Market may edge lower

The market may edge lower on weak Asian markets. The market had shown some resistance last week despite higher inflation data and spiraling crude prices.

Market had remained closed on Monday, 19 May 2008, on account of Buddha Purnima.

The wholesale price index rose 7.83% in 12 months to 3 May 2008, higher than previous week's annual rise of 7.61%, government data released on 16 May 2008, showed. It was the highest since an annual reading of 7.93% n 6 November 2004. The annual inflation rate was 5.74% during the corresponding week of the previous year.

Asian markets were trading lower today, 20 May 2008. Indices in China, Hongkong, Japan, Singapore and Taiwan were down by between 0.8% to 1.91%. While South Korea’s Strait Times rose 0.24% to 3,215.25.

US markets ended the day on Monday 19 May 2008 nearly unchanged following a late-day sell-off. Weakness in techs, retail and housing prompted traders to lock in some profits.

The Dow gained 41.36 points, or 0.32%, to 13,028.16. The S&P 500 rose 1.28 points, or 0.09%, to 1,426.63, and Nasdaq composite index was down 12.76 points, or 0.50%, to 2,516.09.

Back home on Friday 16 May 2008, The 30-share BSE Sensex rose 81.40 points or 0.47% at 17,434.94. The broader based S&P CNX Nifty advanced 42.45 points or 0.83% at 5,157.70.

The BSE Sensex had risen 697.87 points or 4.17% to 17,434.94 in the week ended Friday, 16 May 2008. The S&P CNX Nifty rose 175.10 points or 3.51% to 5157.70 in the week.

As per provisional data, foreign funds purchased shares worth a net Rs 475.87 crore on 16 May 2008. Domestic funds bought shares worth a net Rs 392.1 crore on that day.

Crude-oil futures had marked their first close above $127 a barrel Monday 19 May 2008, with the market extending last week's strength on growing concerns about energy supply and demand from China.

Meanwhile , polling began from 16 May 2008, in 66 Assembly constituencies in ten districts of Karnataka in the second phase of election. Third and final phase of election will be held on 22 May 2008 in 69 constituencies spread across eight districts. Counting of votes for all the 224 segments will be held on 25 May 2008.