Market to consolidate

The market is expected to consolidate on mixed cues from global markets. The BSE 30-share Sensex lost 438.44 points or 3.04% at 13,989.11, on Tuesday, 21 August 2007, on political uncertainties. The benchmark index BSE Sensex has lost 1879.74 points or 13.43% from its all time high of 15,868.85, struck on 24 July 2007. The S&P CNX Nifty lost 134.15 points or 3.19% at 4074.90.

Asian indices were mixed today, 22 August 2007. Hong Kong's Hang Seng (up 1.16% at 21,981.19), Singapore's Straits Times (up 0.86% at 3,256.56), South Korea's Seoul Composite (up 1.04% at 1,754.29). gained.

However, Japan's Nikkei (down 0.18% at 15,872.09) and Taiwan's Taiwan Weighted (down 0.50% at 8,437.07) declined.

The Dow Jones industrial average fell 30.49 points, or 0.23%, to end at 13,090.86. But the Standard & Poor's 500 Index inched up 1.57 points, or 0.11%, to 1,447.12. The Nasdaq Composite Index gained 12.71 points, or 0.51%, to 2,521.30.

As per provisional data, foreign institutional investors (FIIs) sold shares worth a net Rs 138.24 crore, while domestic institutional investors (DIIs) were net buyers of shares worth Rs 826.84 crore on Tuesday, 21 August 2007.

Oil nudged up from steep losses on Wednesday, 22 August 2007 as traders looked toward an expected decline in weekly US crude and gasoline stocks after discounting the threat of a significantly weakened Hurricane Dean to oil flows. US crude gained 30 cents to $69.87 a barrel.