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. Mixed fund inflows and global trend will be monitored for further direction. Among the local indices, the Nifty could test the 4085-4100 range on the upside while on the down side it could find support at 4040 and 4029. The Sensex is likey to get support at 13700 and may face resistance at 14300.

US indices ended mixed on Tuesday after finishing with record closes for five sessions in a row. While the Dow Jones declined by four points to close at 13309, the Nasdaq also ended a point up at 2572.

Barring few select floats, most of the Indian ADRs posted losses on the US bourses. MTNL lost over 2%, while VSNL, HDFC Bank, MTNL and Infosys fell over 1% each. Among the select gainers Rediff, Tata Motors and ICICI Bank ended with the marginal gains.

Crude oil prices moved up, with the Nymex light crude oil for June series rising by 79 cents at $62.26 a barrel. In the commodity space, the Comex gold slipped by $3 to settle at $687.40 a troy ounce.