The market is expected to head higher and reach all-time high, following strong global cues. US markets settled on a firm note on Friday, 26 October 2007, while Asian markets were trading higher today, 29 October 2007.
The Sensex surged 472.28 points or 2.52% at 19,243.17, an all-time closing high, on Friday, 26 October 2007. It hit an all-time high of 19,276.45 in late trade. It surged 1,683.19 points or 9.59% to post biggest weekly gain in six-and-half years to settle at 19,243.17 in the week ended Friday, 26 October 2007.
The broader based S&P CNX Nifty jumped up 133.35 points or 2.39% at 5,702.30, a record closing high on Friday, 26 October 2007. It surged 487 points or 9.33% to 5,702.30 in the week ended Friday, 26 October 2007. Nifty hit record high of 5736.80 on 18 October 2007.
However, cautiousness may prevail ahead of the Reserve Bank of India's (RBI) mid-term review of annual policy due on Tuesday, 30 October 2007 and US Federal Reserve's meeting on Wednesday, 31 October 2007 on interest rates. High volatility cannot be ruled out.
As per reports, some bankers and economists expect a marginal cut in key short-term rates, while others feel that RBI might not do so in the face of inflationary expectations looming large due to surging global oil prices. Analysts speculate that Fed would cut rates by 25 basis points.
Asian markets advanced today, 29 October 2007, following a spurt on Wall Street on Friday, 26 October 2007, with Hang Seng and South Korean indices hitting record highs. Hong Kong's Hang Seng (up 4.77% at 31,278.87), Japan's Nikkei (up 1.18% at 16,700.79), Taiwan's Taiwan Weighted (up 1.53% at 9,778.84), South Korea's Seoul Composite (up 1.53% at 2,059.19), and Straits Times (up 0.66% at 3,796.49), edged higher.
US markets advanced on Friday, 26 October 2007 as strong earnings from Microsoft Corp. and an optimistic outlook from Countrywide Financial Corp. outweighed investor concerns about the economy.
The Dow Jones industrial average gained 134.78 points, or 0.99%, to 13,806.70. The S&P 500 index gained 20.88 points to 1,535.28, and the technology-dominated Nasdaq Composite index advanced 53.33 points, or 1.94%, to 2,804.19.
As per provisional data, FIIs sold shares worth a net Rs 1237.35 crore, while domestic institutional investors (DIIs) were net buyers of shares worth Rs 965.96 crore on Friday, 26 October 2007.
US crude oil futures jumped more than $1 a barrel to surpass $93 for the first time on Monday, 29 October 2007, supported by news of a halt to one-fifth of Mexico's oil output as well as the weak US dollar and geopolitical tension. It was up $1.28 a barrel at $93.14.
Annual inflation, based on the wholesale price index (WPI), remained unchanged at 3.07% in the week ended 13 October 2007 compared with the week ended 6 October 2007, data released on Friday, 26 October 2007 showed.
The Sensex surged 472.28 points or 2.52% at 19,243.17, an all-time closing high, on Friday, 26 October 2007. It hit an all-time high of 19,276.45 in late trade. It surged 1,683.19 points or 9.59% to post biggest weekly gain in six-and-half years to settle at 19,243.17 in the week ended Friday, 26 October 2007.
The broader based S&P CNX Nifty jumped up 133.35 points or 2.39% at 5,702.30, a record closing high on Friday, 26 October 2007. It surged 487 points or 9.33% to 5,702.30 in the week ended Friday, 26 October 2007. Nifty hit record high of 5736.80 on 18 October 2007.
However, cautiousness may prevail ahead of the Reserve Bank of India's (RBI) mid-term review of annual policy due on Tuesday, 30 October 2007 and US Federal Reserve's meeting on Wednesday, 31 October 2007 on interest rates. High volatility cannot be ruled out.
As per reports, some bankers and economists expect a marginal cut in key short-term rates, while others feel that RBI might not do so in the face of inflationary expectations looming large due to surging global oil prices. Analysts speculate that Fed would cut rates by 25 basis points.
Asian markets advanced today, 29 October 2007, following a spurt on Wall Street on Friday, 26 October 2007, with Hang Seng and South Korean indices hitting record highs. Hong Kong's Hang Seng (up 4.77% at 31,278.87), Japan's Nikkei (up 1.18% at 16,700.79), Taiwan's Taiwan Weighted (up 1.53% at 9,778.84), South Korea's Seoul Composite (up 1.53% at 2,059.19), and Straits Times (up 0.66% at 3,796.49), edged higher.
US markets advanced on Friday, 26 October 2007 as strong earnings from Microsoft Corp. and an optimistic outlook from Countrywide Financial Corp. outweighed investor concerns about the economy.
The Dow Jones industrial average gained 134.78 points, or 0.99%, to 13,806.70. The S&P 500 index gained 20.88 points to 1,535.28, and the technology-dominated Nasdaq Composite index advanced 53.33 points, or 1.94%, to 2,804.19.
As per provisional data, FIIs sold shares worth a net Rs 1237.35 crore, while domestic institutional investors (DIIs) were net buyers of shares worth Rs 965.96 crore on Friday, 26 October 2007.
US crude oil futures jumped more than $1 a barrel to surpass $93 for the first time on Monday, 29 October 2007, supported by news of a halt to one-fifth of Mexico's oil output as well as the weak US dollar and geopolitical tension. It was up $1.28 a barrel at $93.14.
Annual inflation, based on the wholesale price index (WPI), remained unchanged at 3.07% in the week ended 13 October 2007 compared with the week ended 6 October 2007, data released on Friday, 26 October 2007 showed.
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