Market May Slip In Early Trades - Nov 1, 2008

The market may slip initially following overnight marginal gain in the US markets and in the major Asian indices taking a sharp dip in morning trades may pull down the domestic indices in early trades. On the technical front, the Nifty could test higher levels at 2800 and may find support at 2500, while the Sensex may face resistance at 9500 and find support at 8500.

US indices gain on Thursday as investors cheered news of easier credit and a report showing the economy shrank at a slower pace than expected in the third quarter. While the Dow Jones gained 190 points at 9181, the Nasdaq advanced 41 points to close at 1699.

Indian floats rallied sharply on the US bourses. ICICI Bank & HDFC Bank was the major gainer and vaulted by 11-13% while Satyam, Wipro, MTNL, Rediff, Infosys, Patni Computer and Dr Reddy flared up 4-7% each. Among the other gainers VSNL and Tata Motors advanced between 1-2% each.

Crude oil prices in the US market edged lower, with the Nymex light crude oil for December 08 delivery shed by $1.54 to close at $65.96 per barrel. In the commodity segment, the Comex gold for December series lost $15.50 to settle at $738.50 an ounce.

Andhra Bank, Aurobindo Pharma, Ballarpur, Bharti Airtel, Bosch, Castrol, Deccan Chronical, DLF, Essar Oil, Essar Shipping, FT, GHCL, Gujarat NRE, GVK Power, Hindalco, HPCL, HDIL, India Cement, ING Vysya, IPCA LAB, IVRCL and Kotak Bank are expected to announce their earnings numbers.