Market to stay sideways

The market is expected to stay sideways ahead of the crucial US Federal Reserve’s meeting tomorrow 18 September, which will set the trend for the global markets. The US Fed is expected to cut the rate by 50 basis points.

Advance tax figures of local companies which will be reported this week are expected to be higher, indicating optimism over the growth in earnings.

Asian markets were trading lower today, 17 September 2007. Taiwan's Taiwan Weighted (down 1.15% or at 8,927.76), Singapore's Straits Times (down 0.43% at 3,521.37), South Korea's Seoul Composite (down 0.70% at 1,856.87) slipped. However Hang Seng rose 0.22% at 24,952.16

Wall Street shares finished on flat note on Friday, 14 September 2007 after investors looked past weaker-than-expected economic readings and focused on the ramifications of the Federal Reserve's decision on interest rates next week. The Dow Jones industrial average rose 17.64 points, or 0.13%, at 13,442.52. Broader stock indicators likewise showed modest gains Friday but managed their biggest weekly gains since mid-August. The Standard & Poor's 500 index rose 0.30 points, or 0.02%, to 1,484.25, and the Nasdaq Composite index edged up 1.12 points, or 0.04%, to 2,602.18.

Crude oil prices continued a retreat from record highs on Monday, 17 September 2007 after tropical storm Ingrid faded in the Atlantic over the weekend, soothing fears it could hit Gulf of Mexico crude production and refining. US crude for October fell 51 cents to $78.59 a barrel. London Brent crude for November traded 27 cents lower at $75.95 a barrel.

As per provisional data, foreign institutional investors (FIIs) purchased shares worth a net Rs 1286.03 crore, while domestic institutional investors (DIIs) were net sellers of shares worth Rs 260.45 crore on Friday, 14 September 2007.

The BSE 30-share Sensex slipped 10.64 points or 0.07% at 15,603.80, Friday, 14 September 2007. It is now 265.05 points away from all time high of 15,868.85 it had struck on 24 July 2007

For the week ended 14 September 2007, the BSE Sensex rose 13.38 points or 0.09% to settle at 15,603.80. The S&P CNX Nifty rose 8.5 points or 0.18% to 4,518 in the week.