Market will mark the beginning of the new year on a positive note on Muhurat trading today. Global cues continued to be subdued as Asian markets ended mixed. Most of the European markets were in red. American markets ended weak on Thursday, 8 November 2007 amidst weak housing market.
Muhurat trading will take place today from 6 p.m. to 7.10 p.m. and the post closing session will be from 7.10 p.m. to 7.30 p.m.
Muhurat trading is a symbolic ritual which has been performed for years. Usually, the Sensex closes on a higher note on the muhurat trading day. Most traders buy on this day.With this, the traders on Dalal Street welcome the new year on a positive note.
Muhurat trading is traditionally an occasion for an auspicious beginning to the traditional New Near. Investors place token orders and buy stocks for their children, which are held for the long term and sometimes never sold. Traders normally book their intra-day profits, however small they may be.
The wholesale price index rose 2.97% in the 12 months 27 October 2007, below the previous week's rise of 3.02% and its lowest in more than five years, government data released on Thursday, 8 November 2007 showed.
Most of the European markets were trading in red. Frances CAC 40 (down 1.2% to 5,563.86) and UKs FTSE 100( down 1.23% to 6,303.60) edged lower.Germanys DAX (up 0.37% to 7,846.90) edged higher.
Asian markets ended mixed. Hang Seng (up 0.08% at 28,783.41, Taiwan's Taiwan Weighted (up 0.37% at 8,970.92), and South Korea's Seoul Composite (up 0.55% at 1,990.47) edged higher. Nikkei (down 1.19% at 15,583.42) and Singapore's Straits Times (down 2% at 3,599.67) edged lower.
US markets ended weak on Thursday, 8 November 2007 after Federal Reserve Chairman Ben Bernanke said a weak housing market and high oil prices would slow U.S. growth in the fourth quarter and keep it sluggish in early 2008. Dow Jones Industrial Average (DJIA) down 33.73 points to 13,266.29. Nasdaq Composite down 52.76 points to 2,696.
National Stock exchanges (NSE) provisional figures suggest that foreign institutional investors (FII) were net sellers of Rs 1,356.53 crore and domestic institutional investors (DII) were net buyers of Rs 283.32 crore on Thursday,8 November 2007.
Samvat 2,063 had been an eventful year. Sensex galloped by a whopping 6,322 points. Though this is the biggest point move in a single year, it's not the highest in terms of percentage gains. The highest percentage gains record belongs to Samvat 2055 (1998-99), when the Sensex rallied 61 % from 2,853 to 4,598. In Samvat 2,063 ,the index appreciated 49.6 % from the 12,736 points it had closed last Diwali. The markets though ended the year on a negative note as the 30-share BSE Sensex ended 230.90 points or 1.20% lower at 19058.93 and the broader S&P; CNX Nifty was down 83.6 points or 1.45% at 5698.75 on Thursday, 8 November 2007.
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