Market Closing Session - 29th Nov

The market came sharply off higher level in late trade due to expiry of November 2007 derivatives contracts. Infosys slipped into the red in late trade in contrast to a decent gainers earlier during the day. Bajaj Auto, Ranbaxy, Reliance Energy slipped. ICICI Bank came off higher level. Market breadth turned negative from positive in the last one hour of trade. 16 out of 30 stocks from the Sensex pack were in green.

European markets, which opened after Indian market, were mixed. Asian markets, which opened before Indian market, surged after comments on Wednesday, 28 November 2007, from US Federal Reserve officials raised the chances of another US rate cut in December 2007.

The market has been volatile over the past few days due to alternate bouts of buying and selling amid FII sales caused by redemption pressure in their home countries and fears of a US recession arising from US housing slump and credit crisis.

The 30-share BSE Sensex rose 64.39 points or 0.34% to 19,003.26. Sensex hit a low of 18,930.31 at the fag end of the trading session. At day's low, Sensex shed 8.56 points for the day. The Sensex hit a high of 19,297.01 in early trade. At day's high, the Sensex gained 358.14 points.

The broader based S&P CNX Nifty gained 17.05 points or 0.30% to 5634.60. Nifty hit a high of 5725 in early trade. At day's high, Nifty had risen 107.45 points.

The BSE Mid-Cap index fell 0.25% to 8,362.55. The BSE Small-Cap index was up 0.14% to 10,389.75. Both these indices underperformed the Sensex.

The market breadth was negetive. On BSE, 1317 stocks advanced, 1468 stocks declined and 72 stocks remained unchanged.

BSE clocked a turnover of Rs 7596 crore, higher than yesterday (28 November 2007)'s Rs 7,472.89.

Nifty November 2007 futures were at 5641, a premium of 6.4 points as compared to spot closing of 5634.60.

NSE’s futures & options (F&O) segment turnover was Rs 98225.56 crore, which was higher than Rs 86287.52 crore on Wednesday, 28 November 2007

India’s largest private sector firm by market capitalisation & oil refiner Reliance Industries was up 1.15% to Rs 2818.40.

India's second biggest motorcycle maker in terms of market share Bajaj Auto fell 0.13% to Rs 2724.30. The stock came under selling pressure in late trade when it hit a low of Rs 2600.

India's biggest drug maker in terms of sales, Ranbaxy Laboratories fell 2.67% to Rs 378.95.

The BSE Bankex rose 2.04% to 10,601.41. It outperformed the Sensex. Indian Overseas bank surged 7.43% to Rs 157.65, HDFC Bank soared 4.30% to Rs 1677.15, Punjab National Bank rose 1.53% to Rs 593, and Kotak Mahindra Bank rose 1.52% to Rs 1127.15.

India’s largest private sector bank by assets ICICI Bank rose 3.15% to Rs 1162.20. The stock came sharply off the higher level in late trade. It came off session's high of Rs 1184.

The BSE IT index rose 0.11% to 4,085.76. It underperformed the Sensex. HCL Technologies jumped 3.18% to Rs 313.40, Wipro gained 0.23% to Rs 450.50, Satyam Computers rose 0.15% to Rs 425.60, and TCS rose 0.10% to Rs 976.75.

India’s second largest software exporter by sales Infosys Technologies0was steady at Rs 1569.60.

Realty stocks jumped on television reports that Maharashtra State Assembly has passed a resolution repealing the Urban Land Ceiling Act, leading to more area available for real estate development in the state. The BSE Realty index was up 1.54% to 10,223.93. It outperformed the Sensex. DLF rose 0.27% to Rs 881.85, Unitech soared 3.56% to Rs 372.45 and Sobha Developers gained 0.12% to Rs 860.

The BSE Power index fell 1.03% to 4,253.43. It underperformed the Sensex. Areva T&D fell 3.46% to Rs 2604.30, Power Grid Corporation of India fell 2.39% to Rs 142.80, Reliance Energy declined 2.37% to Rs 1663.70. NTPC gained 0.32% to Rs 231.70, Tata Power rose 0.45% to Rs 1119.50 and Neyveli Lignite rose 0.69% to Rs 210.15.

India's largest public sector oil explorer ONGC fell 0.81% to Rs 1141.20. ONGC Videsh (OVL), the overseas arm of state-run Oil and Natural Gas Corp (ONGC), has reportedly bagged two oil and gas exploration blocks in Brazil. Meanwhile, some reports suggest that the company has found more natural gas in a block in the desert state of Rajasthan. This block was awarded to the company before India moved to a regime of auctioning its oil and gas exploration blocks.

Mukesh Ambani-held Reliance Petroleum surged 11.95% to Rs 215.05 on huge volume of 5.56 crore shares on BSE.

The BSE Auto index rose 0.28% to 5,419.51. It underperformed the Sensex. Tata Motors rose 0.25% to Rs 722.30, Hero Honda Motors jumped 3.53% to Rs 733.90 and Maruti Suzuki gained 2.46% to Rs 990.45.

Mahindra & Mahindra rose 1.47% to Rs 720.25. Mahindra Holidays and Resorts, part of Mahindra & Mahindra Group, is reportedly planning to develop holiday homes on ownership basis. It also plans to float an IPO by March 2008.

India's largest cellular service provider by market share Bharti Airtel rose 0.62% to Rs 915.65. India's second largest listed telecom service provider by sales Reliance Communications fell 1.98% to Rs 665.05.

Pharmaceuticals firm Jubilant Organosys fell 0.79% to Rs 302.25 on reports that the firm is evaluating various proposals to acquire companies in the contract research and manufacturing services, drug discovery and clinical research segments in the US and Europe. It has earmarked around $100 million for acquisition.

Electric equipment maker Kirloskar Electric Company rose 0.71% to Rs 370.20. The board of directors of Kirloskar Electric Company on Wednesday, 28 November 2007 approved the merger of the operating business of Kirloskar Power Equipments with itself. The board also approved merger of its subsidiary Kaytee Switchgear with itself.

Ship building firm ABG Shipyard jumped 8.34% to Rs 888.55 after the company said its board had approved raising funds through issue of equity shares to qualified institutional buyers and convertible warrants to the promoters.

Post-production firm Prime Focus gained 0.17% to Rs 1210 after the company said it was in advanced talks to buy US-based firms, Post Logic Studios and Frantic Films for $43 million.

Liquor firm Shaw Wallace & Company rose 1.05% to Rs 409.60, off day's high of Rs 434 after its board approved merging the firm with group firm United Spirits. Shaw Wallace shareholders will get four United Spirits shares for every 17 held. United Spirits, part of the UB Group, fell 0.41% to Rs 1844.30

Offshore logistics firm Sical Logistics jumped 4.97% to Rs 238.50 on foreign investment promotion board's approval for Old Lane Mauritius IV's $26 million investment in Sical's new infrastructure unit, Sical Infra Assets.

Reliance Petroleum clocked highest turnover of Rs 1137.84 crore on BSE. Mundra Port & Special Economic Zone (Rs 371.03 crore), Reliance Natural Resources (Rs 202.57), Reliance Energy (Rs 186.61 crore) and Jaiprakash Associates (Rs 186.22 crore), were the other turnover toppers on BSE in that order.

Reliance Petroleum registered highest volume of 5.56 crore shares on BSE. Gujarat State Petronet (2.42 crore shares), Ispat Industries (2.11 crore shares), Reliance Natural Resources (1.31 crore shares) and Tata Teleservices (1.20 crore shares), were the other volume toppers on BSE in that order.

In Europe, key indices in France and Germany were up by between 0.02% to 0.28%. UK’s FTSE 100 was down 0.24%.

In Asia, key benchmark indices in Hong Kong, Japan, China, South Korea, Singapore and Taiwan were up by between 2.06% to 4.06%. The Fed's next policy-setting meeting is scheduled for 11 December 2007.

US markets rallied overnight on expectations for an interest rate cut by the US Federal Reserve in December 2007. The Dow Jones industrial average jumped 331.01 points, or 2.55%, at 13,289.45 on Wednesday, 28 November 2007. The Standard & Poor's 500 Index was up 40.79 points, or 2.86% at 1,469.02. The Nasdaq Composite Index was up 82.11 points, or 3.18%, at 2,662.91.

Oil surged by more than $4 a barrel towards $95 a barrel today, 29 November 2007, after a pipeline explosion cut crude oil imports to top consumer the United States by nearly a fifth.

Source - Bloomberg