Market to stay volatile on September 2007 derivative contracts expiry

Market is expected to see volatility as derivative contracts for September 2007 series expire today, 27 September 2007. As per market data, marketwide rollover from September 2007 series to October 2007 series stood at 64% while that of Nifty was 59%.

Asian markets advanced today, 27 September 2007 after stocks rallied on Wall Street overnight. Hang Seng (up 1.67% at 26,871.24), Japan's Nikkei (up 1.54% at 16,688.64), Taiwan Weighted (up 0.77% at 9,328.82), Singapore's Straits Times (up 0.97% at 3,685.65) and South Korea's Seoul Composite (up 0.91% at 1,936.71), all edged higher.

US stocks rallied yesterday, 26 September 2007 led by rally in financial shares to post their steepest gain since the day after the Federal Reserve cut its benchmark interest rate on 18 September 2007. Stocks also rose after a larger-than-forecast decrease in durable goods orders reinforced expectations of more rate cuts. The Dow Jones Industrial Average gained 99.5 points or 0.7%, to 13,878.15. The Nasdaq Composite Index increased 15.58 points or 0.6% to 2,699.03. The Standard & Poor's 500 Index added 8.21 points or 0.5% to 1,525.42.

As per provisional data, foreign institutional investors (FIIs) purchased shares worth a net Rs 727.99 crore, while domestic institutional investors (DIIs) were net sellers of shares worth Rs 701.43 crore on Wednesday, 26 September 2007

Crude oil prices held above $80 on Thursday, 27 September 2007 as traders balanced rising stockpiles in the United States against fears that a brewing storm could impact production in the Gulf of Mexico. US crude for November delivery rose 25 cents to $80.55 a barrel and London Brent crude rose 34 cents to $77.77 a barrel.

The 30-shares BSE Sensex rose 21.85 points or 0.13% at 16,921.39, an all time closing high, on Wednesday, 26 September 2007. It advanced to hit an all-time high of 17,073.87, on that day.

It took just 5 trading sessions for the Sensex to reach 17,000 from 16,000 after the barometer index first struck 16,000 on 19 September 2007. The Sensex’s 1,000-point surge was the fastest ever. From a recent low of 13,989.11 on 21 August 2007, Sensex has surged 2932.28 points or 20.96% in just 26 trading sessions to the latest close of 16,921.39 on Wednesday, 26 September 2007

The S&P CNX Nifty gained 1.65 points or 0.03% at 4,940.50, an all time closing high, on Wednesday, 26 September 2007. It struck an all time high of 4980.85 on that day itself.