The market failed to sustain at higher level as index heavyweight Reliance Industries slipped. ICICI Bank edged higher. Cipla surged. Consumer durables stocks dwindled. Realty stocks were the star performers in todays trade. Market breadth was strong. 16 out of 30 stocks from the Sensex pack were in green. European markets, which opened after Indian markets, were trading firm. Key Asian indices, except China, were in green.
The 30-share BSE Sensex provisionally ended up 78.08 points or 0.40% to 19,816.15. Sensex hit a low of 19,716.57 in late trade. At day's low, Sensex had shed 21.50 points for the day. Sensex had hit a high of 20,064.31 in early trade. At day's high, Sensex had gained 326.24 points.
Sensex had hit all-time high of 20,238.16 on 30 October 2007 but was not able to sustain at higher levels and it is yet to close above the physcological 20,000 level. The Sensexs all time closing high is 19,977.67 on 29 October 2007.
The broader S&P; CNX Nifty provisionally ended up 20.65 points or 0.35% to 5919.80.
The BSE Mid-Cap index fell 0.27% to 9,028.66. The BSE Small-Cap index was up 0.64% to 11,343.85.
Market breadth was strong. On BSE, 1737 stocks advanced, 1102 stocks declined and 43 stocks remained unchanged.
BSE clocked a turnover of Rs 9712 crore compared to yesterday (5 December 2007)s turnover of Rs 9,410.33.
Indias largest private sector firm by market capitalization and oil refiner Reliance Industries fell 0.96% to Rs 2875, off days high of Rs 2955. The company and Kuwait Petroleum (KPC), the national oil major of Kuwait, have reportedly begun the first round of discussions for scripting a mega joint collaboration across the oil and gas vertical. KPC is keen to rope in RIL as a partner in its upcoming projects in Kuwait in both refining and petrochemicals.
Indias largest private sector bank by assets ICICI Bank rose 2.78% to Rs 1194.
Indias second largest software exporter Infosys Technologies gained 1.86% to Rs 1633.
Cipla soared 5.12% to Rs 199.05, Reliance Energy jumped 3.20% to Rs 1950, Housing Development Finance Corporation gained 2.39% to Rs 2806, Bharti Airtel rose 2.64% to Rs 943.10 and DLF rose 1.58% to Rs 970.
Hindalco Industries fell 3.61% to Rs 192, Grasim Industries declined 3.19% to Rs 3675, Bajaj Auto gave away 2.43% to Rs 2732, Tata Steel shed 1.80% to Rs 849.75, and HDFC Bank slipped 1.66% to Rs 1699.
In Europe, key indices in UK, France and Germany were up between 0.24% to 0.39%.
Asian markets climbed today, 6 December 2007. Key indices in Hong Kong, Singapore Ssouth Korea, Taiwan and Japan were up by between 0.20% to 1.70%. However, Chinas Shanghai Composite fell 0.15%.
US markets surged on Wednesday, 5 December 2007, led by rally in large-cap tech and financial stocks. Data that showed that US companies added staff in November 2007 at the fastest pace in a year, and worker productivity rose at the strongest rate in four years in the third quarter, helped ease recession fears, which boosted the bourses. The Dow Jones industrial average jumped 196.23 points, or 1.48%, to 13,444.96. The S&P; 500 index gained 22.22 points, or 1.52%, to 1,485.01, while the Nasdaq Composite index advanced 46.53 points, or 1.78%, to 2,666.36.
Oil prices fell for a third straight day in New York, hitting a six-week low, boosted by an unexpected surge in US stockpiles. Crude oil for January 2008 delivery dropped as much as 96 cents, or 1.1%, to $86.53 a barrel in after-hours electronic trading on the New York Mercantile Exchange.
European Central Bank and Bank of England meet today, 6 December 2007, seperately to consider interest rate. The US Federal Reserve will meet on 11 December 2007 to consider interest rates. Fed is likely to reduce Fed funds rate by 25 basis points to 4.25% as the country's economy is slowing down and money markets are strained. It has already cut the Fed funds rate two times in the last three months.
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