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The Nifty Wednesday is likely to open weak with the market indicator SGX Nifty down 22 points at 8107 around 7.45 am. Yesterday too the benchmark indices continued to see profit booking (amid consolidation) for second consecutive session. The enforcement directorate and CBI arrested 6 people in connection with the Bank Of Baroda case -- illegal remittances worth over Rs 5,100 crore have been unearthed from 59 accounts.

A slowdown in demand growth next year and added supply from Iran if sanctions against Tehran are lifted are likely to keep the oil market oversupplied through 2016.

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