Market seen consolidating on mixed global cues

Key benchmark indices are seen consolidating today after a sharp rally on Monday, 8 September 2008 aided by the Nuclear Supplers' Group (NSG) waiver over the weekend, strong global cues and short covering. Global cues were mixed with Asian markets declining today and US indices surging overnight.

Most Asian markets were trading lower today, 9 September 2008. Japan's Nikkei plunged 1.47% or 185.43 points at 12,439.03, Hong Kong's Hang Seng fell 2.18% or 454.06 points at 20,340.21, Taiwan's Taiwan Weighted lost 2.86% or 190.21 points at 6,468.48, Singapore's Straits Times slipped 1.66% or 44.88 points at 2,652.15, South Korea's Seoul Composite declined 1.84% or 27.17 points at 1,449.48. However, China's Shanghai Composite rose 0.14% or 3.10 points at 2,146.52

US stocks surged on Monday, 8 September 2008 as investors bet Washington's bailout of mortgage finance giants Fannie Mae and Freddie Mac would stabilize the US housing sector and calm jittery world financial markets. The Dow Jones industrial average advanced 289.78 points, or 2.58%, to 11,510.74. The S&P 500 index rose 25.48 points, or 2.05%, to 1,267.79, and the Nasdaq Composite index gained 13.88 points, or 0.62%, to 2,269.76.

US crude futures fell 9 cents at $105.43 a barrel yesterday, 8 September 2008 after dipping to a five-month low of $104.70.

Back home, key benchmark indices surged on Monday, 8 September 2008 after the 45-nations Nuclear Supplier Group (NSG) on Saturday, 6 September 2008 lifted a 34-year-old embargo on nuclear trade with India. The BSE 30-share Sensex jumped 461.14 points and the S&P CNX Nifty jumped 130 points or 2.99%, to settle at 4482.30, on that day.

Foreign institutional investors (FIIs) were net equity buyers worth Rs 253.43 crore while mutual funds sold shares worth Rs 132.62 crore on Monday, 8 September 2008, according to provisional data on NSE.

FIIs were net buyers of Rs 1527 crore in the futures & options segment on Monday, 8 September 2008. They were net buyers of index futures to the tune of Rs 954.12 crore and bought index options worth Rs 505.80 crore. They were net sellers of stock futures to the tune of Rs 146.89 crore and bought stock options worth Rs 213.96 crore.