Market may scale record high

The market may extend last week's gains following the smooth rollover of positions from the June 2007 series to the July 2007 series in the derivatives segment, and on build-up of fresh positions. The June 2007 derivatives contracts expired on Thursday, 28 June 2007. As per market data, Nifty futures witnessed a rollover of 65% to 70% whereas stock futures saw rollover of around 70% to 73%, to July 2007 series from June 2007 series

Both the Sensex and Nifty are now within striking distance from their all time highs. The benchmark index, BSE Sensex is just about 73 points away from its all-time high of 14,723.88 struck on 9 February 2007. The S&P CNX Nifty is 45 points away from its all time high of 4,362.95 struck on 4 June 2007.

The market will boosted further by the steady progress of monsoon so far.

Also all eyes will be on Q1 June 2007 earnings season which will be kickstarted by IT bellwether Infosys Technologies on 11 July 2007.

Gujarat Mineral Development Corporation, Hikal and Television Eighteen India will announce their March 2007 quarter results in the coming week.

A good news is that inflation is under control. India's wholesale price index rose 4.03% in the 12 months to 16 June 2007, as per latest data released on Friday, 29 June 2007. The annual inflation rate was the lowest since the end of April 2006