The market ended slightly lower today in a choppy trading session. Concerns on the political front resurfaced after communist allies warned the government against going ahead with a civilian US nuclear deal.
European markets, which opened after Indian market, were mixed. Asian markets, which opened before Indian market, were subdued. 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 had obtained an emergency capital injection from a Singapore government entity and an unnamed Middle East investor.
Hindalco Industries and ICICI Bank were top gainers from the Sensex pack. Tata Consultancy Services and Cipla were top losers from Sensex pack. Reliance Industries declined. Consumer goods and realty stocks gained. 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.
The 30-share BSE Sensex provisionally ended down 38.22 points or 0.19% to 19,927.78.
The market was volatile. 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 19,834.01 in mid-afternoon trade. At day's low, Sensex had lost 131.99 points for the day.
The broader S&P; CNX Nifty provisionally ended down 14.05 points or 0.24% at 5,960.25.
Market breadth was strong. On BSE, 2,025 stocks advanced, 788 stocks declined and 30 stocks remained unchanged. 19 out of 30 Sensex stocks ended in the red.
BSE clocked a turnover of Rs 7,359 crore, compared to Friday (7 December 2007)'s Rs 8,677.98 crore.
The BSE Mid-Cap index rose 1.08% to 9,119.14 and BSE Small-Cap index gained 1.66% to 11,530.16. Both these indices outperformed Sensex.
Indias largest private sector firm by market capitalization & oil refiner Reliance Industries declined 0.93% to Rs 2,815.10. 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.
Consumer durables stocks rose. Videocon Industries (up 10% to Rs 609.70), Blue Star (up 1.98% to Rs 477) and Rajesh Exports (up 1.27% to Rs 918.30) edged higher.
Realty majors edged higher. Indias largest real estate developer in terms of market capitalisaion DLF rose 1.3% to Rs 1,023.05.
Unitech rose 3.29% to Rs 443.05. 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 3.56% to Rs 711. 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 1.8% to Rs 1,270 edged higher. HDFC Bank (down 1.43% to Rs 1,697), State Bank of India (down 0.44% to Rs 2,426) edged lower.
FMCG stocks lost ground. ITC (down 1.01% to Rs 187) and Hindustan Unilever (down 1.22% to Rs 205.80) edged lower.
Bharti Airtel rose 0.88% to Rs 968.10. 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 2.71% to Rs 193.25), Infosys (up 1.74% to Rs 1,748), Reliance energy (up 0.98% to Rs 1,951) edged higher.
Tata Consultancy Services (down 2.44% to Rs 1,035.35) Satyam Computer Services (down 1.62% to Rs 436.55), Cipla (down 2.08% to Rs 192.0), and Bharat Heavy Electricals (down 1.92% to Rs 2,690.25) edged lower.
European markets were mixed today. Frances CAC 40 (up 0.15% to 5,728) and UKs FTSE 100 (up 0.33% to 6,576.20) edged higher. Germanys DAX (down 0.18% to 7,980.88) edged lower
Most of the Asian markets were trading in the red today, 10 December 2007. Taiwan Weighted index (down 1.43% to 8,598.03), Nikkei (down 0.2% to 15,924.39), Straits Times index (down 0.14% to 3,553.08), Hang Seng (down 1.18% to 28,511.07) and Seoul Composite index (down 1.44% to 1,906.42) edged lower. Shanghai Composite index (up 1.38% to 5,161.92) edged higher.
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.
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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