Market to head higher

The market is expected to head higher due to strong cues from global markets. US stocks rallied overnight while Asian markets opened higher today, 14 September 2007.

The wholesale price index (WPI) data for the week ending 1 September 2007 is due today 14 September 2007. Annual inflation growth fell 3.79% in the week ending 25 August 2007 as against 3.94% in the week ending 18 August 2007. WPI was at 5.27% in the corresponding week last year.

Asian markets advanced today, 14 September 2007 after US stocks rallied overnight. Japan's Nikkei (up 1.13% at 16,000.45), Hang Seng (up 1.07% at 24,798.40), Taiwan's Taiwan Weighted (up 0.57% at 8,978.30), Straits Times (up 1.26% at 3,548.46) and South Korea's Seoul Composite (up 1.06% at 1,867.65) edged higher.

US shares surged yesterday, 13 September 2007 led by strong gains among the blue chips and mortgage lender Countrywide Financial Corp., which signalled a possible thawing in the credit markets with the announcement it had lined up additional financing. The Dow Jones industrial average rose 133.23 points, or 1.00%, to 13,424.88.

Broader stock indicators also advanced, though more modestly. The Standard & Poor's 500 index rose 12.39 points, or 0.84%, to 1,483.95, and the technology-heavy Nasdaq Composite index rose 8.99 points, or 0.35%, to 2,601.06.

Crude oil held near $80 a barrel on Friday, 14 September 2007 within sight of record-high levels as a hurricane knocked out US Gulf refineries, deepening supply woes already caused by lower crude stocks in the world's top consumer. US crude dropped 32 cents to $79.77 a barrel, after hitting record of $80.20 a barrel, on Thursday, 13 September 2007. London Brent crude slipped 22 cents to $76.90 a barrel.

As per provisional data, foreign institutional investors (FIIs) purchased shares worth a net Rs 6.29 crore, while domestic institutional investors (DIIs) were net sellers of shares worth Rs 35.91 crore on Thursday, 13 September 2007.

The BSE 30-share Sensex gained 109.08 points or 0.70% at 15,614.44, on Thursday, 13 September 2007. The Sensex is 254.41 points away from all time high of 15,868.85 hit on 24 July 2007

The S&P CNX Nifty rose 32.10 points or 0.71% at 4,528.95, on Thursday, 13 September 2007.