Market to head higher

The market is expected to higher on positive global cues. The BSE 30-share Sensex rose 260.89 points or 1.84% to settle at 14,424.87, on Friday, 24 August 2007.

The S&P CNX Nifty was up 75.20 points or 1.83% at 4190.15, Friday, 24 August 2007. The market is expected to remain volatile ahead of the derivative contracts expiry for the August 2007 series on Thursday, 30 August 2007

The market ended its four week losing streak to post gains for the week ended Friday, 24 August 2007. The 30-share BSE Sensex rose 283.35 points or 2% to settle at 14,424.87. The S&P CNX Nifty rose 82.10 points or 1.99% to settle at 4,190.15 in the week.

Also FIIs, who were the key drivers of the recent rally have resorted to selling. As per the latest data they sold shares worth Rs 8,895.80 crore in the month of August, till 23 August 2007. FII inflow in the month of July 2007, totaled Rs 23,872.40 crore.

Asian indices rose sharply early today, 27 August 2007, inspired by a strong finish on Wall Street. Hang Seng (up 1.74% at 23,321.72), Japan's Nikkei (up 1.06% at 16,421.89), Taiwan Weighted (up 1.15% at 8,789.84), Singapore's Straits Times (up 1.29% at 3,413.05) and South Korea's Seoul Composite (up 1.49% at 1,818.01) edged higher.

US markets advanced on Friday, 24 August 2007. The Dow Jones Industrial Average rose 142.99 points, or 1.08% at 13,378.87. Broader stock indicators also advanced sharply. The Standard & Poor's 500 index rose 16.87 points, or 1.15 %, to 1,479.37. The Nasdaq Composite index rose 34.99 points, or 1.38%, to 2,576.69.

As per provisional data, foreign institutional investors (FIIs) sold shares worth a net Rs 274.69 crore, while domestic institutional investors (DIIs) were net buyers of shares worth Rs 400.71 crore on Friday, 24 August 2007.

Oil prices fell on Monday, 27 August 2007, boosted by worries over gasoline supplies in top energy consumer the United States. US crude for October delivery fell 20 cents to $70.89 a barrel