Market to slide on weak global cues

The market may slide following weak global cues. However, some recovery may emerge in second half of day’s trading session on value buying at lower levels. Over the recent past, it has been observed that local bourses have outperformed their global peers.

Asian markets slumped today, 20 November 2007 following a sell-off on Wall Street yesterday, 19 November 2007. Hong Kong's Hang Seng (down 3.21% at 26,578.98), Japan's Nikkei (down 1.9% at 14,756.67), Taiwan Weighted (down 3.29% at 8,394.78), Straits Times (down 1.99% at 3,343.90) and South Korea's Seoul Composite (down 3.40% at 1,829.04) all edged lower.

US markets suffered sharp losses on Monday, 19 November 2007, after a broker downgrade of Citigroup sparked concerns of more mortgage losses and fears of slumping auto sales hammered GM shares. The Dow Jones industrial average plunged 218.35 points, or 1.66%, to 12,958.44. The S&P 500 index fell 25.47 points, or 1.75%, to 1,433.27, and the Nasdaq Composite slipped 43.86 points, or 1.66%, to 2,593.38.

Crude oil prices edged lower in Asian trade on Tuesday, 20 November 2007 with the dip seen as temporary because traders were still worried about tight global supplies. New York's main contract, light sweet crude for January delivery was down 26 cents at $94.38 a barrel. Brent North Sea crude for January delivery eased 33 cents to $91.95.

Market posted losses for third straight day on Monday, 19 November 2007. The 30-share BSE Sensex lost 64.53 points or 0.33% at 19,633.36 while the broader CNX S&P Nifty was up 0.8 points or 0.01% at 5,907.65 on that day

As per provisional data, FIIs sold shares worth a net Rs 371.04 crore, while domestic institutional investors (DIIs) were net sellers of shares worth Rs 63.45 crore on Monday, 19 November 2007.