Market may gain further

Overnight gains in the US markets and positive opening in the most of the Asian indices may help the local market to add gains. The renewed buying interest in heavyweights and sectoral inices may keep the bias positive for the day. Among the key domestic indices, the Nifty could test higher levels in the 5000-5051 range and has a support at 4890. The Sensex has a likely support at 16450 and may face resistance at 16750.

US indices gained Wednesday, pushing Wall Street to its highest level in a year, with a rise in industrial production and a spike in commodity prices and equities fueling the advance. The Dow Jones added 108 points at 9792, the Nasdaq was up 31 points at 2133.

The Indian ADRs witnessed decent to firm buying support on US bourses. Tata Motors & Patni Computers were the major gainer amongst the ADRs and vaulted over 5% each, while ICICI Bank propelled 3.63%. Infosys, Satyam, Wipro, Dr Reddy, HDFC Bank, Rediff and VSNL were up over 1-2% each.

Global crude oil prices moved above $72 mark, with the Nymex light crude oil for Ocotober delivery gained by $1.58 to close at $72.51 a barrel. In the commodity space, the Comex gold for December series advanced by $13.90 to settle at $1020.20 a troy ounce.