Market to continue its rally

Market is expected to continue its recent rally, on positive global cues. Asian indices advanced today, 24 September 2007. Hong Kong's Hang Seng (up 0.84% at 26,061.84), Shanghai Composite (up 0.25% to 5,468.51), and Singapore's Straits Times (up 1.66% at 3,601.08). advanced

Market may however turn volatile ahead of the expiry of September 2007 futures & options (F&O) contracts due on Thursday, 27 September 2007.

US stocks posted steady gains on Friday, 21 September 2007 capping a strong week for Wall Street, as investors drew confidence from strong results at Oracle Corp. and a continued sense that lower interest rates should help bolster the economy. The Dow Jones industrial average rose 53.49, or 0.39%, to 13,820.19. Broader stock indicators also rose. The Standard & Poor's 500 index advanced 7.00, or 0.46%, to 1,525.75, while the Nasdaq Composite index rose 16.93, or 0.64%, to 2,671.22.

Crude oil prices dipped on Monday, 24 September 2007 as oil and gas producers in the Gulf of Mexico restored more output after a mild storm triggered evacuation and production cuts. US crude for November delivery fell 22 cents to $81.40 a barrel.

As per provisional data, foreign institutional investors (FIIs) purchased shares worth a net Rs 762.13 crore, while domestic institutional investors (DIIs) were net sellers of shares worth Rs 277.68 crore on Friday, 21 September 2007

The 30-shares BSE Sensex surged 216.28 points or 1.32% at 16,564.23, an all time closing high on Friday, 21 September 2007. It also hit an all time high of 16,616.84 in late trade. From a recent low of 13,989.11 on 21 August 2007, the Sensex has surged 2557.12 points or 18.27% to 16,564.23, in just 23 trading days.

The market posted weekly gains for fifth straight week, with the BSE Sensex surging 960.43 points or 6.16% to 16,564.23 for the week ended Friday, 21 September 2007. This is the biggest weekly gain ever posted by Sensex. The S&P CNX Nifty rose 319.55 points or 7% at 4,837.55 during the week.

As per the data released on Friday, 21 September 2007, inflation based on the wholesale-price-index rose 3.32% for the week ended 8 September 2007 as against 3.52% in the previous week.