Market to head higher

The market is expected to scale further ground, as buying momentum is likely to continue. Also the local markets will be further boosted from strong cues from Asian indices.

The BSE Sensex rose 102.23 points to 14,964.12, an all-time closing high, on Friday, 6 July 2007, after striking a record high of 15,007.22 in intra-day trade. The S&P CNX Nifty also struck an all-time high of 4,411, and finally settled 30.90 points, or higher at 4,384.85, an all-time closing high.

Sensex has gained 313 points to 14,964.12 in the week ended 6 July 2007 while the S&P CNX Nifty rose 67 points to 4,384.85. Steady fall in inflation, easing fears of interest rate hike, steady progress of monsoon, fresh build-up of positions in derivatives markets were the factors that triggered rally on the bourses.

Asian stocks rose today, Monday 9 July 2007, with Japan's Nikkei 225 index lifted by machinery makers such as Komatsu and Fanuc after the government reported core machinery order increases more than doubled expectations, suggesting corporate capital spending is on a strong footing. Japan's Nikkei surged 0.55% at 18,240.84.

Hang Seng (up 0.51% at 22,647.50), Taiwan Weighted (up 0.97% at 9,277.56), Singapore's Straits Times (up 1.24% at 3,606.28) and South Korea's Seoul Composite (up 1.40% at 1,887.02), all edged higher.

As per provisional data, foreign institutional investors (FIIs) were net buyers of Rs 541.39-crore equities on Friday, 6 July 2007, while domestic institutional investors (DIIs) were net buyers of Rs 16.39- crore equities.