Correction expected

The market may edge lower following overnight fall in US stocks caused by weak US housing data. Asian markets mixed today, 6 September 2007.

Japan's Nikkei (down 0.45% at 16,085.53), and Hang Seng (down 0.79% at 23,880.08), slipped.

However, Taiwan's Taiwan Weighted (up 0.69% at 8,975.01), South Korea's Seoul Composite (up 0.41% at 1,873.25) and Singapore's Straits Times (up 0.05% at 3,449.75) rose.

US markets finished lower yesterday, 5 September 2007 after weak US housing data revived concerns about the health of the world's biggest economy. The Dow Jones Industrial Average slipped 143.39 points, or 1.07%, at 13,305.47. Broader stock indicators also lost ground. The Standard & Poor's 500 index fell 17.13 points, or 1.15%, to 1,472.29, and the Nasdaq Composite index fell 24.29 points, or 0.92%, to 2,605.95.

Crude oil prices rose to $76 a barrel on Thursday, 6 September 2007 buoyed by expectations that US crude and gasoline inventories fell last week. US crude rose 33 cents to $76.06 a barrel while London Brent crude was up 21 cents at $74.55 a barrel.

As per provisional data, foreign institutional investors (FIIs) purchased shares worth a net Rs 336.99 crore, while domestic institutional investors (DIIs) were net sellers of shares worth Rs 41.40 crore on Wednesday, 5 September 2007.

The BSE 30-share Sensex declined 19.25 points or 0.12% at 15,446.15 on Wednesday, 5 September 2007. The S&P CNX Nifty slipped 3.40 points or 0.08% at 4,475.85, on that day.

The Sensex had surged 1,301 points, or 9.18%, in eight trading sessions, from 14,163.98 on 23 August 2007 to 15,465.40 on 4 September 2007. A fall in inflation and robust economic data along with steady inflow of FIIs helped the market rally in the recent past.