Lack of buying interest, not a single possible trigger to drive the market and subdued Asian indices kept the market lackluster in yesterday's trades. The benchmark indices, Sensex and Nifty, are expected to commence on a weak note today and witness significant selling in early trades, as international markets backed by weak US and Asian indices may put pressure on investor sentiment. Among the Asian majors, Nikkei Index and Hang Seng Index are marginally down, nearly 1-2% each. On the technical front, the Nifty could test in the range of 3000-2900 on the upside and has supports in the 2900-2850 range, while the Sensex has a likely support at 9700 and may face resistance at 9950.
US indices slid on Tuesday as recession fears trumped a new government and mortgage industry plan to help troubled homeowners. While the Dow Jones slipped by 1.99% or 177 points at 8894, the Nasdaq was down by 36 points or 2.22% to close at 1581.
All the Indian ADRs fell in tune with the broader market. ICICI Bank led the slump and tumbled 11.26% followed by HDFC Bank (down 8.60%), MTNL (down 5.73%), Infosys (down 4.65%), Patni Computers (down 4.84%) and VSNL (down 4.77%) while Wipro, Dr Reddy's, Tata Motors and rediff slipped by over 0.67-3% each.
Crude oil prices fell to a 19-month low Tuesday, sliding below the psychologically important $60 level, as investors looked past China's massive economic stimulus plan to focus on weak global demand and a stronger dollar. The Nymex light crude oil for December series lost by $3.08 at $59.33 a barrel. In the commodity space, the Comex gold for December delivery moved down by $13.70 to settle at $732.80.
US indices slid on Tuesday as recession fears trumped a new government and mortgage industry plan to help troubled homeowners. While the Dow Jones slipped by 1.99% or 177 points at 8894, the Nasdaq was down by 36 points or 2.22% to close at 1581.
All the Indian ADRs fell in tune with the broader market. ICICI Bank led the slump and tumbled 11.26% followed by HDFC Bank (down 8.60%), MTNL (down 5.73%), Infosys (down 4.65%), Patni Computers (down 4.84%) and VSNL (down 4.77%) while Wipro, Dr Reddy's, Tata Motors and rediff slipped by over 0.67-3% each.
Crude oil prices fell to a 19-month low Tuesday, sliding below the psychologically important $60 level, as investors looked past China's massive economic stimulus plan to focus on weak global demand and a stronger dollar. The Nymex light crude oil for December series lost by $3.08 at $59.33 a barrel. In the commodity space, the Comex gold for December delivery moved down by $13.70 to settle at $732.80.
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