Market may decline on weak global cues

The market may edge lower tracking weak Asian markets, which were being battered by a stronger yen, higher oil prices and worries about the U.S. economy. With December 2007 quarterly results season around the corner, investors may stay on sidelines before taking fresh positions.

Asian markets were trading lower today, 4 January 2008. Japan's Nikkei (down 4.03% at 14,691.41), Singapore's Straits Times (down 0.13% at 3,392.68), South Korea's Seoul Composite (down 0.62% at 1,841.33) edged lower. However, Hong Kong's Hang Seng (up 0.51% at 27,025.54) and Sanghai Composite (up 0.60% to 5,352), rose

Markets in the United States ended flat on Thursday, 3 January 2008. The Dow Jones industrial average was up 12.76 points, or 0.10%, at 13,056.72. The Standard & Poor's 500 Index was unchanged at 1,447.16. The Nasdaq Composite Index was down 6.95 points, or 0.27%, at 2,602.68.

Back home, the 30-share BSE Sensex settled 120.10 points or 0.59% lower at 20,345.20, on Thursday 3 January 2008. Sensex had hit a record high of 20,529.48 in late trade on 2 January 2008. The S&P CNX Nifty declined marginally by 0.85 points or 0.01% to 6178.55 on Thursday 3 January 2008. It struck all-time high of 6230.15 in intra-day trade yesterday.

As per provisional data, foreign institutional investors (FIIs) sold shares worth a net Rs 244.56 crore, while domestic institutional investors (DIIs) were net buyers of shares worth Rs 526.65 crore on Thursday, 3 January 2008.

FIIs were net sellers of Rs 907 crore in the futures & options (F&O) market on Thursday, 3 January 2008. They were net sellers of Rs 1,132 crore in stock futures, Rs 109 crore in index futures and Rs 25 crore in stock options. They were net buyers of Rs 359 crore in index options.

Crude oil for February delivery rose to $100.09 in intraday trading in New York yesterday, the highest since trading began.