Market may open negative

The market may resume weak following a slide in Asian indices and dwindling net FII inflows in the domestic market.


After a solid start of the week the market is likely to take a break today on the back of mixed global cues. Uncertainty is likely to prevail on lack of fund buying in the domestic market and the trend in the international markets. A fall in Asian indices in the ongoing trades may see the market resume on a weak note and could slip further during intra-day trades on sharp volatility. Among the local indices, the Nifty may slip to 4120 and 4085 while on the upside it could test 4180 to 4217 level. The Sensex has a likely support at 13700 and could test higher levels at 14300.

Tech and financial stocks slumped Monday, dragging down the Nasdaq composite and limiting gains for the Dow industrials. While the Dow Jones was up 21 points at 13347, the Nasdaq ended 16 points lower at 2546.

Most of the Indian ADRs ended weak on the US bourses. Dr Reddy's slumped over 8% while Infosys, Satyam, Tata Motors, Wipro, HDFC Bank, Patni Computers and MTNL ended in the red with steady losses. However, ICICI Bank gained over 4% and VSNL closed with the marginal gains.

Crude oil prices in the international market edged higher, with the Nymex light crude oil for June delivery rising by 9 cents at $62.46 a barrel. In the commodity segment, the Comex gold for June series slipped $2.20 to settle at $670.10 an ounce.