How will the market be today??
Market may extend gains
The market may edge higher tracking steady to firm Asian markets. On Thursday (24 August) 2006, Sensex jumped 125 points due to short covering in derivatives ahead of expiry of August 2006 derivatives contracts next week (on 31 August).
Volatility may remain high on the bourses till next Thursday (31 August) ahead of expiry of the August 2006 derivatives contracts.
Volumes had witnessed a surge in the middle of this month. But they have declined in the last two trading sessions. The daily total traded quantity of shares on BSE was about 16 crore shares in the past two trading sessions compared to a range of between 16 crore to 23 crore shares between 10 August to 22 August.
Asian markets were steady to firm on Friday (25 August). Key benchmark indices in Hong Kong, Japan, South Korea, Singapore and Taiwan were up by between 0.25% to 1.23%.
Meanwhile, concerns that a new tropical depression could threaten oil facilities lifted US crude oil futures above $73. Frontmonth US crude for October delivery briefly touched $73.05 a barrel and was up 72 cents at $72.88 in Asian trading on Friday.
Back home, some cautiousness may emerge on the bourses in the near term on reports that there is a strong pipeline of IPOs of about Rs 18000 crore which could suck out liquidity from the secondary market. DLF alone expected to raise Rs 13000 crore. The timing of the DLF IPO is however not yet known.
As per provisional data, FIIs sold shares worth a net Rs 24 crore on 24 August, the day when Sensex had surged 125 points.
The market may edge higher tracking steady to firm Asian markets. On Thursday (24 August) 2006, Sensex jumped 125 points due to short covering in derivatives ahead of expiry of August 2006 derivatives contracts next week (on 31 August).
Volatility may remain high on the bourses till next Thursday (31 August) ahead of expiry of the August 2006 derivatives contracts.
Volumes had witnessed a surge in the middle of this month. But they have declined in the last two trading sessions. The daily total traded quantity of shares on BSE was about 16 crore shares in the past two trading sessions compared to a range of between 16 crore to 23 crore shares between 10 August to 22 August.
Asian markets were steady to firm on Friday (25 August). Key benchmark indices in Hong Kong, Japan, South Korea, Singapore and Taiwan were up by between 0.25% to 1.23%.
Meanwhile, concerns that a new tropical depression could threaten oil facilities lifted US crude oil futures above $73. Frontmonth US crude for October delivery briefly touched $73.05 a barrel and was up 72 cents at $72.88 in Asian trading on Friday.
Back home, some cautiousness may emerge on the bourses in the near term on reports that there is a strong pipeline of IPOs of about Rs 18000 crore which could suck out liquidity from the secondary market. DLF alone expected to raise Rs 13000 crore. The timing of the DLF IPO is however not yet known.
As per provisional data, FIIs sold shares worth a net Rs 24 crore on 24 August, the day when Sensex had surged 125 points.
posted by saylee at 9:11 PM
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