The market ended in the red tracking weak global markets. It, however, made a rebound from a steep fall registered in afternoon trade. The market had earlier extended yesterdays robust gains by opening on a positive note and soon surging to hit its all-time high at the onset of the trading session. It had later slipped into the red before recovering from lower level.

Poor corporate earnings and renewed worries about credit hit Asian and European stocks on Tuesday, 16 October 2007, while record high oil prices threatened to add pressure to world growth.

ICICI Bank and Hindalco Industries surged in late trade. Reliance Industries declined. Power stocks surged. Bharti Airtel recovered from its lower levels. State Bank of India and Hindustan Unilever were under selling pressure. Mid-cap and small-cap indices outperformed Sensex. Market breadth was weak. Reliance Energy, Reliance Communications, NTPC and ICICI Bank hit fresh all-time highs.

The BSE 30-share Sensex provisionally ended down 37 points, or 0.19%, to 19,021.63. It opened on a positive note today and soon rose to hit its all-time high of 19,174.45. At day's high of 19,174.45, Sensex had risen 115.78 points for the day. It hit a low of 18,777.75 during mid-afternoon trade. At days low of 18,777.75 Sensex had lost 280.92 points.

The broader based S&P; CNX Nifty was down 10.3 points, or 0.18%, to 5,660.10. It hit all-time high of 5,708.35 in early trade.

Of the 30 shares of the Sensex, 11 moved up, while the remaining were trading down. The market breadth was weak on BSE: 1,175 scrips advanced, 1,549 declined, while 364 remained unchanged.

BSE clocked a turnover of Rs 9768 crore compared to Monday (15 October 2007)'s Rs 10,424.31 crore.

The BSE Mid Cap index rose 0.86% to 7,782.95 and BSE Small Cap index rose 0.52% to 9,360.13. Both these indices outperformed market.

Hindalco Industries rose 6.04% to Rs 200.25 and was the top gainer from Sensex pack. It hit a 52 week-high of Rs 201.40 today.

Banking stocks gained. ICICI Bank rose 5.95% to Rs 1,162. It hit an all-time high of Rs 1,179.90 today. HDFC Bank rose 1.04% to Rs 1,506. However, State Bank of India declined 1.94% to Rs 1,919.

Indias largest private company in terms of market capitalization and oil refiner Reliance Industries (RIL) declined 1.09% to Rs 2,635. The stock came off session's high of Rs 2,699. It hit a low of Rs 2,617.10

Bharti Airtel declined 1.49% to Rs 1,110. It recoverd from day's low of Rs 1,090.25.

Infosys was down 3.31% to Rs 1,865 and was the top loser from Sensex pack. The stock came off session's low of Rs 1,843.10.

Hindustan Unilver (down 2.81% to Rs 213.05), ACC (down 1.94% to Rs 1,261), ONGC (down 1.93% to Rs 1,168) edged lower.

Power stocks surged. NTPC rose 2.29% to Rs 232. It hit an all-time high of Rs 234.90 today. Power Grid Corporation India (up 11.18% to Rs 128.25), Tata Power Company (up 22.24% to Rs 1,357) edged higher.

Reliance Energy rose 2.42% to Rs 1,892.10. It hit an all-time high of Rs 1,959 today.

Maruti Suzuki India rose 2.38% to Rs 1,188.

Reliance Communications rose 0.53% to Rs 756.70. It hit an all time high of Rs 778.50 today.

Shree Dinesh Mills (up 20% to Rs 1,798.65), Parry Agro Industries (up 20% to Rs 1,594.05), GSB Finance (up 20% to Rs 12.72) and Ambika Cotton (up 20% to Rs 184.20) edged higher.

Peninsula Land (down 79.37% to Rs 126), Sky Industries (down 9.75% to Rs 104.10) and Toyo Rolls (down 15.04% to Rs 270) edged lower.

European markets opened weak today. Frances CAC 40 (down 0.89% to 5,755.78), Germanys DAX (down 0.4% to 7,937.97) and UKs FTSE 100(down 0.54% to 6,608.40) edged lower. European stocks fell after telecoms equipment group Ericsson warned of lower-than-forecast third-quarter earnings. The Ericsson warning added to pressure that set in on Monday, 15 October 2007, when banking giant Citigroup issued a gloomy outlook mainly based on credit worries.

Asian markets were mostly in the red today 16 October 2007. Japan's Nikkei (down 1.27% at 17,137.90), Singapore's Straits Times (down 1.33% at 3,810.72), Hong Kong's Hang Seng (down 1.98% at 29,954.55) and South Korea's Seoul Composite (down 1.46% at 2,005.76) declined. Taiwan's Taiwan Weighted (up 0.78% at 9,592.47) advanced.

US market ended lower on Monday, 15 October 2007 as oil kissed $86 mark and Citigroup issued fourth quarter earning warning. The Dow Jones industrial Average closed lower by 108.28 points at 13,984.80. The Nasdaq Composite Index, finished lower by 25.63 points at 2,780.05. S&P; 500 finished lower by 13.09 points at 1,548.71.

The BSE 30-share Sensex surged 639.63 points, or 3.47%, to 19,058.67 on Monday, 15 October 2007, a record closing high. It hit an all time high of 19,095.75 in late trade on that day. The broader based S&P; CNX Nifty was up 242.15 points, or 4.46%, to 5,670.40, a record closing high, on Monday, 15 October 2007. It hit a all-time high of 5,682.65 in late trade on that day.

As per provisional data, foreign institutional investors (FIIs) purchased shares worth a net Rs 2868.59 crore, while domestic institutional investors (DIIs) were net sellers of shares worth Rs 281.11 crore on Monday, 15 October 2007.

Crude oil prices held firm above $86 a barrel on Tuesday, 16 October 2007 after soaring nearly 3% to a record high on Monday, extending its recent rally to a sixth day amid tension between Turkey and Iraq plus anxiety over winter supplies. US crude rose 12 cents to $86.25 a barrel. London Brent crude rose $2.20 higher at $82.75.

Powered byCapital Market - Live News