL slipped 5.10% and ICICI Bank, HDFC Bank, Patni Computers, Wipro, Rediff and Tata Motors dropped over 1-4% each. While Infosys, Satyam and Dr Reddy closed in positive territory with marginal gains.

Crude oil prices in the international market edged lower, with the Nymex light crude oil for July delivery declined by 35 cents to close at $68.09 per barrel. In the commodity space, the Comex gold for August series declined $10.10 to settle at $952.50 a troy ounce.