Sensex hits 6-month low

The Sensex is down 4526.47 points or 22.31% in calendar 2008 so far

As per provisional data, foreign institutional investors (FIIs) sold shares worth Rs 358 crore today, 14 March 2008. Domestic institutional investors (DIIs) were net buyers of shares worth Rs 100.33 crore today.

Driven by the higher prices of food items and manufactured products, annual inflation rate based on the wholesale price index increased to 5.11% for the week ended 1 March 2008 as against 5.02% in the previous week. Inflation rate stood at 6.51% for the corresponding week in the previous year.

Finance minister (FM), P Chidambaram today said he expects the economy to maintain growth levels of above 8.5% in the coming years. FM also said in parliament that the present volatility in the local stock market reflected worldwide phenomena.

14 March 2008 a barrel after hitting a record of $111. London Brent crude for April dropped 54 cents to $107

The next trigger for the market would come from the figures of advance tax payment by corporates for the fourth installment, which falls due on 15 March 2008.

Another major trigger for the market is outcome of the US Federal Reserve meeting on 18 March 2008 to review interest rates. A cut in interest rate, as expected by the street may provide some support to the markets. Fed Chairman Ben Bernanke had signaled a readiness to cut interest rates again to prevent further damage to the weak US economy, even as he took note of rising inflation risks.