Market to stay sideways

The market is expected to stay sideways in absence of any positive triggers. Asian markets were trading on a mixed note today, 13 September 2007. Japan's Nikkei (up 0.39% at 15,859.09), Hang Seng (up 0.86% at 24,519.62) and Singapore's Straits Times (up 0.18% at 3,512.51), gained.

However, Taiwan Weighted (down 0.62% at 8,961.88) and South Korea's Seoul Composite (down 0.05% to 1,812.70) slipped.

US shares settled slightly lower yesterday, 12 September 2007 with investors still confident the Federal Reserve will lower rates next week but treading cautiously as oil prices crossed $80 a barrel for the first time and the dollar extended its decline. The Dow Jones industrial average fell 16.74 points, or 0.13%, to 13,291.65, after weaving in and out of positive territory throughout the session. The Standard & Poor's 500 index rose 0.07 point, or less than 0.01%, to 1,471.56, and the Nasdaq Composite index fell 5.40 points, or 0.21%, to 2,592.07.

As per provisional data, foreign institutional investors (FIIs) purchased shares worth a net Rs 317.76 crore, while domestic institutional investors (DIIs) were net sellers of shares worth Rs 91.32 crore on Wednesday, 12 September 2007.

India's industrial output rose 7.1% in July 2007 from a year earlier, sharply lower than downwardly revised annual growth of 9% in June 2007 due to slower manufacturing output, data showed on Wednesday, 12 September 2007. Manufacturing production rose 7.2% in July 2007 from a year earlier, compared with provisional annual growth of 10.6% in June 2007.

Crude oil prices dipped on Thursday, 13 September 2007, but held near $80 a barrel and the previous day's record high, as dealers watched a tropical storm in the Gulf of Mexico after a sharp fall in U.S. crude stocks. US crude was trading 23 cents lower at $79.68 a barrel, after hitting a record high of $80.18 yesterday, 12 September 2007. London Brent crude shed 9 cents to $77.59 a barrel.

The BSE 30-share Sensex declined 37.41 points or 0.24% at 15,505.36, on Wednesday, 12 September 2007. The barometer index is 363.49 points away from its all time high of 15,868.85 hit on 24 July 2007.

The S&P CNX Nifty was down 0.80 points or 0.02% at 4,496.15, on Wednesday, 12 September 2007.