Post Market Analysis For 16th April ,2007

The market firmed up further in afternoon trade following reports that the annual June-September monsoon rains were expected to be close to 100% of the long-term average this year. The S&P CNX Nifty struck the psychologically-significant 4,000 level. The S&P CNX Nifty was up 82.65 points, at 4,000. The last time the Nifty had struck 4,000, was on 23 February 2007. It last closed above 4,000 level on 22 February 2007. The market had surged at the onset itself, on the back of broad-based gains in Indian ADRs on Friday and also due to firm Asian markets. The BSE clocked a turnover of Rs 2587 crore. Global liquidity still remains strong, helping global markets to recover rapidly from recent steep corrections. However, concerns that too much money will lead to inflated prices of assets and volatility remain. US crude oil futures ended lower on Friday on profit-taking. May crude settled down 22 cents, or 0.3%, at $63.63 a barrel. As per a provisional data, FIIs were net buyers to the tune of Rs 238.50 crore on Friday (13 April), the day when the Sensex had surged 270 points. They were net buyers to the tune of Rs 355 crore in index-based futures on that day. FIIs were net buyers to the tune of Rs 216.53 crore in individual stock futures on that day.