Uptrend may continue

The market may extend uptrend on the back of healthy rollovers. As per market data, marketwide rollover from September 2007 derivatives contracts to October 2007 contracts was 84% as compared to rollover of 82.30% from August 2007 contracts to September 2007 contracts. Nifty rollover from stood at 71% as compared to rollover of 70% from August 2007 contracts to September 2007 contracts

Asian markers were mixed today, 28 September 2007. Japan's Nikkei (down 0.28% at 16,784.65), Singapore's Straits Times (down 0.19% at 3,707.55), South Korea's Seoul Composite (down 0.23% at 1,940.80) declined. However, Taiwan's Taiwan Weighted (up 0.46% at 9,456.86) and Hong Kong's Hang Seng (up 0.09% to 27,088.47) rose.

US stocks extended their gains yesterday, 27 September 2007 with a moderate advance as investors weighed fresh economic data, including a sharp drop in new home sales, for clues to whether more interest rate cuts are in the offing. The Dow Jones industrial average rose 34.79 points, or 0.25%, to 13,912.94. It is now 87 points below its record close of 14,000.41 set on 19 July 2007. Broader indexes also advanced. The Standard & Poor's 500 index rose 5.96 points, or 0.39%, to 1,531.38, and the technology-heavy Nasdaq Composite index rose 10.56 points, or 0.39%, to 2,709.59.

As per provisional data, foreign institutional investors (FIIs) purchased shares worth a net Rs 2226.85 crore, while domestic institutional investors (DIIs) were net sellers of shares worth Rs 311.42 crore on Thursday, 27 September 2007.

Crude oil extended gains for a third day on Friday, 28 September 2007 to above $83 a barrel, nearing its record high as a weak dollar and pre-winter supply worries fuelled fund buying. US crude for November delivery rose 30 cents to $83.18 a barrel Oil is recovering from a profit-taking dip earlier this week that pulled prices off their $83.90 peak. London Brent crude rose 30 cents to $80.33 a barrel.

The 30-shares BSE Sensex up 229.17 points or 1.35% at 17,150.56, an all time closing high, on Thursday, 27 September 2007. It hit an all time high of 17,188.40 in late trade, on that day.

From a recent low of 13,989.11 on 21 August 2007, Sensex surged 3,161.45 points or 22.59% in 27 trading sessions to 17,150.56 on 27 September 2007. FII buying boosted the bourses in this period.

The S&P CNX Nifty was up 60.05 points or 1.22% at 5,000.55, an all time closing high, on Thursday, 27 September 2007. It struck an all time high of 5,016.40 in late trade, on that day.

The NSE F&O turnover was a record Rs 86,226.41 crore yesterday, 27 September 2007 as compared to Rs 78,536.17 crore on Wednesday, 26 September 2007.