Markets thank it146;s weekend

Raising concern, crude oil flared up 3.57 per cent to 145.70 a barrel today amid growing worries of threats to supplies from Nigeria and Iran, as well as concern over a Brazilian oil workers strike next week. Crude oil prices have not stabilised. It is threatening to rise again, analysts said. The market is also worried about the political uncertainty and whether the government will be able to win the confidence vote in Parliament.

Weak economic data on inflation and index for industrial production also had its impact on sentiments. 8220;We need to prepare for tougher measures to rein in inflation. Further tightening on the monetary and supply front can be expected,8221; he said.

Asian markets, which opened before Indian market rose, were boosted by a report that the US government is weighing the takeover of top US mortgage lenders Fannie Mae and Freddie Mac which have been under fire on fears they may not be able to get the capital they need to survive. Key benchmark indices in Hong Kong, Japan, Singapore, South Korea and Taiwan were up by 0.87 per cent to 2.39 per cent.