Market to consolidate

The market is expected to consolidate after two straight days of rally. The 30-share BSE Sensex rose 116.45 points to 14,411.95 on 20 June 2007. Cues from the US markets were not encouraging either.

Asian markets were trading higher. Hong Kong's Hang Seng (up 0.44% at 21,779.76), Japan's Nikkei (up 0.14% at 18,237.25), Taiwan's Taiwan Weighted (up 0.65% at 8,812.38) and South Korea's Seoul Composite (up 0.53% at 1,793.27), all edged higher.

A surge in Treasury yields rattled Wall Street on 20 June 2007, forcing stocks to give up early gains. The Dow Jones slipped 146 points, or 1.07%, to 13,489.42, after bobbing in and out of positive and negative territory earlier in the day. Broader stock indicators also tumbled. The Standard & Poor's 500 index declined 20.86 points, or 1.36%, to 1,512.84, and the Nasdaq Composite index fell 26.80 points, or 1.02%, to 2,599.96.

As per the provisional data, FIIs were net buyers of Rs 242.29-crore equities, while domestic institutional investors (DIIs) bought shares worth a net Rs 104.13 crore on Wednesday , 20 June 2007.

Oil prices nudged higher on Thursday, 21 June 2007, after declining 2% on data showing a surge in U.S. crude stocks, with dealers refocusing on a general strike in Nigeria and unusually low U.S. refinery operations.London benchmark Brent crude rose 27 cents to $70.69 a barrel by. Prices had touched a 10-month high of $72.25 on Monday, 18 June 2007.