Market to head higher

The market is expected to recover tracking firm global markets. However, volatility may remain high as has been the case this week after a carnage in share prices witnessed early this week. Meanwhile, stock exchanges have postponed clearing and settlements today due to strike by bank employees. Settlement of trades done on Wednesday, 23 January 2008, will be done on Monday, 28 January 2008.

As per provisional data, FIIs sold shares worth a net Rs 2254.93 crore on Thursday, 24 January 2008, the day when Sensex had lost 372 points. Domestic funds bought shares worth a net Rs 1117.03 crore on that day.

Foreign institutional investors (FIIs) were net buyers to the tune of Rs 2,541.52 crore in the futures & options segment on Thursday. According to data released by the NSE, FIIs were net buyers of index futures to the tune of Rs 341.18 crore and sold index options worth Rs 67.35 crore. They were net buyers of stock futures to the tune of Rs 2,270.27 crore and sold stock options worth Rs 2.58 crore.

Stocks rose in Asia today, 25 January 2008, buoyed up by several factors including strong corporate sentiment in Germany and a return of some confidence in the US economy after solid employment data and a congressional fiscal package. The Bush administration's fiscal package includes $150 billion of tax rebates and business incentives meant to prevent a slowdown in the country's economy.