Market to consolidate at higher level

The market is expected to consolidate at higher levels after a sharp recent rally. The 30-share BSE Sensex jumped 645. 68 points or 3.63% to 18,419.04, while the S&P CNX Nifty gained 242.40 points or 4.6% to 5428.25 in the week ended Friday, 12 October 2007.

Asian markets were trading lower today, 15 October 2007. Japan's Nikkei (down 0.10% at 17,313.70), Hang Seng (down 0.08% at 28,814.90), Singapore's Straits Times (down 0.03% at 3,856.15), and South Korea's Seoul Composite (down 0.54% at 2,015.57) edged lower.

US markets ended higher with moderate gains on Friday, 12 October 2007, as technology stocks advanced on takeover news and economic data gave indication that the economy looks healthy.

Dow Jones Industrial Average gained 77.96 points, or 0.56% at 14093.08. The Nasdaq composite index advanced 33.48 points, or 1.21% at 2805.68. The Standard and Poor's 500 Index surged 7.39 points or 0.48% to close at 1,561.80.

Crude oil prices were little changed on Monday, 15 October 2007 hovering within sight of last week's record high of $84.05 a barrel as mounting tension between Turkey and Iraq added to a rally fuelled by winter supply worries and dollar weakness. US light, sweet crude for November delivery fell 12 cents to $83.57 a barrel. London Brent crude fell 34 cents to $80.21 a barrel.

As per provisional data, foreign institutional investors (FIIs) purchased shares worth a net Rs 315.36 crore, while domestic institutional investors (DIIs) were net sellers of shares worth Rs 883.68 crore on Friday, 12 October 2007.

India's wholesale price index rose 3.26% in the 12 months to 29 September 2007, lower than the previous week's 3.42% rise, government data showed on Friday, 12 October 2007. India's industrial output in August rose 10.7% from a year earlier, higher than upwardly revised annual growth of 7.5% in July due to mining, manufacturing and electricity production, data showed on Friday, 12 October 2007