The market pared early gains as fresh selling emerged in later half of the day. Markets across the globe including ours were inflicted with high volatility.
Earlier today, the market had opened on a firm note following overnight gains in US stocks as a series of mixed reports on the US economy raised investors' optimism of an interest-rate cut by the US Federal Reserve in a meeting scheduled to be held on 18 September 2007. However it started declining since mid-afternoon trade, as European markets opened.
India's wholesale price index rose 3.79% per annum in the 12 months to 25 August 2007, lower than the previous week's 3.94% due to a decline in some food prices, government data showed on Friday, 7 September 2007. Inflation is at its lowest level since it touched 3.70% in the week ended April 15, 2006. Inflation data hit the market at about 12:00 IST.
The BSE 30-share Sensex slipped 49.32 points, or 0.32%, to 15,566.99, as per provisional closing. It had opened higher at 15,655.37 and advanced further to hit a high of 15,716.06. The index had slipped to a low of 15,565.22.
It oscillated in a range of 150.84 points, with rapid volatile swings throughout the day.
The S&P CNX Nifty was declined 12.85 points, or 0.28%, to 4,505.75.
The market breadth which was strong throughout the day, eased in fag end of the day. On BSE, 1,383 shares advanced as compared to 1,381 that declined, while 71 remained unchanged. This is in sharp contrast to the market breadth in morning when, 1264 shares advanced as compared to 305 that declined, while 24 remained unchanged.
The total turnover on BSE amounted to Rs 4864 crore as compared to Rs 3757 crore by 14:30 IST
From the 30-member Sensex pack, 20 slipped; the rest gained.
India’s largest cigarette manufacturer by sales ITC surged 1.63% to Rs 177.50 on 17.62 lakh shares. It was the top gainer from the Sensex pack.
Hindalco Industries (up 1.32% to Rs 157), HDFC Bank (up 1.07% to Rs 1198) were the other gainers from the Sensex pack
State-run explorer Oil and Natural Gas Corporation, India's second-most valuable firm, rose 1.56% to Rs 850.10 as oil prices climbed above $76 a barrel as tension between Syria and Israel raised supply concerns.
State Bank of India (SBI), the nation’s largest banking entity by net profit, slipped 0.91% to Rs 1617. As per reports, it will raise about Rs 1500 crore through a bond issue this week. The issue will be part of the bank's Tier II capital. The size of core issue likely to be set at Rs 1000 crore with over subscription option of Rs 500 crore.
Cipla, the country's third largest pharma company by sales, was the top loser from the Sensex pack. It slipped 2.43% to Rs 180.50 on 6.39 lakh shares.
Auto shares declined on profit booking. Tata Motors (down 1.80% to Rs 699), Bajaj Auto (down 0.26% to Rs 2327), Mahindra & Mahindra (down 2.10% to Rs 707), and Maruti Udyog (down 0.98% to Rs 873.15) were down.
India's largest private sector entity by market capitalisation and oil refiner, Reliance Industries (RIL), was down 1.29% to Rs 1957.70 on 5.09 lakh shares as its gas pricing formula from the Krishna-Godavari basin faced oppositon from the CPM politburo and Samajwadi Party. The Union fertiliser minister Ram Vilas Paswan said the price ($ 4.33 per million British thermal unit) sought by RIL for the gas it plans to produce from KG block next year is unrealistic.
Among the side counters, Roto Pumps (up 18.63% to Rs 73.85), BPL (up 20% to Rs 59.50) and Zuari Industries (up 12.11% to Rs 288) surged.
European markets, which opened after the Indian markets, were trading weak. Key benchmark indices in Germany (down 0.55% to 7,579.76), France (down 0.59% to 5,543.44) and United Kingdom (down 0.11% to 6,306.10) slipped.
Asian markets were also trading mixed today, 7 September 2007. Japan's Nikkei (down 0.83% at 16,122.16), Hang Seng (down 0.28% at 23,982.61), South Korea's Seoul Composite (down 0.21% at 1,884.90) and Shanghai Composite (down 2.16% to 5,277.15) slipped.
However, Taiwan Weighted (up 0.01% at 9,018.08) and Singapore's Straits Times (up 0.66% at 3,489.08) advanced.
The Dow Jones industrial average rose 57.88 points, or 0.44%, to 13,363.35, on Thursday, 6 September 2007. Broader stock indicators also lifted. The Standard & Poor's 500 index gained 6.26 points, or 0.43%, to 1,478.55, and the Nasdaq Composite index was up 8.37 points, or 0.32%, to 2,614.32.
In a meeting held yesterday, 6 September 2007, Bank of England kept interest rates unchanged at 5.75% and the European Central Bank (ECB) also decided to keep its rates unchanged to 4%.
Crude oil prices climbed further above $76 a barrel on Friday, 7 September 2007, just about $2 below record highs, as tension between Syria and Israel compounded supply worries after fall in US crude and gasoline inventories. US crude gained 18 cents to $76.48 a barrel while London Brent crude edged up 3 cents to $74.80.
As per provisional data, foreign institutional investors (FIIs) purchased shares worth a net Rs 311.37 crore, while domestic institutional investors (DIIs) were net sellers of shares worth Rs 8.26 crore on Thursday, 6 September 2007.
source: midcap.in
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