Indian markets may extend yesterday's robust gains as worries of an early election eased, cooling off the political worries till further meeting between the government and Left parties. FIIs continue to be the robust buyers in Indian equities. Asian markets opened on a positive note today and US stocks chased new highs yesterday.
Q2 September 2007 results are 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 Thursday, 11 October 2007. Indian software services firms are set to report strong quarterly profits as more foreign companies look to outsourcing to cut costs, but the rupee's surge to 9-� year highs, wage hikes and a possible US slowdown are concerns for the export-driven sector.
The Congress-led United Progressive Alliance (UPA) government at the centre and its communist allies stepped back from the brink on Tuesday, 9 October 2007, agreeing to meet again this month to resolve a row over a nuclear deal with the United States. The next meeting of the UPA-Left committee which is looking into Left Front's concerns over nuclear deal will be held on 22 October 2007. The committee held its fourth meeting in New Delhi yesterday, 9 October 2007.
The meeting was held in the backdrop of widening of rift on the nuclear deal with Left parties rejecting a plea of the government that it be allowed to engage in negotiations with International Atomic Energy Association (IAEA) over the nuke deal.
Annual inflation, based on the wholesale price index (WPI), moved up 3.42% in the week ended 22 September 2007 from 3.23% in the week ended 15 September 2007. The market estimate was 3.22%. Annual inflation stood at 5.43% in the corresponding week last year.
Asian markets, which opened before the Indian markets, were trading mixed today. Hong Kong's Hang Seng (up 1.45% to 28,637.91) Singapore's Straits Times (up 0.38% to 3,880.45) , Japan's Nikkei (up 0.29% at 17,210.45) and Korea's Seoul Composite (up 1.11% to 2,036.01) edged higher. Taiwan's Taiwan Weighted (down 0.8% to 9,639.83) edged lower.
US stocks surged on Tuesday, 9 October 2007. The Dow Jones gained 120.80 points, on the day, closing at 14,164.53. Nasdaq Composite rose 16.54 points, to close at 2,803.91. The Dow and S&P 500 jumped to close at record highs on Tuesday after minutes from the Federal Reserve's last meeting showed inflation expectations were contained, leaving open the question of whether another rate cut is near.
US markets had surged earlier as non-farm payrolls report released on Friday 5, October 2007 showed US employers added 1,10,000 jobs in September 2007 and August 2007 job losses were revised to a gain, helping lift worries about a US recession in the near term.
As per provisional NSE data, foreign institutional investors (FIIs) were net buyers of Rs 1,416.72 crore of equities, while domestic institutional investors (DII) were net sellers of Rs 529.38 crore of equities on Tuesday, 9 October 2007.
The BSE 30-share Sensex saw a record single day rally of 788.85 points, or 4.51%, to 18,280.24, an all-time closing high on Tuesday, 9 October 2007. Sensex completed its 17,000 to 18,000 journey in just 8 trading sessions, the second fastest 1,000-point rally ever. The market had hit 17,000 mark on 26 September 2007. The broader based S&P CNX Nifty ended up 242.15 points, or 4.76%, to 5,327.25, a record closing high on Tuesday, 9 October 2007.
Short covering by trapped bears, who went short anticipating political problems, also pulled up the market significantly yesterday.
Heavy FII buying and hopes of a further cut in interest rates by the US Federal Reserve at its next policy meeting on 30-31 October 2007 have boosted the bourses in the past few days.
Q2 September 2007 results are 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 Thursday, 11 October 2007. Indian software services firms are set to report strong quarterly profits as more foreign companies look to outsourcing to cut costs, but the rupee's surge to 9-� year highs, wage hikes and a possible US slowdown are concerns for the export-driven sector.
The Congress-led United Progressive Alliance (UPA) government at the centre and its communist allies stepped back from the brink on Tuesday, 9 October 2007, agreeing to meet again this month to resolve a row over a nuclear deal with the United States. The next meeting of the UPA-Left committee which is looking into Left Front's concerns over nuclear deal will be held on 22 October 2007. The committee held its fourth meeting in New Delhi yesterday, 9 October 2007.
The meeting was held in the backdrop of widening of rift on the nuclear deal with Left parties rejecting a plea of the government that it be allowed to engage in negotiations with International Atomic Energy Association (IAEA) over the nuke deal.
Annual inflation, based on the wholesale price index (WPI), moved up 3.42% in the week ended 22 September 2007 from 3.23% in the week ended 15 September 2007. The market estimate was 3.22%. Annual inflation stood at 5.43% in the corresponding week last year.
Asian markets, which opened before the Indian markets, were trading mixed today. Hong Kong's Hang Seng (up 1.45% to 28,637.91) Singapore's Straits Times (up 0.38% to 3,880.45) , Japan's Nikkei (up 0.29% at 17,210.45) and Korea's Seoul Composite (up 1.11% to 2,036.01) edged higher. Taiwan's Taiwan Weighted (down 0.8% to 9,639.83) edged lower.
US stocks surged on Tuesday, 9 October 2007. The Dow Jones gained 120.80 points, on the day, closing at 14,164.53. Nasdaq Composite rose 16.54 points, to close at 2,803.91. The Dow and S&P 500 jumped to close at record highs on Tuesday after minutes from the Federal Reserve's last meeting showed inflation expectations were contained, leaving open the question of whether another rate cut is near.
US markets had surged earlier as non-farm payrolls report released on Friday 5, October 2007 showed US employers added 1,10,000 jobs in September 2007 and August 2007 job losses were revised to a gain, helping lift worries about a US recession in the near term.
As per provisional NSE data, foreign institutional investors (FIIs) were net buyers of Rs 1,416.72 crore of equities, while domestic institutional investors (DII) were net sellers of Rs 529.38 crore of equities on Tuesday, 9 October 2007.
The BSE 30-share Sensex saw a record single day rally of 788.85 points, or 4.51%, to 18,280.24, an all-time closing high on Tuesday, 9 October 2007. Sensex completed its 17,000 to 18,000 journey in just 8 trading sessions, the second fastest 1,000-point rally ever. The market had hit 17,000 mark on 26 September 2007. The broader based S&P CNX Nifty ended up 242.15 points, or 4.76%, to 5,327.25, a record closing high on Tuesday, 9 October 2007.
Short covering by trapped bears, who went short anticipating political problems, also pulled up the market significantly yesterday.
Heavy FII buying and hopes of a further cut in interest rates by the US Federal Reserve at its next policy meeting on 30-31 October 2007 have boosted the bourses in the past few days.
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