The market is expected to head higher following the return of foreign institutional investors (FIIs) from their year end holidays. FIIs, regarded as key drivers in the recent bull-run pumped Rs 72000 crore in Indian equity market. They are expected to allocate higher funds for India from their annual portfolio following expectations of strong December 2007 quarterly earnings and positive expectations from Union budget.
All Asian markets except, BSE Sensex, will remain closed today, 1 January 2008. US markets ended year 2007 on a negative note as tech stocks were hit by profit-takers and falling oil prices sent energy shares lower on Friday, 31 December 2007. The Dow Jones industrial average slipped 101.05 points, or 0.76%, to 13,264.82. The S&P 500 index declined 10.13 points, or 0.69%, to 1,468.36. The Nasdaq Composite index fell 22.18 points, or 0.83%, to 2,652.28.
Back home, the 30-share BSE Sensex rose 80.04 points or 0.40% to 20,286.99, on Monday 31 December 2007. The broader CNX S&P Nifty rose 58.90 points or 0.97% to 6,138.60 on that day. Sensex struck an all time high of 20,498.11, while Nifty hit a record high of 6,185.40 on 13 December 2007.
In the calendar year 2007, the BSE Sensex surged 6,500.08 points or 47.14% to 20,286.99, from its close of 13,786.91 on 29 December 2006. It was the fourth best performer in terms of world market. The S&P CNX Nifty vaulted 2,172.20 or 54.76% in calendar 2007.
As per provisional data, foreign institutional investors (FIIs) purchased shares worth a net Rs 516.06 crore, while domestic institutional investors (DIIs) were net sellers of shares worth Rs 442.99 crore on Monday, 31 December 2007.
FIIs were net sellers of Rs 1,119 crore in the futures & options (F&O) market on Monday, 31 December 2007. FIIs were net sellers of Rs 867 crore in stock futures and Rs 340 crore in index futures, but net buyers of Rs 88 crore in index options.