The market declined sharply in the late trade before recovering from lower level in what was a choppy trading session today. Though the market breadth was still negative, it improved substantially compared to a weak breadth in mid-morning trade. FMCG, healthcare and consumer durable stocks gained. Banking, metal and capital goods stocks edged lower. Reliance Industries declined.

European markets which opened after Indian markets were mixed. Asian markets, which opened before Indian markets, too, were mixed today, 18 December 2007. US stocks tumbled on Monday, 17 December 2007, on concerns about the US economy, amid signs of rising inflation and weakness in holiday shopping.

The 30-share BSE Sensex declined 157.87 points or 0.82% to 19,103.48 as per provisional data. It had hit a low of 19,009.35 in late trade. At days low Sensex lost 252 points. It hit a high of 19,375.07 in early trade. At its days high Sensex had gained 113.72 points.

The S&P; CNX Nifty declined 21.4 points or 0.37% to 5,755.60.

Market breadth was negative. On BSE, 1,242 stocks advanced, 1,623 stocks declined and 27 stocks remained unchanged. 19 out of 30 stocks from the Sensex pack declined.

BSE clocked a turnover of Rs 8007 crore, lower than Monday (17 December 2007)'s Rs 9641 crore.

BSE Mid-Cap index rose 0.19% to 9,122.66. BSE Small-Cap index rose 0.1% to 11,852.11. Both these indices outperformed Sensex.

Indias largest private sector firm by market capitalization & oil refiner Reliance Industries declined 1.49% to Rs 2,736. As per reports, Reliance Industries (RIL) has paid advance tax of Rs 1045 crore in the third quarter ended 15 December 2007 compared to Rs 440 crore in the corresponding quarter of the previous year.

Reliance Communications (RCom) was flat at Rs 714.40. As per reports it will invest Rs 800 crore to roll out a telecom network fixed and mobile in Uganda, a country in Eastern Africa. The company has bagged a licence to be the African nations sixth telecom operator. The company plans to launch services in Uganda by Q3 in 2008, the report added.

FMCG majors rose. ITC (up 2.22% to Rs 197.85) and Tata Tea (up 1.28% to Rs 880.60) edged higher. Hindustan Unilever (down 3.39% to 211.20) edged lower.

Consumer durables stocks rose. Videocon industries (up 0.53% to Rs 619.40), Lloyd Electric (up 1.19% to Rs 174) and Titan Industries (up 4.99% to Rs 1,459.65) edged higher.

Healthcare stocks rose. Sun Pharmaceuticals (up 4.03% to Rs 1,137.95), Cipla (up 3.78% to Rs 215.75), Dr. Reddys Laboratories (up 0.09% to Rs 717.45), Ranbaxy Laboratories (up 1.05% to Rs 410), edged higher.

Metal stocks declined.Tata Steel (down 0.91% to Rs 816.35),Sterlite Industries (down 1.76% to Rs 959), Steel Authority of India was flat at Rs 259.75, Hinalco Industries (down 0.47% to Rs 199.70) edged lower.

Capital goods stocks declined. Bharat Heavy Electricals (down 1.24% to Rs 2,395.10) and Larsen & Toubro (down 2.8% to Rs 3,967.80) edged lower. Suzlon Energy (up 1.84% to Rs 1,861.80) edged higher.

Banking stocks declined. ICICI Bank (down 2.27% to Rs 1,140.65), and HDFC Bank (down 1.28% to Rs 1,685) edged lower.

State Bank of India declined 0.47% to Rs 2,303.70. State Bank of India (SBI) shelled out Rs 1090 crore, up 26.7% over the tax it paid in the corresponding period in the previous year.

Maruti Suzuki India (up 0.93% to Rs 1,019.65) and NTPC (up 1.66% to Rs 232.40) edged higher.

HDFC (down 2.27% to Rs 2,812.30) edged lower.

European markets were mixed today. Germanys DAX (up 0.14% to 7,836.58) edged higher. UKs FTSE 100 (down 0.01% to 6,276.90) edged lower.

Asian markets were mixed today, 18 December 2007. Hong Kong's Hang Seng (up 0.51% at 26,732.87), South Korea's Seoul Composite (up 1.18% at 1,861.45), Singapore's Straits Times (up 0.47% at 3,369.31) edged higher. Taiwan's Taiwan Weighted (down 0.3% at 7,807.39), Shanghai Composite (down 0.83% to 4,836.17) and Japan's Nikkei (down 0.27% to 15,207.86) declined.

The Dow Jones industrial average slid 172.65 points, or 1.29%, to end at 13,167.20, on Monday, 17 December 2007. The Standard & Poor's 500 Index dropped 22.05 points, or 1.50%, to 1,445.90. The Nasdaq Composite Index tumbled 61.28 points, or 2.32%, to 2,574.46.

US government reports last week showed rising price pressures in November 2007, while concerns about the housing slump intensified after news that sentiment among US home builders held at a record low for a third consecutive month in 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 six trading sessions are left for expiry of December 2007 derivatives contracts.

Meanwhile, the market regulator Securities and Exchange Board of India (Sebi) on Monday, 17 December 2007, put out a note on the proposed plan to introduce new products in the derivatives segment on its website to seek comments/suggestions from market participants on or before 21 December, 2007.

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