Market may remain cautious

The market is likely to remain shaky as global markets fell sharply and the FIIs continued to remain net sellers of equities in the local market. The sentiment is likely to remain bearish on weak global indices. Among the key domestic indices, the Nifty may get support at 4370 and has a resistance at 4440. The Sensex has a likely support at 15000 and may test higher levels at 15250.

US indices ended another rollercoaster week with the Dow industrials plummeting about 280 points Friday amid continued credit market fears, sparked by Wall Street bank Bear Stearns and the Nasdaq declined 65 points on weak tech stocks and closed at 2511.

All the Indian ADRs ended with sharp declines. MTNL plummeted over 7% while Rediff and VSNL crashed over 5% each. Infosys, Satyam, Wipro, HDFC Bank, Tata Motors and Patni Computers dropped over 1-4% each.

Crude oil prices edged slipped marginally, with the Nymex light crude oil for September series losing by $1.38 to close at $75.48 a barrel. In the commodity segment, the Comex gold for December delivery advanced by $7.80 to settle at $684.40 an ounce.