Market to continue its rally

The market is expected to continue its rally further boosted by firm global markets. It has been rallying for eight straight sessions, till 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.

Asian markets were trading higher today, 5 September 2007 encouraged by a higher close on Wall Street yesterday, 4 September 2007, after a long holiday weekend.

Hong Kong's Hang Seng (up 1.30% at 24,196.67), Taiwan Weighted (up 0.38% at 8,956.72), Singapore's Straits Times (up 0.61% at 3,396.62) and South Korea's Seoul Composite (up 0.18% at 1,878.11) advanced.

However Japan's Nikkei slipped 0.07% at 16,408.55

Wall Street shares advanced yesterday, 4 September 2007, after dips in manufacturing growth and construction spending raised investors' hopes for an interest rate cut. The Dow Jones industrial average rose 91.12 points, or 0.68%, to 13,448.86. Broader stock indicators also advanced. The Standard & Poor's 500 index added 15.43 points, or 1.05%, to 1,489.42, and the technology-dominated Nasdaq Composite index surged 33.88 points, or 1.30%, to 2,630.24.

As per provisional data, foreign institutional investors (FIIs) purchased shares worth a net Rs 348.20 crore, while domestic institutional investors (DIIs) were net buyers of shares worth Rs 67.98 crore on Tuesday, 4 September 2007.

Crude oil rose towards $75 today, 5 September 2007 after predictions of more hurricanes in the Atlantic Ocean raised concern over potential oil and gas outages. US crude was up 70 cents at $74.74 while London Brent crude was up 45 cents at $73.86.

The BSE 30-share Sensex rose 43.35 points or 0.28% at 15,465.40, on Tuesday, 4 September 2007.

The Sensex has now 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. The S&P CNX Nifty was up 4.50 points or 0.10% at 4479.25, on 4 September 2007.

The BSE Sensex is now 403.45 points away from its all time high of 15,868.85 struck on 24 July 2007 from Tuesday’s, 4 September 2007 close of 15,465.40