The market ended lower, after decent rise in the past two sessions, due to losses in the US markets on renewed worries over the fallout from the US subprime mortgage crisis.
Banking and metal shares declined. Realty and IT shares were in demand. Mid-cap and small-cap stocks bucked the trend. Market breadth was negative. 15 out of 30 stocks in the Sensex pack were in red. European markets, which opened after Indian market, were mixed.
Select Asian markets recovered after Abu Dhabi Investment Authority reached a deal to buy an equity stake in Citigroup. US stocks tumbled on Monday, 26 November 2007, as investors worried rising US mortgage defaults and credit market losses will drag on the US economy, fueling fears that US consumers will slash spending during the vital holiday season.
The 30-share BSE Sensex provisionally ended down 114.68 points or 0.60% to 19122.44. The Sensex hit a low of 19,019.33 in morning trade. At days low, the Sensex shed 228.21 points.
The broader based S&P; CNX Nifty provisionally ended down 35.3 points or 0.62% to 5696.40.
The BSE Mid-Cap index was up 0.14% to 8,396.22, off sessions low of 8,310.55. The BSE Small-Cap index was up 0.26% to 10,370.13, off sessions low of 10,293.30.
The market breadth was negative. On BSE, 1527 stocks declined, 1205 stocks advanced and 79 stocks remained unchanged. 15 out of 30 stocks from the Sensex pack were in the red.
BSE clocked a turnover of Rs 5795 crore, lower than Monday (26 November 2007)'s Rs 6,035.19 crore.
Bharti Airtel fell 3.22% to Rs 917.45, ICICI Bank dropped 2.39% to Rs 1129, Reliance Energy fell 2.4% to Rs 1753, Hindalco Industries declined 1.80% to Rs 190.80 and NTPC fell 1.70% to Rs 234.55.
Bharat Heavy Electricals (Bhel) moved up 2.76% to Rs 2677, Bajaj Auto moved up 3.20% to Rs 2670, TCS rose 1.02% to Rs 995, Wipro gained 1.55% to Rs 457.15 and State Bank of India rose 1.68% to Rs 2280.
India's largest private sector firm by market capitalisation and oil refiner Reliance Industries fell 1.42% to Rs 2842.
India's second largest software exporter by sales Infosys Technologies fell 0.03% to Rs 1575.80.
In Europe, key indices in UK and France were up by between 0.06% to 0.24%. Germanys DAX index was down 0.38%.
South Koreas Seoul Composite index was up 0.24% and Japans Nikkei 225 index was up 0.58%. Key benchmark indices in Hong Kong, China, Singapore and Taiwan were down by between 1.3% to 1.97%.
The Dow Jones industrial average slid 237.44 points, or 1.83%, to close at 12,743.44 on Monday, 26 November 2007. The Standard & Poor's 500 Index sank 33.48 points, or 2.32%, to 1,407.22. The Nasdaq Composite Index plunged 55.61 points, or 2.14%, to close at 2,540.99.
Bargain hunting had triggered a surge on the domestic bourses in the past two trading sessions. Earlier, FII sales caused by redemption pressure in their home countries and fears of a US recession arising from housing slump and credit crisis had spooked stocks across Asia over the past few days.
FIIs made heavy purchases in index-based futures on Monday, 26 November 2007, the day when Sensex had surged 395 points or 2.09% to 19,247.54 on the back rally across global markets. According to data released by the NSE, FIIs were net buyers of index futures to the tune of Rs 2,098.07 crore and sold index options worth Rs 3.35 crore on Monday. They were net sellers of stock futures to the tune of Rs 50.70 crore and sold stock options worth Rs 0.32 crore. FIIs were net buyers to the tune of Rs 2,043.70 crore in the futures & options segment on Monday.
FII outflow in November 2007, till 23 November 2007, reached Rs 4628.80 crore. FIIs had made heavy purchases in September 2007 and October 2007. FIIs had bought shares worth a net Rs 16132.60 crore in September 2007 and Rs 20590.90 crore in October 2007.
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