Market to head higher

The market is expected to head higher today, on positive global cues. However profit booking may emerge at higher levels as the first meeting of the UPA-Left committee on the Indo-US nuclear deal is likely to take place anytime before 14 September 2007. The meeting date was speculated to be somewhere between 10 to 14 September 2007.

Most of the Asian markets were trading higher today, 11 September 2007. Japan's Nikkei (up 0.25% at 15,804.40), Hang Seng (up 0.18% at 24,042.50), Taiwan's Taiwan Weighted (up 0.74% at 9,003.42) and Singapore's Straits Times (up 1.05% points at 3,478.14) gained. However Shanghai Composite was down 0.32% to 5,338.38.

US shares finished a volatile session with small gains yesterday, 10 September 2007 as investors grappled with the possibility that the Federal Reserve might not lower interest rates as much as they hope. The Dow Jones industrial average rose 14.47 points, or 0.11%, to 13,127.85. Broader stock indexes fell. The Standard & Poor's 500 index slipped 1.85 points, or 0.13%, to 1,451.70, and the Nasdaq Composite index declined 6.59 points, or 0.26%, to 2,559.11.

Crude oil prices surged to near a record high on Tuesday, 11 September 2007 after attacks on oil and natural gas pipelines rocked the world's fifth largest crude producer Mexico, ahead of an OPEC meeting to determine production policy. US light crude rose 40 cents to $77.89 a barrel and is now near its record high of $78.77 hit on 1 August 2007. London Brent crude rose 36 cents to $75.84.

As per provisional data, foreign institutional investors (FIIs) sold shares worth a net Rs 190.15 crore, while domestic institutional investors (DIIs) were net buyers of shares worth Rs 9.82 crore on Monday, 10 September 2007.

The BSE 30-share Sensex rose 6.41 points or 0.04% at 15,596.83, on Monday, 10 September 2007. It is now 272.02 points away from its all time high of 15,868.85 hit on 24 July 2007.

The S&P CNX Nifty declined 1.65 points or 0.04% at 4,507.85, on Monday, 10 September 2007.