The market declined sharply in mid-afternoon trade, with Sensex falling below 19,500 mark. The market had opened on a weak note tracking weak global markets. Metal, capital goods, banking, realty and power stocks declined. Reliance Industries lose further ground. Though the market breadth was still positive, it weakened compared to a strong breadth earlier during the day.

European markets which opened after Indian market were weak in early trade. Asian markets which opened before Indian markets were trading lower today. US stocks slumped on Friday, 14 December 2007, on concerns surging inflation may prevent the Federal Reserve from lowering interest rates.

Crude oil prices rose, supported by a US winter storm and renewed tensions in the Middle East as Turkish planes bombed Kurdish rebels in northern Iraq. US light, sweet crude for January delivery which expires on Tuesday, 18 December 2007, rose 48 cents to $91.75 a barrel.

At 14:24 IST, the 30-share BSE Sensex was down 518.33 points or 2.57% to 19,515.39. It hit a low of 19,477.46 so far during the day. At days low Sensex lost 553.37 points.

The S&P; CNX Nifty declined 189.05 points or 3.13% to 5,858.65.

Market breadth was positive. On BSE, 1,533 stocks advanced, 1,339 stocks declined and 27 stocks remained unchanged. 28 out of 30 stocks from the Sensex pack declined.

BSE Mid-Cap index declined 1.82% to 9,299.37. It hit all time high of 9,541.03 today. BSE Small-Cap index declined 0.52% to 12,131.95. It hit a record high of 12,402.86 today.

Indias largest private sector firm by market capitalization & oil refiner Reliance Industries declined 2.81% to Rs 2,809.90.

Reliance Communications declined 1.88% to Rs 745.65 after the company today said it has completed the acquisition of US-based Yipes Holdings that would give the company access to a Rs 4,00,000 crore global enterprise data market.

Capital goods stocks declined. Bharat Heavy Electricals declined 2.91% to Rs 2,487. It announced during the market hours today that it has signed a joint venture agreement between with NTPC for establishment and operation of joint venture company for engineering, procurement and construction (EPC) business.

Larsen & Toubro (down 1.05% to Rs 4,132) and Suzlon Energy (down 5.1% to Rs 1,858.85) edged lower.

Metal stocks slumped. Tata Steel (down 2.25% to Rs 858.10), Sterlite Industries (down 5.76% to Rs 1,004.85), National Aluminium Company (down 4.06% to Rs 431.10) and Hindalco industries (down 4.58% to Rs 203) edged lower.

Steel Authority of India fell 3.55% to Rs 269.95 on reports the company plans to enter the equipment manufacturing business to profit from the boom in the domestic steel sector.

Tata Motors declined 3.42% to Rs 719 on reports that Ford Motor Company is poised to name the company as preferred bidder for its Jaguar and Land Rover brands.

Banking stocks declined. ICICI Bank (down 1.57% to Rs 1,187.90), HDFC Bank (down 2.99% to Rs 1,677) edged lower.

State Bank of India fell 2.58% to Rs 2348.25 on reports the bank is planning to buy an Indonesian bank.

Power stocks declined. Reliance Energy (down 1.49% to Rs 1,877.10), NTPC (down 5.27% to Rs 233.60), Tata Power Company (down 0.45% to Rs 1,295) and Power Grid corporation (down 3.78% to Rs 140.15) edged lower.

Realty stocks declined. Peninsula Land (down 7.49% to Rs 136.55) , DLF (down 4.28% to Rs 977.40), Indiabulls Real Estate (down 7.08% to Rs 688) and Unitech (down 1.84% to Rs 469.65) edged lower.

Cipla (up 1.12% to Rs 211.50), Hindusta Unilever (up 0.97% to Rs 219.05) edged higher.

Bharti Airtel (down 4.69% to Rs 907.90), ONGC (down 5.25% to Rs 1,173.80) edged lower.

European markets opened weak today. Frances CAC 40 (down 1.47% to 5,523.01), Germanys DAX (down 1.03% to 7,866.55), FTSE 100 (down 1.33% to 6,311.70) edged lower.

Asian markets were trading lower today, 14 December 2007. Hong Kong's Hang Seng (down 3.51% at 26,580.38), Taiwan's Taiwan Weighted (down 3.54% at 7,830.85), Singapore's Straits Times (down 2.68% at 3,372.03), Shanghai Composite (down 2.53% to 4,881.40), Japan's Nikkei (down 1.71% to 15,249.79), South Korea's Seoul Composite (down 2.91% at 1,839.82) declined.

US stocks swooned on Friday, 14 December 2007, on concerns that surging inflation may prevent the Federal Reserve from lowering interest rates enough to pull the economy out of the grip of a housing and credit crisis. The three major indexes tumbled more than 1% each, and posted their worst week since 11 November 2007, after a report showing a jump in the consumer price index in November 2007.

Meanwhile, the advance tax figures, which will available this week, would trigger expectations regarding corporate performance of India Inc. in Q3 December 2007.

Bharatiya Janata Party (BJP) is poised to retain power in Gujarat but with a reduced majority losing some ground in Sunday (16 December 2007)'s second and final phase of polls in northern and central parts which was worst hit by 2002 communal riots, according to exit polls by four TV channels.

As per provisional data, FIIs sold shares worth a net Rs 647.10 crore on Friday, 14 December 2007. Domestic institutional investors bought shares worth a net Rs 105.18 crore on that day.

FIIs were net sellers of index futures worth Rs 1359.88 crore on Friday. They were net sellers to the tune of Rs 50.63 crore in index options on that day. FIIs net sold stock futures to the tune of Rs 785.05 crore. They net sold individual stock options to the tune of Rs 10.71 crore.

The 30-share BSE Sensex declined 73.56 points or 0.37% to 20,030.83 on Friday. The S&P; CNX Nifty declined 10.4 points or 0.17% to 6,047.70 on that day.

Powered byCapital Market - Live News