Market may take a break

Overnight fall in US markets and weak Asian indices in current trades likely to weigh on the local indices in early trades. The sentiment is likely to remain subdued on weak global indices. However, the FIIs remaining net buyers of equities in the domestic market and the yesterday's smart rally despite the hike in CRR rates by Reserve Bank of India could release some pressure. Among the local indices, the Nifty could test higher levels at 4600 and has a support at 4440. The Sensex on the downside may slip to15000 and may face resistance at 15450.

US indices finished weak on Tuesday amid concerns of credit and subprime mortgage market worries and record-high oil prices. While the Dow Jones declined 146 points at 13212, the Nasdaq dropped 37 points to close at 2546 on weakness in tech stocks.

Most of the Indian ADRs battered on the US bourses. ICICI Bank tumbled 3.69% and Tata Motors by 3.33% , while Infosys, Satyam, Dr Reddy's, HDFC Bank, MTNL and Rediff fell around 1-2% each. However, VSNL and Patni computer gained marginally.

Crude oil prices gained marginally, with the Nymex light crude oil for September delivery advanced by $1.38 at $78.21 a barrel. In the commodity segment, the Comex gold for December series was up by $2.70 to settle at $679.30 a troy ounce.