Market may open lower

The market may open lower on weak global cues. Asian markets were trading weak today, 3 March 2008. Japan's Nikkei (down 3.98% at 13,062.15), Hang Seng (down 2.77% at 23,656.36), Taiwan Weighted (down 2.07% at 8,238.45), Straits Times (down 2.81% at 2,941.45), South Korea's Seoul Composite (down 2.72% at 1,665.01) edged lower.

US Market slumped on Friday, 29 February 2008, after a series of economic reports stirred recession fears. The Dow Jones industrial average tumbled 315.79 points, or 2.51%, to 12,266.39. The Standard & Poor's 500 index fell 37.05 points, or 2.71%, to 1,330.63 and the Nasdaq composite index slipped 60.09 points, or 2.58%, to 2,271.48.

Back home, the 30-share BSE Sensex declined 245.76 points or 1.38% at 17,578.72 on Friday, 29 February 2008 after the finance minster (FM) P Chidambaram announced a hike in short term capital gains tax on sale of shares to 15% from 10%, in Union Budget 2008-09. S&P CNX Nifty fell 61.6 points or 1.17% to 5,223.50 on that day.

The 30-share BSE Sensex gained 229.65 points or 1.32% to 17,578.72, in the week ended 29 February 2008. The S&P CNX Nifty advanced 112.75 points or 2.20% to 5223.50, in the week.

However Sensex is down 3,628.05 points or 17.10% from a record high of 21,206.77 hit on 10 January 2008. The barometer index is down 2708.27 points or 13.34% in calendar 2008 so far.

The wholesale price index rose 4.89% in the 12 months to 16 February 2008, higher than the previous week's rise of 4.35%, government data showed on Friday, 29 February 2008.

As per provisional data, foreign institutional investors (FIIs) sold shares worth Rs 334.87 crore on Friday, 29 February 2008. Domestic institutional investors (DIIs) were net buyers of shares worth Rs 742.79 crore on that day

FIIs were net sellers of Rs 523.24 crore in the futures & options segment on Friday, 29 February 2008. They were net sellers of index futures to the tune of Rs 1,084.92 crore and bought index options worth Rs 737.39 crore. They were net sellers of stock futures to the tune of Rs 179.85 crore and bought stock options worth Rs 4.13 crore.

Crude oil prices rose marginally today, 3 February 2008, finding support from a sharp decline in the U.S. dollar. U.S. light crude for April delivery rose 10 cents to $101.94 a barrel. London Brent crude was unchanged at $100.10