The market is expected to stay cautious ahead of the crucial US Federal Reserve’s meeting today evening, 18 September, which will set the trend for the global markets. The Fed is expected to cut the rate by atleast 25 basis points.
Asian markets opened weaker today, 18 September 2007 hurt by concerns related to the health of the global credit markets, as well as nervousness ahead of the US. Japan's Nikkei (down 1.77% at 15,841.31), Hong Kong's Hang Seng (down 0.41% at 24,498.83), Singapore's Straits Times (down 0.34% at 3,464.32) and South Korea's Seoul Composite (down 0.95% at 1,853.88) declined.
However Shanghai Composite rose 0.18% to 5,431.31
Wall Street shares declined moderately yesterday, 17 September 2007 as investors anxiously awaited the Federal Reserve's impending decision on interest rates. The Dow Jones industrial average fell 39.10 points, or 0.29%, to 13,403.42. Broader stock indicators showed somewhat steeper losses. The Standard & Poor's 500 index fell 7.60 points, or 0.51%, to 1,476.65, and the Nasdaq Composite index lost 20.52 points, or 0.79%, to 2,581.66.
Crude oil prices surged to a record high above $81 a barrel on Tuesday, 18 September 2007 drawing strength from concerns of a winter supply squeeze in the world's top consumer where an anticipated interest rate cut is calming recession fears. US light crude for October delivery rose 56 cents to $81.13 a barrel after touching a high of $81.18 earlier in today’s session. London Brent crude for November rose 22 cents to $77.20 a barrel.
As per provisional data, foreign institutional investors (FIIs) purchased shares worth a net Rs 94.34 crore, while domestic institutional investors (DIIs) were net sellers of shares worth Rs 140.57 crore on Monday, 17 September 2007
The BSE 30-share Sensex lost 99.37 points or 0.64% at 15,504.43 on Monday, 17 September 2007. The S&P CNX Nifty declined 23.35 points or 0.52% at 4,494.65, on that day.