Market to head higher

The market is expected to rally after the Left front after market hours on Friday, 16 November 2007, formally allowed the Centre to go to International Atomic Energy Agency (IAEA) for talks on India-specific safeguards, triggering fresh optimism in the government about the US nuclear deal becoming a reality at last. This was announced after a meeting of a panel set up by the government to look into Left front's concerns over the nuclear deal. The Left, however, insisted that the shift in stand on whether government can go to IAEA would not result in the operationalisation of the deal. No timeline has been set for the next meeting of the committee. National security adviser M K Narayanan agreed that March 2008 may be set as the outer limit for the US Congress to endorse the deal.

Most Asian markets rose today, 19 November 2007. Hong Kong's Hang Seng (up 0.43% at 27,731.82), Japan's Nikkei (up 0.29% at 15,197.82), Taiwan Weighted (up 0.29% at 8,790.65), Straits Times (up 0.44% at 3,455.97) edged higher. However South Korea's Seoul Composite declined 0.23% to 1921.68

US markets closed higher on Friday, 16 November 2007 as investors ignored some credit concerns and the health of the overall economy. The Dow Jones industrial average rose 66.74, or 0.51%, to 13,176.79. Broader stock indicators also posted gains. The S&P 500 index rose 7.59, or 0.52%, to 1,458.74. The Nasdaq Composite index gained 18.73, or 0.72%, to 2,637.24

The 30-share BSE Sensex slipped 86.53 points or 0.44% at 19,698.36, on Friday, 16 November 2007. The broader CNX S&P Nifty ended down 5.25 points or 0.09% at 5906.85, on that day.

Sensex surged 790.76 points or 4.18% to 19,698.36 in the week ended Friday, 16 November 2007. S&P CNX Nifty rose 243.6 points or 4.3% to 5,906.85 in the week.

The BSE Sensex is now 539.80 points away from its all time high of 20238.16 hit on 30 October 2007.

India's wholesale price index rose 3.11% in the 12 months to 3 November 2007, above the previous week's rise of 2.97%, government data released on Friday, 16 November 2007 showed. The annual inflation rate was 5.45% during the corresponding week of the previous year.

Crude oil prices advanced on Monday, 19 November 2007 as the dollar fell and some Organization of the Petroleum Exporting Countries (OPEC) members pushed for action to stem their declining purchasing power. US light crude for January delivery rose 71 cents to $94.55 a barrel. London Brent crude rose 67 cents to $92.29 a barrel.

As per provisional data, FIIs sold shares worth a net Rs 363.14 crore, while domestic institutional investors (DIIs) were net buyers of shares worth Rs 239.72 crore on Friday, 16 November 2007.