The market firmed up in afternoon trade on the back of furhter gains in index heavyweight Reliance Industries. Bharat Heavy Electricals surged. Stocks in auto, capital goods and oil & gas firmed up.
Investors fear that the recent slowdown in FII inflow points to lack of interest from foreign funds. Rising crude oil prices also weighed sentiments. Crude touched record high of $98 per barrel in Asian trade today. Market breadth was negative. The European markets opened firm.
The 30-share BSE Sensex was up 100.09 points or, 0.52% at 19,500.76. It touched a high of 19,678.50 in early trade, which was a gain of 277.83 points for the day. Sensex touched a low of 19,285.49 in early afternoon trade, at which it had lost 115.18 points for the day.
The broader S&P; CNX Nifty was up 49.25 points, or, 0.85% at 5835.75.
The market breadth was negative. On BSE, 1035 stocks advanced, while 1533 stocks declined and 77 stocks remained unchanged. 16 out of 30 stocks gained from the Sensex pack.
The BSE IT index was down 170.66 points or, 3.76% at 4,370.03. Major software stocks declined as rupee climbed to its highest since March 1998.
Infosys Techonogies, India's second largest software exporter (down 5.71% to Rs 1747), Wipro (down 2.43% to Rs 475.50), and Satyam Computer (down 3.45% to Rs 437.45), edged lower. TCS, Indias largest software exporter by sales, was down 0.20% to Rs 1002.50. The stock came off from session's low of Rs 987. A rise in rupee hits IT companies as they get more than half of their revenue from the United States.
Telecom stocks recovered a bit from earlier steep fall. Reliance Communications was down 1.41% to Rs 734.90, off session's low of Rs 711. Bharti Airtel was down 1.85% to Rs 901.50, off session's low of Rs 888.
The Department of Telecom (DoT), on Tuesday, 6 November 2007, announced setting up of a committee to revise the spectrum allocation criterion for existing operators in a scientific and practicable manner. It may be recalled that Telecom Engineering Centre had recently finalised spectrum allocation criterion, which had made it significantly more difficult for operators to get additional spectrum.
The BSE Oil & Gas index soared, following a surge in crude oil prices. The index was up 443.69 points or, 3.90% at 11,832.90. The BSE Capital Goods index was up 488.67 points or, 2.48% at Rs 20,185.96. The BSE Auto index was up 54.58 points or, 1.03% at 5,331.82.
Asian markets were mixed. Hong Kongs Hang Seng was up 1.16% at 29,779.89. Taiwans Taiwan Weighted was up 0.08% at 9,300.22. Singapores Straits Times was down 0.16% at 3,677.04. Japans Nikkei 225 was down 0.94% at 16,096.68. South Koreas Seoul Composite was down 0.54% at 2,043.19.
The European markets opened firm. Frances CAC 40 was up 0.46% to 5,735.95, and UKs FTSE 100 was up 0.49% to 6,506.70.
On Wall Street, energy stocks such as Exxon Mobil gained ground on Tuesday, 6 November 2007, helping send the blue chip Dow up 0.9%. The tech-heavy Nasdaq Composite Index advanced 1.1%.
Yesterday, 6 November 2007, the Indian market had failed to participate in rally in Asian stocks on Tuesday, 6 November 2007, when Sensex lost 190.11 points or 0.97% to 19,400.67, in contrast to a 1% rise in MSCI's measure of Asia Pacific stocks ex-Japan.
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