Market may open higher

The market is likely to open higher today tracking positive global cues. With results already declared from majority of the frontline corporates, the result season has almost come to an end. The near term trend is likely to be dictated by global cues.

Aggregate results of 1446 companies showed 17.50% rise in net profit on 22.10% rise in net sales in Q4 March 2008 over Q4 March 2007, so far. There was 28.60% rise in net profit on 23.70% rise in net sales in the year ended March 2008 over year ended March 2007.

Asian markets were trading mixed today, 7 May 2008. Shanghai Composite (up 0.61% at 3,756.15), Japan's Nikkei (up 0.93% at 14,179.49), Taiwan's Taiwan Weighted (up 1.07% at 8,952.03), advanced. However, Hong Kong's Hang Seng (down 0.24% at 26,199.67), Straits Times (down 0.04% at 3,247.42) and South Korea's Seoul Composite (down 0.06% at 1,857.87) slipped.

US markets rose to a four month high yesterday, 6 May 2008 as Financial and energy shares sparked the positive moves on the US indices. US largest mortgage financing company Fannie Mae surged after its officials said they were cautiously optimistic that the worst of the credit crisis had passed even after posting a $2.5 billion quarterly loss. The Dow Jones industrial average rose 51.29 points, or 0.40%, to 13,020.83. The Nasdaq Composite index rose 19.19 points, or 0.78%, to 2,483.31. The S&P 500 advanced 11 points to 1,418.

Back home, the 30-share BSE Sensex fell 117.89 points or 0.67% at 17,373.01 while the broader based S&P CNX Nifty slipped 47.6 points or 0.92% at 5144.65, on 6 May 2008.

As per provisional data, foreign funds sold shares worth a net Rs 815.61 crore yesterday, 6 May 2008. Domestic funds bought shares worth a net Rs 295.35 crore on that day.

Foreign institutional investors (FIIs) were net sellers of Rs 262.79 crore in the futures & options segment on Tuesday, 6 May 2008. They were net sellers of index futures to the tune of Rs 288.99 crore and bought index options worth Rs 242.96 crore. They were net sellers of stock futures to the tune of Rs 280.88 crore and bought stock options worth Rs 64.11 crore.

US crude was steady at $121.79 a barrel, just off a record high at $122.73 in New York with prices doubling in the past year. Foreign brokerage house Goldman Sachs, which had predicted that oil would hit $100 a barrel now forecasts a potential spike to $200 a barrel.