Good times ahead

Better GDP growth, inflation slowed to an eight and-a-half month low and firm Asian indices in current trades may help the market to march further. The good times are likely to continue as the Nifty recorded another high yesterday on strong GDP growth. But, worries of further hike in CRR from Reserve Bank of India to contain liquidity and inflation may exert some pressure on the domestic indices. However, players are maintaining their bets on almost all the sectors. Among the key local indices, the Nifty has a support at 4220 and on the upside the index could test higher level at 4300. The Sensex has a likely support at 14300 and may face resistance at 14600.

US indices ended mixed on Thursday. While the Dow Jones slipped five points at 13628, the Nasdaq composite hit its highest close in more than six years by adding 12 points to close at 2605.

Indian ADRs had a mixed outing on US bourses. Infosys, MTNL ,Dr Reddy's Lab, ICICI Bank and Patni Computers dropped around 1-5% each. While, Satyam, Wipro, Tata Motors, HDFC Bank, VSNL and Rediff were up around 1% each.

Crude oil prices gained further, with the Nymex light crude oil added 52 cents at $64.01 per barrel. In the metals segment, the Comex gold for August series jumped by $7.40 to settle at $666.70 an ounce