The market lost further ground in mid-afternoon trade. Earlier, it had come sharply off higher level from an initial surge. Consumer durable and metal stocks gained. Cement and healthcare stocks declined. Reliance Industries declined. HDFC and Maruti Suzuki India were major losers from Sensex pack. Market breadth was strong. BSE Mid-Cap and BSE Small-Cap indices outperformed Sensex. European markets opened mixed. Most of the Asian indices were higher today, 19 December 2007. US stocks rose on Tuesday, 18 December 2007.

The country's gross domestic product (GDP) growth can be scaled up to 10% by 2012 with the right set of policies, but the subprime crisis in the US might impact exports and capital flows, prime minister Manmohan Singh said on Wednesday, 19 December 2007, at a meeting of state chiefs and other top policymakers.

At 14:25 IST, the 30-share BSE Sensex was down 63.33 points or 0.33% to 19,016.31. Sensex hit a low of 18,996.90 in mid afternoon trade. At day's low, Sensex was down 82.74 points for the day. Sensex had hit a high of 19,397.76 in early trade, a gain of 318.12 points.

The broader CNX S&P; Nifty was down 19.4 points or 0.34% to 5,722.90.

The BSE Mid-Cap index was down 0.12% to 9,082.92. The BSE Small-Cap index was up 1.01% to 11,937.84. Both these indices outperformed Sensex.

The market breadth was strong. On BSE, 1,995 shares advanced as compared to 853 that declined. 28 shares were unchanged. 18 of the 30 Sensex stocks declined.

Indias largest private sector firm by market capitalization & oil refiner Reliance Industries declined 1.17% to Rs 2,697. The stock came off session's high of Rs 2,780.

Reliance Energy (REL) rose 1.88% to Rs 1,847. The stock came off session's high of Rs 1,904.90. The company is reportedly planning to foray into Africa. It is believed to be in talks with the governments of Botswana, Tanzania and Zambia for setting up generation capacities of over 1,000 megawatt (MW). The companys African Safari will be followed by a bid for a 1,200 MW greenfield project at Yanbu in Saudi Arabia, the reports added.

Shares of multiplex cinema operators rose. Adlabs Films (up 6.4% to Rs 1,371), Inox Leisure (up 7.56% to Rs 187), Shringar Cinemas (up 4.23% to Rs 106), Cinemax India (up 2.74% to Rs 150) and Pyramid Saimira Theatre (up 2.45% to Rs 429.50) edged higher.

Cement stocks edged lower. ACC (down 1.4% to Rs 1,052), Grasim Industries (down 1.57% to Rs 3,579), Ultratech Cement (down 0.7% to Rs 981.50) edged lower. Ambuja Cements rose 0.31% to Rs 146.30.

Healthcare stocks declined. Cipla (down 0.07% to Rs 215.50), Dr. Reddys Laboratories (down 1.61% to Rs 705.90) edged lower. Ranbaxy Laboratories rose 0.48% to Rs 411.95.

Metal stocks rose. Tata Steel (up 1.54% to Rs 828.95), National Aluminium company (up 1.99% to Rs 423) Steel Authority of India (up 0.29% to Rs 260) edged higher. Hindalco Industries declined 2.05% to Rs 195.60.

Consumer Durable stocks rose. Rajesh Exports (up 1.02% to Rs 906.90), Titan Industries (up 2.35% to Rs 1,494), Videocon Industries (up 3.81% to Rs 642.05), edged higher.

Gitanjali Gems rose 2.35% to Rs 418.20. The company announced during the market hours today that Gitanjali Lifestyle (GLL), a wholly subsidiary of the company is signing a memorandum of understanding (MoU) with Mariella Burani Fashion Group (MBFG) of Italy to form a joint venture in India by way of incorporation of a new company. The objective of the proposed joint venture is to significantly drive growth of MBFG's brands in emerging markets.

Mahindra & Mahindra (up 3.81% to Rs 800), ONGC (up 2.62% to Rs 1,180.15), ICICI Bank (up 1.97% to Rs 1,163.10) edged higher.

HDFC (down 3.67% to Rs 2,709), Grasim Industries (down 1.27% to Rs 3,590), Maruti Suzuki India (down 3.1% to Rs 988), State Bank of India (down 1.81 % to Rs 2,262) and NTPC (down 1.46% to 229) edged lower.

Larsen & Toubro was flat at Rs 3,968 after the company said it had received a contract worth Rs 287 crore to build an elevated road to Mumbai International Airport.

European markets were mixed. Germanys DAX (up 0.12% to 7,860.90) edged higher. UKs FTSE 100 declined 0.13% to 6,270.90.

Most of the Asian indices were positive today, 19 December 2007, tracking overnight gain in US stocks. Key benchmark indices in Hong Kongs Heng Seng (up 1.11% to 27,029.26), Strait Times (up 0.35% to 3,380.96) and Taiwans Taiwan Weighted (up 2.65% to 8,014.34), edged higher. Japans Nikkei 225 (down 1.17% to 15,030.51) edged lower.

US stocks rose on Tuesday, 18 December 2007, as investors bought beaten-down shares of technology heavyweights such as IBM and Microsoft Corp on hopes that the tech sector would weather the impact of the credit crisis. An upbeat profit forecast from design software maker Adobe Systems Inc lifted optimism in the tech sector, a day after the Nasdaq slid more than 2%.

The Dow Jones industrial average advanced 65.27 points, or 0.50%, to 13,232.47. The Standard & Poor's 500 Index gained 9.08 points, or 0.63%, to close at 1,454.98. The Nasdaq Composite Index jumped 21.57 points, or 0.84%, at 2,596.03, snapping a three-day losing streak. Wall Street gains were also helped by optimism on an easing of the subprime credit crunch after a cash injection by the European Central Bank as part of the effort by global central banks to shore up credit markets.

As per provisional data, foreign institutional investors (FIIs) sold shares worth a net Rs 2736.48 crore on Tuesday. Domestic institutions bought shares worth a net Rs 659.15 crore on that day.

FIIs were net sellers to the tune of Rs 1,077.36 crore in the futures & options segment on Tuesday. According to data released by the NSE, FIIs were net sellers of index futures to the tune of Rs 1,080.14 crore and bought index options worth Rs 749.07 crore. They were net sellers of stock futures to the tune of Rs 746.30 crore.

Fall in index heavyweights pulled Sensex down 181.71 points or 0.94% to 19,079.64, on Tuesday 18 December 2007.

Volatility may remain high in the near term ahead of expiry of December 2007 derivatives contracts next Thursday, 27 December 2007. The market remains closed on Friday, 21 December 2007 on account of Bakri Id and also on Tuesday, 25 December 2007 on account of Christmas. Therefore, only five trading sessions are left for expiry of December 2007 derivatives contracts.

Powered byCapital Market - Live News