The market lost ground in afternoon trade as heavyweights slipped. IT and oil & gas stocks edged lower. The market breadth was positive. 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 were mixed in early trade.
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.
At 14:20 IST, the 30-share BSE Sensex was down 22.10 points or 0.12% to 19,105.63. 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 39.65 points or 0.70% to 5658.50. 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 was up 0.59% to 8,442.68. The BSE Small-Cap index was up 0.84% to 10,458.88.
The market breadth was positive. On BSE, 1526 stocks advanced, 1248 stocks declined and 68 stocks remained unchanged.
India's largest private sector firm by market capitalisation and oil refiner Reliance Industries was down 0.49% at Rs 2828.
The BSE Auto index was up 0.86% to 5,394. Cummins India soared 5.22% to Rs 409.40, Escorts jumped 3.30% to Rs 162.75, Bajaj Auto gained 2.76% to Rs 2726.25, Maruti Suzuki rose 2.93% to Rs 965 and Tata Motors gained 0.34% to Rs 719.
The BSE Bankex was up 0.76% to 10,574.99, off day’s high of 10,677.52. Andhra bank was up 2.21% to Rs 101.75, Union Bank (India) gained 2.15% to Rs 178.25, and Indian Overseas Bank rose 1.60% to Rs 148.5.
India’s largest private sector bank by assets ICICI Bank rose 1.92% to Rs 1154.10, off day’s high of Rs 1160.
The BSE IT index was down 0.16% to 4,101.08. TCS fell 2.17% to Rs 975.15, Wipro fell 0.78% to Rs 454.20, Satyam Computers declined 0.19% to Rs 426.55 and Infosys Technologies fell 0.06% to Rs 1574.80.
The BSE Oil & Gas index was down 0.51% to 12,135.14. Essar Oil dropped 4.08% to Rs 212.70, BPCL fell 2.52% to Rs 396.05, ONGC fell 1.15% to Rs 1159 and Reliance Petroleum declined 1.54% to Rs 194.95.
Cinema chain PVR soared 10.99% to Rs 304. Some recent reports suggested that the company plans to invest Rs 300-400 crore to open 250 screens by 2010.
Tyre maker CEAT rose 3.05% percent to Rs 201.15 ahead of the spin-off of the firm's investment business. Reports suggest that the manufacturing and investment business would be separated soon. Each shareholder of the firm would get shares in the investment company.
Among the side counters, MICO surged 13.37% to Rs 5,045, Ispat Industries soared 9.89% to Rs 43.90, Jindal Saw spurted 9.74% to Rs 865, Sun TV Network gained 8.49% to Rs 341.90 and Lanco Infratech rose 4.90% to Rs 492.
In Europe, key indices in France and UK were down by between 0.13% to 0.14%. Germany's DAX index was up 0.23%.
Asian stock markets were mostly into the red. Key benchmark indices in South Korea, Japan, Singapore and Taiwan, China, were down by between 0.45% 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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