Market to head higher as Asian stocks extend recovery

The market is expected to head higher tracking firm US and Asian markets. The BSE 30-share Sensex rose 49.93 points or 0.33% at 14,985.70, on Thursday, 2 August 2007, in volatile trade on alternate bouts of buying and selling.

Asian indices advanced in early trade today, 3 August reacting to a US rally. Japan's Nikkei was up 0.14% or 24.56 points at 17,008.67.

Taiwan's Taiwan Weighted (up 1.20% at 9,058.23), Hong Kong's Hang Seng (up 0.54% at 22,564.88), South Korea's Seoul Composite (up 0.75% at 1,866.89) advanced.

However, Singapore's Straits Times was down 0.14% at 3,430.59.

Wall Street shares advanced after solid readings on corporate earnings and the job market calmed some of investors' anxiety about a tight credit market. The Dow rose 100.96 points, or 0.76, to 13,463.33. The Standard & Poor's 500 index picked up 6.39 points, or 0.44%, closing at 1,472.20, while the Nasdaq Composite index rose 22.11 points, or 0.87%, to 2,575.98.

As per provisional data, foreign institutional investors (FIIs) sold shares worth a net Rs 537.37 crore, while domestic institutional investors (DIIs) were net buyers of shares worth Rs 282.57 crore on Thursday, 2 August 2007.