Market is expected to continue its recent rally

Market is expected to continue its recent rally, on positive global cues. Asian indices advanced today, 24 September 2007. Hong Kong's Hang Seng (up 0.84% at 26,061.84), Shanghai Composite (up 0.25% to 5,468.51), and Singapore's Straits Times (up 1.66% at 3,601.08). advanced

Market may however turn volatile ahead of the expiry of September 2007 futures & options (F&O) contracts due on Thursday, 27 September 2007.

US stocks posted steady gains on Friday, 21 September 2007 capping a strong week for Wall Street, as investors drew confidence from strong results at Oracle Corp. and a continued sense that lower interest rates should help bolster the economy. The Dow Jones industrial average rose 53.49, or 0.39%, to 13,820.19. Broader stock indicators also rose. The Standard & Poor's 500 index advanced 7.00, or 0.46%, to 1,525.75, while the Nasdaq Composite index rose 16.93, or 0.64%, to 2,671.22.

Crude oil prices dipped on Monday, 24 September 2007 as oil and gas producers in the Gulf of Mexico restored more output after a mild storm triggered evacuation and production cuts. US crude for November delivery fell 22 cents to $81.40 a barrel.

As per provisional data, foreign institutional investors (FIIs) purchased shares worth a net Rs 762.13 crore, while domestic institutional investors (DIIs) were net sellers of shares worth Rs 277.68 crore on Friday, 21 September 2007

The 30-shares BSE Sensex surged 216.28 points or 1.32% at 16,564.23, an all time closing high on Friday, 21 September 2007. It also hit an all time high of 16,616.84 in late trade. From a recent low of 13,989.11 on 21 August 2007, the Sensex has surged 2557.12 points or 18.27% to 16,564.23, in just 23 trading days.

The market posted weekly gains for fifth straight week, with the BSE Sensex surging 960.43 points or 6.16% to 16,564.23 for the week ended Friday, 21 September 2007. This is the biggest weekly gain ever posted by Sensex. The S&P CNX Nifty rose 319.55 points or 7% at 4,837.55 during the week.

As per the data released on Friday, 21 September 2007, inflation based on the wholesale-price-index rose 3.32% for the week ended 8 September 2007 as against 3.52% in the previous week.