On Wednesday, the BSE Sensex gained 202.19 points, or 1.24% to end the day at 16,542.08, while the broad-based NSE Nifty ended at 4,921.40, up 56.85 points or 1.17%.
Nitin Kunte, technical advisor, Angel Trade expects markets to trade in a range of 5050 to 5100. Market will continue to follow global cues on Friday, added Nitin. He also states that any intraday correction on Friday can be seen as an buying opportunity.
US stocks declined on Thursday due to bad news in the housing, mortgage and credit markets. The Dow Jones industrial average fell 1.8% to 12,040.39, while the Nasdaq fell 2.3% to a 17-month low of 2,220.50.
Crude oil prices rose on Thursday (March 6), boosted once more by the dollar`s continuing slide to new lows against the euro. Light sweet crude for April delivery rose 95 cents to settle at a record USD 105.47 a barrel on the New York Mercantile Exchange (NYMEX). April gasoline futures rose 1.11 cents to settle at USD 2.6532 a gallon.
Asian markets declined in the early session on Friday (Mar. 07, 2008), set for the largest weekly drop since August 2007, on concern that the credit losses will increase and after commodity prices declined.
Japanese benchmark index Nikkei declined 378.60 points, or 2.86%, to trade at 12,836.82. Hong Kong`s index Hang Seng declined 587.29 points, or 2.52%, to trade at 22,755.44. South Korea`s KOSPI lost 29.39 points, or 1.87%, to trade at 1,543.55.