The market may remain volatile in the near term in continuation of the trend witnessed this week. IT bellwether Infosys reported stronger-than-expected growth in net profit in Q3 December 2007, just a while ago. However, pressure may continue on small-cap and mid-cap stocks as investors stay in cash to subscribe to the mega IPO of Reliance Power which opens for subscription next week. Small-cap and mid-cap shares have witnessed profit taking in this week after a solid surge over the past few weeks.
US stocks ended higher on Thursday following news Bank of America is in advanced talks to buy struggling mortgage lender Countrywide Financial Corporation. The market also took direction from remarks by Federal Reserve Chairman Ben Bernanke, who acknowledged that the economy was slowing sharply and the Fed was ready to aggressively cut interest rates to prevent an economic slowdown.
The Dow Jones industrial average surged 117.78 points, or 0.92%, at 12,853.09. The Standard & Poor's 500 Index rose 11.20 points, or 0.79%, at 1,420.33. The Nasdaq Composite Index advanced 13.97 points, or 0.56%, at 2,488.52.
Asian markets were mixed today. Key benchmark indices in Hong Kong, China and Taiwan were up by between 0.06% to 0.22%. Key benchmark indices in Japan and South Korea were down by between 0.9% to 1.2%.
As per provisional data, FIIs sold shares worth a net Rs 253.34 crore on Thursday, 10 January 2008. Domestic mutual funds bought shares worth a net Rs 388.73 crore.
FIIs were net buyers to the tune of Rs 663.54 crore in the futures & options segment on Thursday. According to data released by the NSE, FIIs were net buyers of index futures to the tune of Rs 149.06 crore and bought index options worth Rs 286.05 crore. They were net buyers of stock futures to the tune of Rs 234.18 crore and sold stock options worth Rs 5.75 crore
Data on inflation based on the wholesale price index (WPI) for the year through, 29 December 2007, is due today. Inflation stood at 3.5% in the year through 22 December 2007.
Powered byCapital Market - Live News