Market to consolidate at higher level

The market is expected to consolidate at higher level on mixed cues from global markets. High crude oil prices which were hovering at $82 per barrel, near record high, may also weigh on the market.

Asian markets were mixed today, 21 September 2007. Hang Seng (up 0.57% at 25,701.130, Taiwan Weighted (up 0.58% at 9,035.05) and South Korea's Seoul Composite (up 0.01% to 1,909.23), rose

Singapore's Straits Times (down 0.46% to 3,536.11) and Japan's Nikkei (down 0.63% or at 16,310.09), slipped

US stocks retreated yesterday, 20 September 2007 impacted by mixed earnings reports, a tumbling dollar and surging oil prices. The Dow Jones Industrial Average fell 48.86 points, or 0.35%, to 13,766.70. Broader stock indices also declined. The Standard & Poor's 500 index fell 10.28 points, or 0.67%, to 1,518.75, and the technology-dominated Nasdaq Composite index fell 12.19 points, or 0.46%, to 2,654.29.

As per provisional data, foreign institutional investors (FIIs) purchased shares worth a net Rs 1627.44 crore, while domestic institutional investors (DIIs) were net sellers of shares worth Rs 564.28 crore on Thursday, 20 September 2007

Crude oil prices held near $82 a barrel on Friday, 21 September 2007 after hitting a record of $84.10 the previous day, 20 September 2007 as a tropical depression forced the shutdown of Gulf of Mexico output and sparked supply fears ahead of peak winter fuel demand. US crude for November delivery, the new front month, dipped 6 cents to $81.72 a barrel. London Brent November crude rose 3 cents to $79.12 per barrel.

The 30-shares BSE Sensex rose 25.20 points or 0.15% at 16,347.95, an all time closing high, on Thursday, 20 September 2007. It hit an all-time high of 16,415.88 in intra-day trade on that day. The S&P CNX Nifty gained 15.20 points or 0.32% at 4,747.55, an all time closing high, on Thursday, 20 September 2007. It struck an all-time high of 4759.55 in intra-day trade.