Market Closing Session - 09th Nov

Trading for the New Year Samvat year 2064 began on a cheerful note. However, the market later slipped into the red due to weakness in global equities. Market breadth was strong. Reliance Industries slipped after initial gains. Almost all of the sectoral indices were in red. IT, banking, metal, power stocks declined heavily. Most of the European markets were trading weak. BSE Mid Cap & Small Cap indices edged higher, outperforming Sensex.

US stock index futures slid on Friday, 9 November 2007, as Wachovia Corp, the fourth-largest US bank, disclosed exposure to securities linked to subprime mortgages, heightening investor concern about the impact of the credit crisis. Asian markets ended mixed.

The Sensex provisionally ended down 287.80 points or 1.51% to 18,771.13. It opened on a positive note and hit a high of 19,329.57 at the onset of the trading session. At days high of 19,329.57, Sensex had risen 270.64 points. It later declined heavily to hit a low of 18,737.77. At days low of 18,737.77, Sensex had lost 321.71 points.

The broader based S&P CNX Nifty provisionally ended down 83.85 points or 1.47% to 5,614.90.

The market breadth was strong on BSE: 1,739 scrips advanced as compared to 757 that declined while 61 remained unchanged. 28 of the 30 Sensex stocks ended in the red,

BSE clocked a turnover of Rs 1877 crore.

The BSE Mid Cap index rose 0.44% to 7,980.90 and BSE Small Cap index rose 1.16% to 9,722.73. Both these indices outperformed Sensex.

India's largest private sector entity by market capitalisation and oil refiner Reliance Industries (RIL) declined 1.92% to Rs 2,690.

ONGC (up 0.5% to Rs 1,243) and Cipla (up 0.065 to Rs 176.75) were the only gainers from Sensex pack.

ACC (down 3.49% to Rs 1,020), Bharti Airtel (down 2.87% to Rs 859) edged lower.

Banking stocks fell after initial gains. State Bank of (down 0.49% to Rs 2,173.90) HDFC Bank (down 1.56% to Rs 1,535) and ICICI Bank (down 2.28% to Rs 1,142) edged lower.

Export-driven software services companies, which are already under pressure because of a firmer rupee extended losses on concerns over a possible downturn in the United States, which accounts for more than half their revenue. Infosys Technologies (down 0.7% to Rs 1,703.80) Satyam computer Services (down 1.93% to Rs 426.15), Tata Consultancy Services (down 0.75% to Rs 984.90) and Wipro (down 2.09% to Rs 459.90) edged lower.

Metal stocks also edged lower. Tata Steel (down 1.55% to Rs 832), Sterlite Industries (down 1.18% to Rs 991),Hindalco Industries (down 2.09% to Rs 199.40)and Steel Authority of India (down 2.34% to Rs 237.75) edged lower.

Power stocks also declined. NTPC (down 0.81% to Rs 238.50),Power Grid corporaration (down 1.2% to Rs 147.65), Reliance Energy (down 1.83% to Rs 1,817) and Tata Power Company (down 2.56% to Rs 1,205) edged lower.

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 today. Frances CAC 40 (down 1.14% to 5,567.25) and UKs FTSE 100 (down 0.86% to 6,326.80) edged lower. Germanys DAX (up 0.23% to 7,837.73) edged higher.

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 US growth in the fourth quarter and keep it sluggish in early 2008. Dow Jones Industrial Average (DJIA) lost 33.73 points to 13,266.29. Nasdaq Composite shed 52.76 points to 2,696.

National Stock exchanges (NSE) provisional data shows that foreign institutional investors (FII) were net sellers of shares worth Rs 1,356.53 crore and domestic institutional investors (DII) were net buyers of shares worth 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.

Source - Capital Markets