The market is likely to stay range-bound on mixed global cues. However the sustained fall in crude oil prices and robust advance tax for Q1 June 2008 may boost the sentiment.
Asian markets were trading higher today, 18 June 2008. Shanghai Composite advanced 2.79% or 77.96 points at 2,872.71, Nikkei rose 0.66% or 94.03 points at 14,442.40, Hong Kong's Hang Seng gained 0.60% or 138.33 points at 23,196.32, Taiwan Weighted surged 0.49% or 39.83 points at 8,241.62 and South Korea's Seoul Composite was up 0.48% or 8.38 points at 1,759.09 and Singapore's Straits Times rose 0.02% or 2.3 points at 3,029.92
US market closed lower yesterday, 17 June 2008, on account of a warning from Goldman Sachs that banks may need to raise another $ 65 billion to tide over the credit crisis. The news rippled through the market, offsetting any positive impact from Goldman's earnings. The Dow Jones industrial average plunged 108.78 pints, or 0.89%, to 12,160.30. The S&P 500 index declined 9.21 points, or 0.68%, to 1,350.93, while the Nasdaq composite index lost 17.05 points, or 0.69%, to 2,457.
Bulls had an upper hand over bears yesterday, 17 June 2008, boosted by reports of higher advance tax payment by top Indian firms in the first installment of 15 June 2008, reports of good monsoon in the initial phase and easing of oil prices from record high. Banking and realty shares led the rally.
The 30-share BSE Sensex gained 301.08 points or 1.96% at 15,696.90 and the broader based S&P CNX Nifty rose 80.5 points or 1.76% at 4653, on that day.
As per provisional data, foreign funds bought shares worth a net Rs 142.36 crore yesterday, 17 June 2008. Domestic funds bought shares worth a net Rs 420.08 crore.
As per reports, India's monsoon rains in the first half of June 2008 were more than 40% above the long-term average, raising hopes of strong crop output at a time when rising food prices have helped push inflation to 7-year highs.
Crude oil fell for a fourth day yesterday, 17 June 2008, on signs that fuel demand in the US, the world's largest consumer, is declining as record prices curb usage. US crude futures for July fell 66 cents to $133.35 a barrel, taking four-day losses to over $3.30 a barrel or 2.4%.
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