The market extended losses in afternoon trade. Concerns on the political front resurfaced after communist allies warned the government against going ahead with a civilian US nuclear deal.

Asian markets were mostly into the red. Concerns arising from US sub-prime mortgage crisis resurfaced after Swiss bank UBS unveiled $10 billion in shock subprime writedowns on Monday. 10 December 2007, while simultaneously announcing that it will issue fresh capital to be placed with a Singapore government investment entity and an undisclosed Middle East investor.

Hindalco Industries and ICICI Bank were top gainers from the Sensex pack. HDFC and Tata Consultancy Services were top losers were top loses from Sensex pack. Reliance Industres declined. Banking and realty stocks gained. Power and FMCG stocks declined. BSE Mid-Cap and Small-Cap indices outperformed Sensex.

Communist parties, a key ally of the ruling Congress party-led coalition, fired a fresh salvo on Sunday, 9 December 2007, asking the government to stop talks on a controversial nuclear deal with a UN nuclear watchdog.

At 12:21 IST, the 30-share BSE Sensex was down 73.85 points or 0.37% to 19,892.35.

The market was volatile in early trade. Sensex had hit a high of 20,095.69 in early trade. At day's high, Sensex had gained 129.96 points. Sensex hit a low of 19,877.03 in afternoon trade. At day's low, Sensex had lost 88.97 points for the day.

The broader S&P; CNX Nifty was down 27.95 points or 0.47% at 5,946.35.

Market breadth was strong. On BSE, 1962 stocks advanced, 826 stocks declined and 32 stocks remained unchanged. Out of the Sensex pack 20 stocks declined while the rest advanced.

The BSE Mid-Cap index rose 0.93% to 9,106.31 and BSE Small-Cap index gained 1.46% to 11,507.79. Both these indices outperformed Sensex.

Indias largest private sector firm by market capitalization & oil refiner Reliance Industries declined 0.84% to Rs 2,817.90. As per reports, it has intensified restructuring of its retail venture Reliance Retail to create up to 30 independent business activities, each targeted to be a profit centre. Speculation is rife of a mega initial public offer in 2008 of Reliance Retail.

Realty majors edged higher. Indias largest real estate developer in market capitalisaion DLF rose 0.76% to Rs 1,019.80.

Unitech rose 3.32% to Rs 443.20. As per reports, Indias second-largest real estate developer, Unitech has major plans, which look beyond real estate. After announcing its plans of entering the telecom business, Unitech now wants to concentrate on positioning itself as a full fledged infrastructure development company with interests in power, roads, airports and also in other areas wherever it sees an opportunity. Besides, it also plans to enter the international market.

Indiabulls Real Estate rose 4.15% to Rs 716.05. The company said before trading hours today, 10 December 2007, its wholly owned subsidiary, Indiabulls Wholesale Services (IWSL), is proposing to make an open offer for Piramyd Retail, a retail company.

Banking stocks were mixed. ICICI Bank (up 2.21% to Rs 1,275) edged higher. State Bank of India (down 0.51% to Rs 2,424.10) and HDFC Bank (down 0.86% to Rs 1,706.80) edged lower.

Power stocks declined. NTPC (down 1.59% to Rs 241.75), Tata Power Company (down 1.26% to Rs 1,307) edged lower. Reliance Energy (up 0.15% to Rs 1,935) edged higher.

FMCG stocks lost ground. ITC (down 1.32% to Rs 186.45) and Hindustan Unilever (down 2.69% to Rs 202.75) edged lower.

Bharti Airtel rose 0.77% to Rs 967. Bharti Airtel announced before the market hours today 10 December 2007 that, Bharti Infratel, Idea Cellular and Vodafone Essar have agreed to form an independent tower company, Indus Towers to provide passive infrastructure services in India to all operators on a non-discriminatory basis. Idea Cellular rose 3.64% to Rs 137.90.

Hindalco Industries (up 1.51% to Rs 191), and Infosys (up 1.01% to Rs 1,735.50) edged higher.

Tata Consultancy Services (down 2.47% to Rs 1,035) HDFC (down 2.94% to Rs 2,835), Tata Motors (down 2.1% to Rs 754.90), and Bharat Heavy Electricals (down 2.04% to Rs 2,687) edged lower.

Most of the Asian markets were trading in red today, 10 December 2007. Shanghai Composite index (up 1.38% to 5,161.92) edged higher. Taiwan Weighted index (down 1.43% to 8,598.03), Nikkei (down 0.2% to 15,924.39), Straits Times index (down 0.75% to 3,531.18), Hang Seng (down 1.15% to 28,511.07) and Seoul Composite index (down 1.44% to 1,906.42) edged lower.

US stocks ended on a mixed note on Friday, 7 December 2007 in spite of better than expected employment data. November non-farm payrolls increased and unemployment rates remained steady. While the numbers helped to ease recession concerns, they also reduced probability of the US Federal Reserve cutting the Fed funds rate by a steep 50 basis points at its 11 December 2007 meeting.

The Dow Jones industrial average rose 5.69 points, or 0.04%, to 13,625.58. The Standard & Poor's 500 index declined 2.68 points, or 0.18%, to 1,504.66. The Nasdaq Composite index slipped 2.87 points, or 0.11%, to 2,706.16.

The 30-share BSE Sensex rose 170.13 points or 0.86% to 19,966 on Friday, 7 December 2007.

Sensex surged 602.81 points or 3.11% to 19,966 in the week ended 7 December 2007. The S&P; CNX Nifty gained 211.55 points or 3.67% to 5,974.30 in the week.

As per provisional data, foreign institutional investors (FIIs) sold shares worth a net Rs 253.84 crore, while domestic institutional investors (DIIs) were net buyers of shares worth Rs 339.64 crore on Friday,7 December 2007.

Crude oil fell for a second day today, 10 November 2007, in New York on speculation slowing US economic growth may limit demand as fuel stockpiles rise. Crude oil for January 2008 delivery declined as much as 53 cents to $87.75 a barrel in after-hours electronic trading on the New York Mercantile Exchange. Brent crude oil for January settlement declined 24 cents, or 0.3%, to $88.40 a barrel.

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