US crude rose 26 cents to $118.84 a barrel today, 7 August 2008 on fears over slowing US demand. The contract is almost 20% off the record of $147.27 a barrel hit on 11 July 2008.
Meanwhile, Prime Minister�s Economic Advisory Council (EAC) Chairman C. Rangarajan on Wednesday, 6 August 2008 projected a moderation in India�s economic growth to 7.5-8% this fiscal with no change in the Reserve Bank�s monetary stance until inflation cools down to reasonable levels. He expects the rate of inflation to ease to 8-9% by the end of the current fiscal in March 2009 from the prevailing level of close to 12%.
Asian markets were trading mixed today, 7 August 2008. China's Shanghai Composite rose 0.69% or 18.74 points at 2,738.11, Hong Kong's Hang Seng gained 1.30% or 285.76 points at 22,235.51. However, Japan's Nikkei plunged 1.21% or 161 points at 13,093.89, Taiwan's Taiwan Weighted slipped 0.04% or 2.46 points at 7,023.78, Singapore's Straits Times was down 1.14% or 33.02 points at 2,853.76 and South Korea's Seoul Composite lost 1.20% or 19.02 points at 1,559.69.
US stocks advanced on Wednesday, 6 August 2008 as a drop in oil prices and a better-than-expected profit report from the technology major Cisco Systems helped ease worries about the financial sector. The Dow Jones industrial average added 40.30 points, or 0.35%, to 11,656.07. The Nasdaq Composite index rose 28.54 points, or 1.21%, to 2,378.37.
Back home, stocks ended volatile session slightly higher extending gains for the second straight day yesterday, 6 August 2008. The BSE 30-share Sensex rose 112.47 points or 0.75% to 15,073.54 and the S&P CNX Nifty rose 14.70 points or 0.33% to 4,517.55, yesterday 6 August 2008.
The BSE Sensex is down 5,213.45 points or 25.69% in the calendar year 2008 so far from its close of 20,286.99 on 31 December 2007. It is 6,133.23 points or 28.92% away from its all-time high of 21,206.77 struck on 10 January 2008.
Foreign institutional investors were net equity buyers worth Rs 1815.74 crore while mutual funds sold shares worth Rs 804.36 crore yesterday, 6 August 2008, according to provisional data on NSE.
Foreign institutional investors (FIIs) were net buyers of Rs 2364.20 crore in the futures & options segment yesterday, 6 August 2008. They were net buyers of index futures to the tune of Rs 2332.22 crore and bought index options worth Rs 160.56 crore. They were net sellers of stock futures to the tune of Rs 152.83 crore and bought stock options worth Rs 2364.20 crore.
Meanwhile, the Reserve Bank of India (RBI) on Wednesday, 7 August 2008 allowed exchange-traded currency futures by putting out guidelines on the same. Three exchanges have applied to the Securities and Exchange Board of India to start the currency futures --- the Bombay Stock Exchange, the National Stock Exchange and MCX.
The Centre�s direct tax revenues continue to be buoyant, with net collections recording a 46.95% growth in the first four months of the current fiscal. Data released on Wednesday, 7 August 2008 showed that net direct tax collections stood at Rs 71,648 crore during April-July 2008 as compared with Rs 48,756 crore collected in the same period last year.