Market may slide on weak global cues

The market may slide today, following weak cues from global markets. Over the recent past, local market have been closely tracking movements in global indices.

The wholesale price index (WPI) figures for 12 months ended 23 February 2008, will be declared today, 7 March 2008. WPI rose 4.89 % in the 12 months to 16 February 2008 over the same period last year, higher than the corresponding previous week's rise of 4.35 %.

Asian markets were trading weak today, 7 March 2008. Hang Seng (down 2.64% at 22,727.24), Japan's Nikkei (down 2.86% at 12,836.82), Taiwan's Taiwan Weighted index (down 0.71% at 8,597.21), Singapore's Straits Times index (down 1.92% at 2,861.98) and South Korea's Seoul Composite index (down 2.15% at 1,661.01) declined.

US markets slumped to 18-month low on Thursday, 6 March 2008 as credit concerns rattled the market and lacklustre retail sales compounded worries about the economy. Home foreclosures climbing to record levels triggered further sell-off.

The Dow Jones industrial average plunged 214.60 points, or 1.75%, to 12,040.39. The Standard & Poor's 500 index slipped 29.36 points, or 2.20%, to 1,304.34, and the Nasdaq Composite index fell 52.31 points, or 2.30%, to 2,220.50.

Back home, the key benchmark indices surged on Wednesday, 5 March 2008, snapping thier four-day losing streak, on buying for index pivotals. The 30-share BSE Sensex rose 202.19 points or 1.24% at 16,542.08. The broader CNX S&P Nifty was up 57.15 points or 1.17% at 4921.40 on that day.

Local market remained close on Thursday 6 March 2008 on account of Mahashivratri.

As per provisional data, foreign institutional investors (FIIs) sold shares worth Rs 285.03 crore Wednesday, 5 March 2008. Domestic institutional investors (DIIs) were net sellers of shares worth Rs 131.68 crore on that day.

FIIs were net buyers of Rs 604.94 crore in the futures & options segment on Wednesday, 5 March 2008. They were net buyers of index futures to the tune of Rs 498.10 crore and bought index options worth Rs 129.67 crore. They were net sellers of stock futures to the tune of Rs 13.57 crore and sold stock options worth Rs 9.25 crore.

Meanwhile, trading on the bourses will halt between 11:45 IST to 12:30 IST daily till 18 March 2008 due to sun outage. The trading time has been extended till 16:15 IST.