Local bourses are headed for weak start tracking a sell-off in global markets. Cues from the derivatives front were not encouraging either.
Futures & options contracts for July 2008 series which expired yesterday 31 July 2008, saw poor rollovers. As per reports, Nifty rollover of positions from July 2008 series to August 2008 series stood at 65.05% as compared to 70.07% in the previous series. Even in single stock futures, rollovers were relatively muted at 79.19% compared to 82.05% in the previous series.
US light crude for September delivery fell 83 cents to $123.25 a barrel yesterday, 31 July 2008, as sluggish US economic data prompted fund selling on fears of eroding demand in the world's biggest energy user.
Marketmen will be keenly watching the International Atomic Energy Agency (IAEA) meet, scheduled later today, 1 August 2008 to consider the India-specific safeguards agreement, which will be a key step for the operationalisation of the Indo-United States nuclear deal.
The wholesale price index rose 11.98% in the 12 months to 19 July 2008, above the previous week's reading of 11.89%, data released after market hours yesterday, 31 July 2008 showed.
In the near term, the market trend is likely to dictated by the progress of the monsoon and quarterly earnings from corporates.
Asian markets were trading weak today, 1 August 2008. China's Shanghai Composite was down 0.59% or 16.39 points at 2,759.32, Japan's Nikkei plunged 2.21% or 295.88 points at 13,080.93, Hong Kong's Hang Seng tumbled 1.54% or 351.15 points at 22,379.95, Taiwan's Taiwan Weighted fell 1.49% or 104.93 points at 6,919.13, Singapore's Straits Times slipped 1.23% or 36.08 points at 2,893.57, and South Korea's Seoul Composite declined 1.59% or 25.43 points at 1,569.24
US markets tumbled yesterday, 31 July 2008 after disappointing economic data dampened sentiment. Federal Reserve Chairman Alan Greenspan's statement that a slowing global economy may push the United States into recession and that US housing market crisis is nowhere near the bottom added to the bearish mood. The Dow plunged 205.67 points, or 1.78%, to 11,378.02. The Standard & Poor's 500 index declined 16.88 points, or 1.31%, to 1,267.38, while the Nasdaq lost 4.17 points, or 0.18%, to 2,325.55.
Back home, the key benchmark indices ending marginally higher yesterday, 31 July 2008 amidst volatility as futures & options contracts for July 2008 series expired. The 30-share BSE Sensex rose 68.54 points or 0.48% at 14,355.75 and the broader based S&P CNX Nifty was up 19.40 points or 0.45% to 4,332.95, on that day.
As per the provisional figures foreign institutional investors (FII)'s bought shares worth Rs 494.87 crore while domestic funds purchased shares worth Rs 320.57 crore yesterday 29 July 2008.
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