Market may remain uncertain

Market may remain uncertain owing to lack of clarity and may witness sideways movement on the back of sharp intra-day volatility. Fund inflows and global trend will be monitored for further direction. However, strong optimism amongst investors could help the sentiment turn positive. Among the local indices, the Nifty could test the 5102-5150 range on the upside while on the down side it could find support at 5045 and 4990. The Sensex is likey to get support at 16950 and may face resistance at 17200.

US indices ended inched lower on Wednesday, following weaker-than-expected readings on manufacturing and the labor market. But the declines were minimal at the end of an upbeat month and quarter on Wall Street. While the Dow Jones declined by 30 points to close at 9712, the Nasdaq also ended two point down at 2122.

Among the Indian ADRs trading on the US bourses, ICICI Bank led the upward move and gained 6% while Infosys, Wipro, Dr Reddy, Tata Motors, HDFC Bank and VSNL gained over 1-3% each, while only VSNL gained marginally. Rediff & Satyam however closed in negative territory with loss of 1-3%.

Crude oil prices advanced sharply, with the Nymex light crude oil for November series gained by $3.90 to close at $70.61 a barrel. In the commodity space, the Comex gold for December series advanced $14.90 to settle at $1009.30 a troy ounce.

Daily trend of FII/MF investment in equities
On September 29 2009, FIIs were net buyers of stocks to the tune of Rs1103 crore (purchases worth Rs3703 crore and sales of Rs2600 crore) while domestic mutual funds were net sellers of stocks to the tune of Rs107 crore (purchases worth Rs581 crore and sales of Rs688 crore.

Stocks with Positive bias : Kotak Bank (s/l 769),M&M ( s/l 870),Grasim, Icici Bank
Stocks for short-term delivery: IDBI Bank, Elecon Engineering