Market to see correction on weak global cues

Local market is expected to see correction on weak global cues. The BSE 30-share Sensex gained 76.81 points or 0.52% at 14,919.19, on Tuesday, 28 August 2007. From the recent low of 13,989.11 on 21 August 2007, the Sensex has recovered 930 points or 6.65% at current 14,919.19

The S&P CNX Nifty rose 18.10 points or 0.42% at 4320.70, Tuesday, 28 August 2007.

Volatility is expected to remain high in the next three days ahead of the expiry of derivatives contracts for August 2007 series on Thursday, 30 August 2007.

Asian markets fell sharply today, 29 August 2007 following a sell-off on Wall Street overnight.

Hang Seng (down 2.29% at 22,829.82), Japan's Nikkei (down 2.59% at 15,864.87), Taiwan Weighted (down 1.81% at 8,569.67), Singapore's Straits Times (down 2.57% at 3,257.23) and South Korea's Seoul Composite (down 1.81% at 1,796.15), all slipped.

US shares slumped yesterday, 28 August 2007 as investors grew more uneasy about the economy and whether the Federal Reserve will take the steps needed to prevent credit market problems from spreading further. The Dow Jones Industrial Average fell 280.28 points, or 2.10%, to 13,041.85. Broader stock indicators were also lower. The Standard & Poor's 500 index was down 34.43 points, or 2.35%, at 1,432.36, and the Nasdaq Composite index shed 60.61 points, or 2.37%, to 2,500.64.

As per provisional data, foreign institutional investors (FIIs) purchased shares worth a net Rs 390.20 crore, while domestic institutional investors (DIIs) were net sellers of shares worth Rs 79.32 crore on Tuesday, 28 August 2007.

Crude oil prices were steady on Wednesday, 29 August 2007 as mounting concerns over the health of the US economy overshadowed worries that US refinery outages could drag down fuel inventories in the world's top consumer. US crude eased 7 cents to $71.66 a barrel while London Brent crude was unchanged at $70.55