Kissing 18000 today?

The market is likely to cross the 18,000 mark today. Volatility is expected as Asian markets opened on a subdued note and the American markets ended on a negative note. The market surged higher on Monday, 3 October 2007,foreign instutional investors pumping in a whopping Rs 2,662 crore worth of equity on Wednesday only reinforces confidence in the system.

Q2 September 2007 results is the next major trigger for the market. Figures of advance tax suggest that earnings will be decent to strong. IT bellwether Infosys Technologies kickstarts reporting season on 11 October 2007.

Reportedly,Union Finance Minister P Chidambaram has advised retail investors in the stock market to be cautious as the benchmark index nears the 18,000-point level even as he welcomed the interest evinced by foreing institutional investors (FIIs).

The market has been a roll with the BSE 30-share Sensex hitting a record high in each of the past ten trading sessions from 19 September 2007 to 3 October 2007. Heavy FII buying and hopes of a further cut interest rates by the US Federal Reserve at its next policy meeting on 30 October 2007-31 October 2007 have boosted the bourses. From a low of 13,989.11 on 21 August 2007, the Sensex galloped a whopping 3,857.93 points, or 27.57%, to 17,847.04 on Wednesday, 3 October 2007.

Most of the Asian markets, which opened before the Indian markets, were in red today. Hong Kong’s Hang Seng (down 1.81% to 26,974.60), Taiwan's Taiwan Weighted (down 0.56% to 9,645.57) and Japan's Nikkei (down 0.59% at 17,098.90) edged lower. Singapore's Straits Times (up 0.37% to 3,768.62) edged higher.

American markets ended in red on Wednesday, 3 October 2007. The Dow Jones Industrial Average index ended down 79.26 to 13,968.05 points and Nasdaq down 17.68 points to 2,729.43 after hit by tech sell-off and job data fears.

The rising rupee is a major concern for policymakers as it rose to its 9-½-year high on Wednesday, 3 October 2007: 39.5450 per dollar. This is its strongest level since April 1998, up from Wednesday's close of 39.575/585

Provisionally as per NSE data, foreign institutional investors (FIIs) were net buyers of Rs 2,662.06 crore while Domestic institutional investors were net sellers of Rs 221.73 crore on Wednesday, 3 October 2007.

The Sensex ended up 518.42 points, or 2.99%, to 17,847.04, an all-time closing high on Wednesday, 3 October 2007. The S&P CNX Nifty was up 141.85 points, or 2.8%, to 5,210.80, an all-time closing high on Wednesday, 3 October 2007.