Bias may remain positive

The market is expected to remain positive with a sideways movement during intra-day trades. While the Asian indices are exhibiting a firm trend in the ongoing trades, the US markets on Thursday struggled amid worries about global growth. Among the key domestic indices, the Nifty is likely to test 4055 on the upside and has a support at 3940. The Sensex has a likely support at 13400 and may face resistance at 13855.

In today's key announcements Exide Industries, Gujrat Ambuja Cement, IDBI, India Cement, Merck, Renuka Sugar, Satyam Computers, Tata Elxsi, Wipro, Zee News are scheduled to report their quarterly numbers.

US indices, the Dow industrials ended at an all-time high Thursday, while the broader market struggled amid China worries and about global growth. While the Dow Jones added 5 points at 12809, the Nasdaq was down 5 points at 2505.

Indian floats, barring Wipro and MTNL fell sharply on US bourses. Patni Computer was the worst performer and tumbled 4.55% while Rediff dropped 3.3%. Infosys, Satyam, Dr Reddy's, ICICI Bank, HDFC Bank and VSNL were down around 1% each. Among the gainers Wipro jumped over 1% and MTNL was up 0.26%.

The Nymex light crude oil for May delivery dropping by $1.30 to close at $61.40 a barrel. In the commodity space, the Comex gold for June series declined by $5 to settle at $688.30 a troy ounce.