Sensex may test all time high

The benchmark index, BSE Sensex, may test its al time high of 14,723.88, which was struck on 9 February 2007. It is now just 179 points away from its close of 14,544.46 on 31 May 20007.

Meanwhile, the NSE Nifty, which has been striking all time highs, since past few day’s, may hit a new all time high. Its present all time high is 4,306.75, struck on 31 May 2007.

The ongoing buying momentum is going to continue further for the June series, after the smooth rollover of May series on 31 May 2007. As per market data, marketwide rollover was 82.8%, which is slightly higher than 82.5% during April expiry. Nifty Futures rollover was 75% as compared to 71.7% in previous expiry.

Asian shares were trading higher today, led by Japan, as the yen's continued weakness against the dollar boosted shares of exporters. Japan's Nikkei 225 index gained 0.63% or 111.79 points at 17,987.54 while the Taiwan Weighted index surged 1.02% or 83.02 points at 8,227.97.

Singapore's Straits Times (up 1.30% or 45.80 points at 3,556.93), South Korea's Seoul Composite (up 1.76% or 29.96 points at 1,730.87) and Hong Kong's Hang Seng index (up 0.06% or 11.78 points at 20,646.25) also posted gains.

Stocks finished largely flat on 31 May 2007, after a weak reading of the nation's gross domestic product muted Wall Street's enthusiasm over a new spate of acquisitions. Technology stocks fared better than most, however.

The Dow Jones industrial average slipped 5.44 points, or 0.04%, to 13,627.64, after reaching a new all time high of 13,673.07. On Wednesday , 30 May 2007, the Dow had surged over 111 points and set a new closing high of 13,633.08.

However, the broader stock indices managed gains. The Standard & Poor's 500 index advanced 0.39 point, or 0.03%, to 1,530.62, after soaring to a record close Wednesday, 30 May 2007, for the first time since March 2000.

The technology-dominated Nasdaq composite index showed more pronounced movement, rising 11.93 points, or 0.46%, to 2,604.52.

As per provisional figures, FIIs were net buyers to the tune of Rs 168.86 crore while Domestic Institutional Investors (DIIs) were also net buyers of Rs 32.19 crore, on 31 May 2007

Crude oil prices rose on Friday after a U.S. government weekly fuel supply report showed an unexpected decline in crude oil stockpiles. Light, sweet crude for July delivery added 17 cents to $64.18 a barrel in Asian electronic trading on the New York Mercantile Exchange, midmorning in Singapore.