The 30-share BSE Sensex which had surged 189 points during morning trade, faced resistance at higher level and nose-dived into negative territory in the last hour of trade. Oil & gas, metal and realty stocks were worst hit. The market breadth turned negative from positive in late trade. 22 out of 30 stocks from the Sensex pack were in red.
Asian stocks started the day stronger, tracking gains in US markets, but worries about the credit market soon returned, pushing most of the markets in the red. European markets, which opened after Indian markets, were mixed.
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 housing slump and credit crisis.
The 30-share BSE Sensex was down 233.94 points or 1.22% to 18,893.79, as per provisional closing. The Sensex hit a low of 18,884.20 at the fag end of the trading session. At day's low, the Sensex shed 243.53 points. The Sensex had hit a high of 19,316.76 in early trade. At day's high, the Sensex gained 189.03 points.
The broader based S&P CNX Nifty was down 95.6 points or 1.68% to 5602.55. Nifty had hit a high of 5749.95 earlier during the day. At day's high, Nifty had risen 51.80 points.
The BSE Mid-Cap index ended down 0.40% to 8,359.61. The BSE Small-Cap index fell 0.06% to 10,365.45.
The market breadth was negative. On BSE, 1291 stocks advanced, 1515 stocks declined and 66 stocks remained unchanged.
India's largest private sector firm by market capitalisation and oil refiner Reliance Industries was down 1.96% at Rs 2786.15.
India’s largest private sector bank by assets ICICI Bank lost 1.10% to Rs 1120, off day’s high of Rs 1160.
India’s second largest software exporter by sales Infosys Technologies fell 0.23% to Rs 1572.10.
Hindalco Industries dropped 3.71% to Rs 184.25, Tata Steel fell 3.73% to Rs 816, ACC fell 3.31% to Rs 1075.20, Reliance Energy declined 3.44% to Rs 1700 and TCS fell 2.51% to Rs 968.
The BSE Oil & Gas index fell 2.18% to 11,931.27, the BSE Metal index fell 2.07% to 16,984.24, the BSE Bankex fell 1.20% to 10,369.33 and the BSE Realty index fell 1.13% to 10,091.23.
In Europe, key indices in France and UK were down by between 0.06% to 0.17%. Germany's DAX index was up 0.28%.
Asian stock markets were mostly into the red. Key benchmark indices in South Korea, Japan, Singapore and Taiwan, China, were down by between 0.09% to 1.35%. Hong Kong’s Hang Seng was up 0.59%.
US stocks rose on Tuesday, 27 November 2007, after Abu Dhabi's $7.5 billion purchase of a stake in Citigroup Inc spurred a rebound in financial stocks and a drop in oil prices boosted shares of big manufacturers. The Dow Jones industrial average was up 215 points, or 1.69%, at 12,958.44. The Standard & Poor's 500 Index was up 21.01 points, or 1.49% at 1,428.23. The Nasdaq Composite Index was up 39.81 points, or 1.57%, at 2,580.80.
Foreign institutional investors (FIIs) were net sellers to the tune of Rs 465 crore in the futures & options segment on Tuesday, 27 November 2007. According to data released by the NSE, FIIs were net sellers of index futures to the tune of Rs 11.84 crore and bought index options worth Rs 75.36 crore. They were net sellers of stock futures to the tune of Rs 529.05 crore and bought stock options worth Rs 0.54 crore.
In the cash market, FIIs sold shares worth a net Rs 498.35 crore on Tuesday. Domestic institutions bought shares worth a net Rs 298.33 crore on Tuesday.
FII outflow in November 2007, till 26 November 2007, reached Rs 4158.60 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.
The National Stock Exchange (NSE) today, 28 November 2007, said it has decided to add 15 stocks to futures & options (F&O) segment with effect from Friday, 30 November 2007.
The 15 new inclusions for trading in F&O segment include Jindal Saw, KPIT Cummins Infosystems, Development Credit Bank, Hindustan Zinc, MICO, Info Edge, NIIT, Great Offshore, Wire & Wireless India, Redington (India), Network18 Fincap, Global Broadcast News, Ispat Industries, Hindustan Oil Exploration and Gitanjali Gems.
BSE on Tuesday, 27 November 2007, announced that it was shifting a total of 414 scrips from trade to trade to normal rolling settlement. The shift will take place effective from Monday 3 December 2007. BSE said these scrips that are being shifted back to normal rolling settlement from trade to trade segment will continue to attract daily circuit filter of 5% or lower as applicable.
Among the stocks being shifted back to normal rolling settlement from trade to trade include ABG Heavy Industries, Aksh Optifibre, Ambalal Sarabhai Enterprise, Andrew Yule & Company, Assam Company, Birla VXL, BPL, Cable Corporation of India, Dhanalakshmi Bank, Emkay Share & Stock Brokers, Jai Corp, Jhunjhunwala Vanaspati, L.M.L., Ramkrishna Forgings.
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