Sensex may strike all time high

The benchmark index, BSE Sensex may strike an all time high today, tracking strong global markets. It’s all time high of 14,723.88 struck on 9 February 2007, is 153.13 points away from Friday, 1 June 2007's close of 14,570.75. Sustained buying interest from FIIs and mutual funds will support the market on the downside.

Asian stocks started the week on an upbeat note today, with Japan's Nikkei Average hitting a three-month high after Toyota Motor Corp. and other exporters gained ground after the release of stronger US economic data. It was up 33.90 points or 0.19% at 17,992.78. Other markets were also trading positive. Hang Seng (up 0.79% or 161.98 points at 20,764.85), Taiwan's Taiwan Weighted (up 0.48% or 39.79 points at 8,289.69), Singapore's Straits Times (up 0.69% or 24.45 points at 3,572.77) and South Korea's Seoul Composite (up 0.60% or 10.38 points at 1,726.62) edged higher.

As per provisional figures, FIIs were net buyers to the tune of Rs 373.38 crore, while Domestic Institutional Investors also bought net shares worth Rs 319.84 crore on Friday, 1 June 2007

Wall Street carved out a solid advance Friday, 1 June 2007, after data on job creation, manufacturing and inflation injected the market with renewed confidence about the economy and sent major indexes to record closes. The Standard & Poor's 500 index was the biggest gainer among the major indicators and moved toward its all-time high.

The Dow Jones industrial average advanced 40.47 points, or 0.30 %, to 13,668.11, with the Dow closing on all time high for the 26th session in the year. The Dow also set a fresh intra-day high of 13,692

Broader stock indicators also gained Friday to end a week that saw stocks advance amid a bevy of favorable economic figures and the continued hum of corporate takeover activity. The Standard & Poor's 500 index rose 5.72 points, or 0.37 %, to 1,536.34. The S&P traded as high as 1,540.56 and advanced toward its record trading high of 1,552.87 set in March 2000.

Oil prices slipped on Monday, 4 June 2007, after three days of gains as a major US gasoline pipeline resumed pumping and some Nigerian militants called a one-month truce, although analysts saw little to suggest an end to 18 months of violence.

London Brent crude, currently seen as a better gauge of global oil markets, fell 31 cents to $68.76. US light, sweet crude fell 40 cents to $64.68 a barrel.