Market to see consolidation at higher level

The market is expected to see consolidation at higher level. The 30-share BSE Sensex surged 180.68 points to 15,272.72, an all-time closing high, on Friday, 13 July 2007. It rallied to strike an all-time high of 15,330.73 on that day.

The S&P CNX Nifty jumped 58.40 points to 4,504.55, after striking an all-time high of 4,513.90 on the same day.

Sensex rose 308.60 points in the week ended 13 July 2007 to settle at a record closing high of 15,272.72. Strong global markets, fresh buying at higher levels, healthy inflow from foreign funds and domestic mutual funds, easing fears of interest rate hike, anticipation of robust Q1 June 2007 results were some of the factors that contributed to the rally

However, profit booking cannot be ruled out at higher levels.

Asian markets were trading on a mixed note today, 16 July 2007, with shares in Singapore setting a record intra-day high after US blue chips' record performance on Friday, 13 July 2007. South Korea's Kospi was volatile as investors booked profits in shipbuilding shares.

Hong Kong's Hang Seng (down 0.20% at 23,052.80), and South Korea's Seoul Composite (down 0.70% at 1,949.33), slipped. However, Taiwan's Taiwan Weighted (up 0.64% at 9,531.83) and Singapore's Straits Times (up 0.34 at 3,667.16), edged higher.

US stocks rose further into record territory on Friday, 13 July 2007 and posted strong weekly gains that saw the Dow Jones Industrial Average close in on the 14,000 level, as investors continued the previous session's record rally after in-line earnings from General Electric Co. and a jump in a consumer-confidence survey. The Dow Jones Industrial Average rose 45.52 points to a record 13,907.25, while the Standard & Poor's 500 Index gained 4.80 points to a record finish of 1552.50.

As per provisional data, foreign institutional investors (FIIs) bought shares worth a net Rs 1323.52 crore, while domestic institutional investors (DIIs) were net buyers of shares worth Rs 174.37 crore on Friday, 13 July 2007.