Market may extend gains on good rollover in derivatives

The market is expected to extend gains today, 29 June 2007, tracking firm Asian markets. The Sensex rose 73.51 points or 0.51% at 14,504.57, on Thursday, 28 June 2007. The market swung sharply for a while in late trading on that day ahead of the expiry of derivatives contracts for June 2007 series.

As per market data, rollover from Nifty June 2007 series to Nifty July 2007 was smooth with marketwide rollover of 69% and Nifty rollover of 74%.

Annual inflation data for the week ending 16 June 2007 will be released today, 29 June 2007.

Asian stocks rose today, 29 June 2007, after the US Federal Reserve left US interest rates unchanged and the yen weakened against the dollar. Japan's Nikkei surged 0.87% at 18,088.56. Hang Seng (up 0.17% at 21,975.50) and Straits Times (up 0.15% at 3,543.54), Seoul Composite (up 0.30% at 1,756.95), all edged higher. However, Taiwan's Taiwan Weighted slipped 0.35% at 8,861.45.

US stocks finished flat on Friday, 29 June 2007, after the Federal Reserve said the economy appeared to be growing at a moderate pace. Fed, however, repeated its worries about inflation. The Dow Jones industrial average lost 5.45 points, or 0.04%, at 13,422.28. Broader stock indicators finished mixed. The S&P 500 index slipped 0.63 points, or 0.04%, to 1,505.71, and the Nasdaq Composite rose 3.02 points, or 0.12%, to 2,608.37.

As per provisional data, FIIs were net sellers of equities worth Rs 398.11 crore while domestic institutional investors (DIIs) bought shares worth a net Rs 73.51 crore on Thursday, 28 June 2007.

Oil held steady around $70 for a third session on Friday, 29 June 2007 as the market remained focused on falling US gasoline inventories and a decline in crude stocks in a key delivery point in the world's largest consumer. US crude rose 5 cents to $69.62 a barrel.