Key benchmark indices are geared for a firm start boosted by fall in inflation in the week for the third straight week and US crude for October 2008 declining to 5-month low. However the volatility will remain high ahead of the release of industrial production data for July 2008 by noon today, 12 September 2008. Global cues were mixed.
The wholesale price index-based inflation rose 12.10% in the week ended 30 August 2008, below the previous week's annual rise of 12.34%, Government data released after market hours on Thursday, 11 September 2008 showed. The annual inflation rate was 3.72% during the corresponding week of the previous year.
US crude for October 2008 delivery rose 45 cents to $101.37 a barrel today, 12 September 2008 as the markets kept a watchful eye on the path of Hurricane Ike that could disrupt refineries and production in the United States for weeks. It lost $1.71 a barrel on Thursday, 11 September 2008 after falling to $100.10, its lowest level in 5-month in intra-day trade.
Asian markets were trading mixed today, 12 September 2008. China's Shanghai Composite was down 0.11% or 2.38 points at 2,076.59, Hong Kong's Hang Seng plunged 0.73% or 141.63 points at 19,247.09, Taiwan's Taiwan Weighted fell 0.32% or 19.80 points at 6,232.15. However, Japan's Nikkei rose 1.06% or 128.49 points at 12,230.99, Singapore's Straits Times advanced 0.81% or 20.71 points at 2,561.86 and South Korea's Seoul Composite gained 1.78% or 25.64 points at 1,468.88.
US markets staged a late rally on Thursday, 12 September 2008 as oil flirted with the $ 100 a barrel mark and on speculation that a resolution for Lehman Brothers could happen within days. The Dow Jones gained 164.79 points, or 1.46%, to 11,433.71. The S&P 500 index advanced 17.01 points, or 1.38%, to 1,249.05, while the Nasdaq Composite index added 29.52 points, or 1.32%, to 2,258.22.
Back home, weak global markets continued to haunt domestic bourses for the third straight day on Thursday, 11 September 2008. The BSE 30-share Sensex lost 338.32 points or 2.31% to 14,324.29 and the S&P CNX Nifty slipped 109.95 points or 2.5% to 4,290.30.
The barometer index is down 5,962.7 points or 29.39% in the calendar year 2008 so far from its close of 20,286.99 on 31 December 2007. It is 6,882.48 points or 32.45% away from its all-time high of 21,206.77 struck on 10 January 2008.
Foreign institutional investors (FIIs) were net equity sellers worth Rs 1506.96 crore while mutual funds bought shares worth Rs 586.59 crore on Thursday, 11 September 2008, according to provisional data on NSE.
FIIs were net sellers of Rs 1927.80 crore in the futures & options segment on Thursday, 11 September 2008. They were net sellers of index futures to the tune of Rs 1233.38 crore and sold index options worth Rs 505 crore. They were net sellers of stock futures to the tune of Rs 190.96 crore and bought stock options worth Rs 1.55 crore.
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