Sensex to stay sideways

The BSE Sensex has not been able to breach an all time high of 14,723.88, struck on 9 February 2007, since the past few days. Fresh selling is emerging at higher levels. Since the past two sessions (1 June and 4 June), the Sensex is opening strong, but is declining on selling pressure in later half of the day.

Asian stocks were trading mixed today, with Japanese markets trading slightly higher as investors bought Nippon Oil and other natural resource shares after crude-oil prices rose in New York on concerns over potential supply disruptions on reports a cyclone may hit the Persian Gulf on Wednesday.

Japan's Nikkei 225 index rose 90.57 points or 0.50% at 18,063.99 while Hong Kong's Hang Seng index gained 66.44 points or 0.32% at 20,796.03. Taiwan's Taiwan Weighted was up 1.68 points or 0.02% at 8,296.470. Singapore's Straits Times and South Korea's Seoul Composite were trading flat.

China’s Shanghai Composite plunged 207.82 points or 5.66% to 3,462.52

Wall Street recovered from a mostly down session yesterday, eking out a gain as investors brushed off another slide in Chinese stocks. The Dow Jones Industrial Average (DJIA) rose 8.21 points, or 0.06%, to 13,676.32. Broader stock indicators were also narrowly higher. The S&P 500 index rose 2.84 points, or 0.18%, to 1,539.18, and the Nasdaq Composite index rose 4.37 points, or 0.17%, to 2,618.29.

Oil prices eased on Tuesday, 5 June 2007, as Middle East cyclone fears waned, but concerns over gasoline supply in the United States kept crude above the $70 mark. London Brent crude shed a cent to $70.39 a barrel, after climbing $1.33 on Monday, 4 June 2007, on concerns the storm could disrupt shipping and output in the Middle East. U.S. light crude fell 18 cents to $66.03 a barrel.

As per provisional figures, FIIs were net buyers to the tune of Rs 88.79 crore, while Domestic Institutional Investors were net sellers worth Rs 28.94 crore on Friday, 4 June 2007