Market may turn positive on global cues

The market may take a break from its last 2-session losses and rise in tune with firm international markets trend. However, worries about FIIs remaining net sellers of equities in the domestic market could force the players to remain on the sidelines. The Nifty on the upside will face resistance at 4100 and in the short run it has a strong support at 4040. The Sensex has a likely support at 13700 and may face resistance at 14300. In the result front, Century Enka, Century Textiles, Colgate, HDFC, IFCI, Orchid Chemicals, Sterlite, United Phosphorus and Varun Shipping are expected to announce their numbers.


Among the US indices the Dow Jones industrial average hit another record high Wednesday as investors welcomed strong earnings, lower oil prices, media merger news and a strong reading on manufacturing. The Dow Jones advanced by 76 points at 13212, the Nasdaq added 26 points to close at 2558.

Most of the Indian floats trading on the US bourses gained marginally. HDFC Bank, ICICI Bank and Satyam Computer gained over 2% while Patni Computers, Dr Reddy's, MTNL and VSNL gained over 1% each. However, Tata Motors closed with the marginal losses.

Crude oil prices slipped further. The Nymex light crude oil for June delivery fell 72 cents to close at $63.68 a barrel, off its intra-day high of $65.50 per barrel. In the commodity space, the Comex gold for June series slipped by $2.20 to settle at $675.10 a troy ounce.