Market to stay sideways

The market is expected to stay sideways in absence of near term positive triggers. Market posted losses for sixth straight day yesterday, 22 November 2007. The Sensex slipped 76.30 points or 0.41% at 18,526.32 in highly volatile trade, on Thursday, 22 November 2007. The S&P CNX Nifty ended 41.7 points or 0.75% lower at 5,519.35.

Annual inflation data, based on the wholesale price index (WPI), for the week ended 10 November 2007 due today, 23 November 2007. Inflation was up 3.11% in the week ended 3 November 2007, riven by higher prices of manufactured products and fuel.

Asian markets were trading mixed today, 23 November 2007. Hong Kong's Hang Seng (up 2.47% at 26,647.45), Straits Times (up 0.58% at 3,332.14), and Straits Times (up 0.29% to 3,322.63) rose

However, Taiwan's Taiwan Weighted (down 0.16% at 8,485.66) and South Korea's Seoul Composite (down 1.05% at 1,780.18) slipped.

US markets remained closed for Thanksgiving day yesterday, 22 November 2007.

As per provisional data, FIIs sold shares worth a net Rs 2487.71 crore, while domestic institutional investors (DIIs) were net buyers of shares worth Rs 1341.15 crore on Thursday, 22 November 2007.

Crude oil prices climbed back above $97 a barrel in thin trade on Friday, 23 November 2007 buoyed by the unrelenting decline in the US dollar. London Brent crude rose 35 cents to $94.85 a barrel, while U.S. light crude for January delivery stood at $97.35 a barrel.