The market continued to trade in the red led by decline in heavyweights. Oil & gas, power, realty and banking stocks declined. Bharti Airtel and ICICI Bank edged lower. Market breadth was negative. 22 out of 30 stocks from the Sensex pack were in red.

Asian markets edged lower as US stocks tumbled on Monday, 26 November 2007, as investors worried rising US mortgage defaults and credit market losses will drag on the US economy, fueling fears that US consumers will slash spending during the vital holiday season.

At 11:20 IST, the 30-share BSE Sensex was down 126.36 points or 0.66% to 19,121.18. The Sensex hit a low of 19,019.33 in early trade. At days low, the Sensex shed 228.21 points.

The broader based S&P; CNX Nifty was down 45.3 points or 0.79% to 5686.40.

The BSE Mid-Cap index was down 0.32% to 8,357.70. The BSE Small-Cap index was up 0.02% to 10,345.02, off sessions low of 10,293.30.

The market breadth was negative. On BSE, 1384 stocks had declined, while 1006 stocks advanced and 68 stocks remained unchanged.

Indias largest private sector firm by market capitalisation and oil refiner Reliance Industries fell 0.55% to Rs 2867.

Telecom stocks edged lower. Bharti Airtel fell 2.75% to Rs 921.95 and Reliance Communications fell 0.42% to Rs 685.

The BSE Bankex fell 1.07% to 10,478.02. Indias largest private sector bank by assets ICICI Bank fell 2.46% to Rs 1129.15. ICICI Banks stock on the US bourses fell nearly 6% on Monday, 26 November 2007.

Punjab National bank fell 2.18% to Rs 586.50, Federal bank slipped 1.81% to Rs 328, HDFC Bank fell 1.32% to Rs 1621.90 and Kotak Mahindra Bank fell 1.72% to Rs 1122.15.

State bank of India rose 0.93% to Rs 2263, Axis Bank moved up 0.66% to Rs 943, Yes Bank rose 2.56% to Rs 234.55 and Bank of India rose 1.40% to Rs 343.10.

The BSE Power index fell 1.16% to 4,325.94. Tata Power fell 2.70% to Rs 1147, Torrent Power fell 2.37% to Rs 175.45, Reliance Energy fell 2.04% to Rs 1753, CESC slipped 1.39% to Rs 598.95 and Power Grid Corporation of India fell 1.25% to Rs 150.10.

Power generation firm NTPC fell 1.95% to Rs 233.95. The company said on Monday, 26 November 2007, its board had approved investment proposals worth Rs 7240 crore, including for a new power project. It will spend Rs 5459 crore to build a 1,000 megawatts (MW) power plant in Maharashtra, NTPC said in a statement.

The BSE Realty index fell 1.06% to Rs 9,974.44. DLF fell 1.11% to Rs 882, Unitech fell 2.22% to Rs 352.50, Sobha Developers dropped 3.06% to Rs 856.30 and Indiabulls Real Estate fell 3.48% to Rs 601.

The BSE Oil & Gas index fell 0.83% to 12,114.32. Reliance Petroleum fell 3.65% to Rs 196.30, Reliance Natural Resources dropped 3.30% to Rs 152.30, Essar Oil fell 1.88% to Rs 187.60, GAIL India fell 0.63% to Rs 419.90 and ONGC fell 0.87% to Rs 1173.85.

Steel strips maker Bhushan Steel slumped 13% to Rs 1371. Market regulator Securities & Exchange Board of India (Sebi) will reportedly look into the sudden share price rise in Bhushan Steel stocks which rose 46% from Rs 1,086 to Rs 1,576 on Monday. Reports suggest that Sebi would study the price movement before taking any action on it.

Realty firm Parsvnath Developers was down 0.40% to Rs 345.35. The company reportedly plans a consortium with a Turkish airport operator TAV Airports Holding and domestic infrastructure finance firm IL&FS; Transport Network (ITNL) to bid for the Greater Noida airport. Parsvnath plans to hold majority stake in the consortium. The formation of the consortium will ultimately depend on whether the Central Government permits the development of the Greater Noida airport, the report added.

Indias largest steel firm by sales Tata Steel was up 0.82% to Rs 856. The company may reportedly pick up a 35% stake in its newly formed Mozambique joint venture for a consideration of Australian $100 million. Report suggests that the stake will help Tata Steel get exclusive rights to the coal being mined in the new coal mine and will use it as feedstock for its plants both in India and abroad.

Brokerage firm India Infoline jumped 4.25% to Rs 1204. The company has inked a $76.7 million equity deal by selling stake in its consumer finance subsidiary India Infoline Investment Services (IIIS) to Singapore-based Orient Global. The latter has picked up a 22.5% stake in IIIS.

Consumer products maker Godrej Industries was up 2.16% to Rs 237. The company said on Monday, 26 November 2007, its board has approved entering into a strategic partnership, joint venture or sell its medical diagnostic business. An extra-ordinary general meeting will be held on 28 December 2007 to approve this, it said in a statement.

In Asia, key benchmark indices in Hong Kong, China, South Korea, Japan, Singapore and Taiwan were down by between 0.04% to 2.18%.

The Dow Jones industrial average slid 237.44 points, or 1.83%, to close at 12,743.44 on Monday, 26 November 2007. The Standard & Poor's 500 Index sank 33.48 points, or 2.32%, to 1,407.22. The Nasdaq Composite Index plunged 55.61 points, or 2.14%, to close at 2,540.99.

Bargain hunting had triggered a surge on the domestic bourses in the past two trading sessions. Earlier, FII sales caused by redemption pressure in their home countries and fears of a US recession arising from housing slump and credit crisis had spooked stocks across Asia over the past few days.

FIIs made heavy purchases in index-based futures on Monday, 26 November 2007, the day when Sensex had surged 395 points or 2.09% to 19,247.54 on the back rally across global markets. According to data released by the NSE, FIIs were net buyers of index futures to the tune of Rs 2,098.07 crore and sold index options worth Rs 3.35 crore on Monday. They were net sellers of stock futures to the tune of Rs 50.70 crore and sold stock options worth Rs 0.32 crore. FIIs were net buyers to the tune of Rs 2,043.70 crore in the futures & options segment on Monday.

FII outflow in November 2007, till 23 November 2007, reached Rs 4628.80 crore. FIIs had made heavy purchases in September 2007 and October 2007. FIIs had bought shares worth a net Rs 16132.60 crore in September 2007 and Rs 20590.90 crore in October 2007.

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