Global cues see markets open low

Weakness in global indices and expiry pressures in the derivate segment may weigh on the sentiment. Action today is likely to be stock-specific. However, the mood of the market is expected to remain positive after yesterday's gains and surging FII inflows in domestic equities may help the local indices advance further. Among the key indices, the Nifty is likely target 4650 in near term and on breaching this level it is likely to target 4700, while the index has a key support at 4550. The Sensex has a likely support at 15480 and may face resistance at 15850.

Alstom Projects, Asahi India, Bank Of India, Bombay Dyeing, Bongaigaon Refinery, Canara Bank, Chambal Fertilizer, HDFC, Indus Ind Bank, IDFC, Marico, Matrix Lab, ONGC, Patel engineering, Patni Computers, PNB, RCF, Reliance Capital, SAIL, Sterlite Industries, Suzlon Energy, Thermax, Wockhardt and Yes Bank are expected to announce their earnings numbers.

Tuesday was the tough day for the US markets as disappointing earnings news from several blue chips, worries about a prolonged housing slump and a new round of credit market jitters contributed sell off and Dow Jones tumbled 223 points at 13720 and the Nasdaq sank about 51 points at 2640.

Sharp fall in US markets weighted heavely on the Indian floats trading on the US bourses. Patni computer was the major loser and tanked 4.77% while ICICI bank, MTNL, Infosys, Tata Motors and Rediff slumped over 3-4% each. Wipro, Satyam, Dr Reddy's, VSNL and HDFC Bank ended with losses of over 1% each.

Crude oil prices slipped marginally, with the Nymex light crude oil for Sepember delivery slipped $1.33 to close at $73.56 a barrel. In the commodity segment, the Comex gold for August series moved up by $3.30 to settle at $684.80 an ounce.