The market bounced back after an initial slump caused by on worries about the US economic outlook. But while the BSE Sensex managed to post gains, the S&P CNX Nifty settled with losses.
Volatility was high due to alternate bouts of buying and selling. European and Asian markets were trading lower today, 22 October 2007 on worries about the US economic outlook.
The BSE 30-share Sensex rose 54.01 points or 0.31% at 17,613.99. It opened 300.33 points lower at 17,259.65 and slipped to a low of 17171.45 within minutes after commencement of trade. At the day's low of 17,171.45, the Sensex had lost 388.53 points for the day. From here it staged a solid rebound. Sensex hit a high of 17,704.83 in the day. At day's high of 17,704.83, Sensex had risen 144.85 points for the day. Sensex oscillated 533.38 points in the day.
However, the broader based S&P CNX Nifty lost 31.30 points or 0.60% at 5,184.
The surge in Sensex even when the Nifty ended in the red was due to rally in HDFC and ICICI Bank. These two stocks have much higher weightages in Sensex than in Nifty. The HDFC stock jumped 7.27% to Rs 2572.55 and ICICI Bank rose 3.74% to Rs 1062.35. While Housing Development Finance Corporation (HDFC) has about 5% weightage in Sensex, it has only about 2% weightage in Nifty. ICICI Bank has a significantly higher weightage of about 9% in Sensex as compared to a weightage of a little under 4% in Nifty.
Steel Authority of India (down 4.02% to Rs 213.60), National Aluminium (down 3.14% to Rs 279.20), and ABB (down 2.79% to Rs 1376.95), which are part of Nifty but are not part of Sensex, also dragged Nifty lower.
The Nifty October 2007 futures settled at 5189, a premium of 5 points as compared to spot closing. Volatility is expected to remain high in the coming few days ahead of expiry of October 2007 derivatives contracts on Thursday, 25 October 2007.
The BSE Mid-Cap index was up 0.34% to 7,263.41, while the BSE Small-Cap index rose 0.58% to 8,851.47. Both these indices outperformed the Sensex
Of the 30 shares of the Sensex, 17 rose while the rest slipped. The market breadth was just about positive on BSE. 1341 scrips advanced as compared to 1314 that declined, while 70 remained unchanged.
The total turnover on BSE amounted to Rs 7486 crore, lower as compared to Rs 9611 crore on Friday, 19 October 2007
The NSE F&O turnover was Rs 71454.20 crore, lower as compared to Rs 83102.28 crore on Friday, 19 October 2007
Sectoral indices on BSE displayed mixed trend. Bankex (up 2.17% to 9,029.09), BSE Health Care Index (up 0.41% at 3,729.99), BSE Consumer Durables index (up 0.52% to 4,801.72), BSE FMCG Index (up 1.16% at 2,045.03), BSE Capital Goods Index (up 0.90% at 15,568.76), outperformed the Sensex.
BSE Oil and Gas Index (down 1.59% at 10,079.97), BSE Metal Index (down 0.33% at 14,432.72), BSE Auto Index (up 0.08% at 5,301.00), BSE PSU index (down 0.40% to 8,178.11), BSE IT Index (down 1.42% at 4,619.17), BSE TecK index (down 1.54% to 3,857.17), BSE BSE Realty (down 0.66% to 8,994.22), were underperformers.
India's largest private sector mortgage financer in terms of net profit Housing Development Finance Corporation (HDFC) vaulted 7.27% to Rs 2572.55 on 2.25 lakh shares. It was top gainers from Sensex pack. The company will declare its Q2 September 2007 results on 29 October 2007
ICICI Bank, the country's largest private sector bank in terms of net profit rose 3.74% to Rs 1062.35. Its net profit rose 32.7% to Rs 1002.60 crore on 41% growth in total income to Rs 9588.41 crore in Q2 September 2007 over Q2 September 2006. The results hit the market after trading hours on Friday, 19 October 2007.
State Bank of India (up 1.94% to Rs 1700), Union Bank of India (up 2.64% to Rs 141.95), and Kotak Mahindra Bank (up 1.42% to Rs 840), were the other gainers from banking pack.
North India's largest cement manufacturer, Ambuja Cements gained 4.48% to Rs 145.85 on 5.44 crore shares after three block deals of 1.57 crore shares each were executed on the counter on BSE in opening trade at an average price of Rs 144.42 per share. It was the top traded counter on BSE with total turnover of Rs 787.18 crore
Reliance Energy (Rs 551.86 crore ), United Breweries (Holdings) (Rs 510.05 crore ), Reliance Industries (Rs 479.92 crore ),and Reliance Communications (Rs 235.06 crore ), were other turnover toppers on BSE.
Mahindra & Mahindra (up 3.96% to Rs 757), ACC (up 3.92% to Rs 1030) and ITC (up 2.35% to Rs 179), were the other gainers from Sensex pack.
Shares from capital goods space made a late comeback. India's largest power equipment maker in terms of sales, Bharat Heavy Electricals (Bhel) gained 1.48% to Rs 2080. The company informed BSE that due to some unavoidable circumstances, its board meet to consider Q2 September 2007 results scheduled to be held on 25 October 2007 has been postponed to 29 October 2007. Itss day's low was at Rs 1970
Larsen & Toubro (L&T), the nation's largest engineering and construction company by sales, gained 3.04% to Rs 3115. Its day's low was at Rs 2912.
Reliance Energy, the country's second largest power utility company in terms of sales, rose 2.38% to Rs 1370 on 39.97 lakh shares, off its day's high of Rs 1465. The stock surged sharply from early lows of Rs 1255, on value buying. The stock had plunged 18.52% in past one week to Rs 1333.25 on 19 October 2007.
India's largest oil exploration company in terms of market capitalisation Oil and Natural Gas Corporation declined 1.38% to Rs 1090. As per reports that its joint venture firm ONGC-Mittal Energy had acquired a 30% participating interest in an exploration block in Turkmenistan. The report did not disclose the deal value.
India's largest private sector entity by market capitalisation and oil refiner Reliance Industries (RIL) was down 1.98% to Rs 2420.20 on 19.74 lakh shares. It recovered sharply from early lows of Rs 2395. As a part of a restructuring exercise, RIL has reportedly decided to hive off Reliance Fresh into a separate company, Ranger Farm, for single point accountability. Reliance Fresh sells food, fruits and vegetables and consumer products.
IT stocks stayed under selling pressure throughout the day and dominated the list of top losers, on worries about a downturn in the United States, where the firms earn more than half their revenue. India's fourth largest sofftware services exporter Satyam Computer lost 3.14% to Rs 445.60 on 7.01 lakh shares. It was the top loser from Sensex pack.
Satyam Computer announces Q2 September 2007 results tomorrow. A total of 9 brokerages expect a between 2.4% fall to a 6.2% growth in Satyam's consolidated net profit as per Indian GAAP to between Rs 369.10 crore to Rs 410.80 crore as compared to net profit of Rs 378.32 crore in Q1 June 2007. They expect a between 6.3% to 9.3% growth in revenue to between Rs 1945.50 crore to Rs 2000.90 crore as compared to revenue of Rs 1830.19 crore in Q1 June 2007.
Analysts expect Satyam's operating profit margins to slide on a sequential basis due to salary hikes effected in Q2 September 2007.
TCS (down 2.96% to Rs 1074), Wipro (down 1.31% to Rs 494) and Infosys (down 1.54% to Rs 1878.15), edged lower.
India's largest listed cellular services provider by sales, Bharti Airtel recovered sharply from day' s low of Rs 909 to settle 1.49% lower to Rs 954. The early fall was triggered by on concerns that the launch of nationwide GSM services by rival Reliance Communications would eat into its market share. The stock lost 9.43% in past one week to Rs 968.45 on 19 October 2007.
Reliance Communications was down 0.71% to Rs 722, off its day's high of Rs 741. Reliance Communications (RCom), on Friday, 19 October 2007, got nod to launch nationwide GSM-based cellular services from Department of Telecom (DoT).
Tata Motors (down 2.27% to Rs 765), and Maruti Suzuki India (down 2.21% to Rs 1050), were the other losers from Sensex pack.
Among stocks with high volumes, Power Grid Corporation slipped 1.29% to Rs 129.85 on 1.61 crore shares. Reliance Natural Resources lost 0.85% to Rs 87.10 on 1.53 crore shares. Tata Teleservices (Maharashtra) rose 0.76% to Rs 39.90 on 96.36 lakh shares.
United Breweries (Holdings) was down 0.82% to Rs 923 after a block deal of 27.82 lakh shares was struck on the counter on BSE at Rs 901 per share in opening trade.
Havells India rose 2.06% to Rs 621 after the company said private equity firm Warburg Pincus will pick up stake in the company.
Rolta India declined 2.10% to Rs 579.90 despite announcing good Q1 September 2007 results and also a 1:1 bonus issue during market hours today, 22 October 2007.
GTL rose 4% to Rs 242.35 on reporting 494.63% spurt in net profit to Rs 45.43 crore on 145.89% rise in sales to Rs 357.92 crore in Q2 September 2007 over Q2 September 2006. The company announced the results during the market hours today, 22 October 2007.
LIC Housing Finance gained 4.52% to Rs 225.25 after its net profit rose 53.25% to Rs 116.37 crore on 36.84% rise in total income to Rs 526.58 crore in Q2 September 2007 over Q2 September 2006.
India Infoline soared 3.46% to Rs 893.70 after its board approved raising foreign fund investment limit to 100% of the company's paid-up capital.
Zee Entertainment Enterprises gained 6.28% to Rs 319.20. The company will declare its Q2 September 2007 results tomorrow, 23 October 2007.
India Cements climbed 3.91% to Rs 279 on reporting 89.78% rise in net profit to Rs 222.65 crore on 51.49% rise in sales to Rs 896.09 crore in Q2 September 2007 over Q2 September 2006. The company announced the results during the market hours today, 22 October 2007.
Tech Mahindra slumped 5.22% to Rs 1260. Its consolidated net profit rose 6.7% to Rs 181.6 crore on 2.4% growth in revenue to Rs 897.6 crore in Q2 September 2007 over Q1 June 2007. The results hit the market after trading hours on Friday, 19 October 2007.
Welspun India rose 3.14% to Rs 64. Its net profit declined 8.3% to Rs 16.81 crore on 6.3% growth in net sales to Rs 293.79 crore in Q2 September 2007 over Q2 September 2006. The results hit the market after trading hours on Friday, 19 October 2007.
Shanthi Gears surged 9.23% to Rs 74 on reporting 52.39% rise in net profit to Rs 10.5 crore on 26.18% rise in sales to Rs 59.37 crore in Q2 September 2007 over Q2 September 2006.
Gujarat Narmada Valley Fertilizers Company jumped 6.30% to Rs 141.75 on reporting 63.05% rise in net profit to Rs 120.58 crore on 66.67% rise in total income to Rs 1,164.84 crore in Q2 September 2007 over Q2 September 20066.
PTC India rose 2.15% to Rs 95 on its plans to sell up to 40% stake in its financial services subsidiary PTC India Financial Services.
A crucial meeting of the panel set up by the government to look into Left front's concerns over the Indo-US nuclear deal holds its fifth meeting today, 22 October 2007, with Left front demanding a clear statement that the deal is off.
The Securities and Exchange Board of India chairman, M Damodaran, is currently holding a video conference with overseas investors to clarify all issues arising from the draft proposal on participatory notes (PNs) released by the regulator on Tuesday, 16 October 2007.
After trading hours on Tuesday, 16 October 2007, Sebi issued draft proposals wherein the market regulator proposed restriction on use of the popular participatory notes (PNs) route of FII inflow and it also recommended unwinding of some PNs within 18 months. PNs are financial instruments used by foreign investors that are not registered with Sebi, to invest in Indian shares. FIIs and their sub-accounts buy Indian securities and then issue PNs to foreign investors with these securities as the underlying.
European markets opened lower today, 22 October 2007. Key benchmark indices from United Kingdom (down 1.26% to 6,445.50), and Germany (down 1.27% to 7,748.01) declined.
Asian markets were trading weak today, 22 October 2007, in the wake of a sell-off on Wall Street on Friday, 19 October 2007. Hong Kong's Hang Seng (down 3.70% at 28,373.63), Japan's Nikkei (down 2.24% at 16,438.47), Taiwan's Taiwan Weighted (down 2.61% at 9,360.63), Singapore's Straits Times (down 2.81% at 3,642.64) and South Korea's Seoul Composite (down 3.36% at 1,903.81) all edged lower.
US markets tumbled on Friday, 19 October 2007, amid lackluster profit reports and credit concerns on Black Monday Anniversary. The Dow Jones Industrial Average plunged 366.94 points, or 2.64%, to 13,522.02. The Standard & Poor's 500 index fell 39.45 points, or 2.56%, to 1,500.63, and the Nasdaq Composite index dropped 74.15 points, or 2.65%, to 2,725.
India's wholesale price index rose 3.07% in the 12 months to 6 October 2007, lower than the previous week's 3.26% rise, government data released on Friday, 19 October 2007 showed. It was the lowest annual rise in 5 years.
Crude oil prices fell on Monday, 22 October 2007 on profit taking from record highs, but hovered near $88 on simmering geo-political tensions and a weak dollar. US light crude for November delivery fell 77 cents to $87.83 a barrel. On Friday, 19 October 2007, it touched an all-time high of $90.07. London Brent crude fell 46 cents to $83.33 a barrel.
Volatility was high due to alternate bouts of buying and selling. European and Asian markets were trading lower today, 22 October 2007 on worries about the US economic outlook.
The BSE 30-share Sensex rose 54.01 points or 0.31% at 17,613.99. It opened 300.33 points lower at 17,259.65 and slipped to a low of 17171.45 within minutes after commencement of trade. At the day's low of 17,171.45, the Sensex had lost 388.53 points for the day. From here it staged a solid rebound. Sensex hit a high of 17,704.83 in the day. At day's high of 17,704.83, Sensex had risen 144.85 points for the day. Sensex oscillated 533.38 points in the day.
However, the broader based S&P CNX Nifty lost 31.30 points or 0.60% at 5,184.
The surge in Sensex even when the Nifty ended in the red was due to rally in HDFC and ICICI Bank. These two stocks have much higher weightages in Sensex than in Nifty. The HDFC stock jumped 7.27% to Rs 2572.55 and ICICI Bank rose 3.74% to Rs 1062.35. While Housing Development Finance Corporation (HDFC) has about 5% weightage in Sensex, it has only about 2% weightage in Nifty. ICICI Bank has a significantly higher weightage of about 9% in Sensex as compared to a weightage of a little under 4% in Nifty.
Steel Authority of India (down 4.02% to Rs 213.60), National Aluminium (down 3.14% to Rs 279.20), and ABB (down 2.79% to Rs 1376.95), which are part of Nifty but are not part of Sensex, also dragged Nifty lower.
The Nifty October 2007 futures settled at 5189, a premium of 5 points as compared to spot closing. Volatility is expected to remain high in the coming few days ahead of expiry of October 2007 derivatives contracts on Thursday, 25 October 2007.
The BSE Mid-Cap index was up 0.34% to 7,263.41, while the BSE Small-Cap index rose 0.58% to 8,851.47. Both these indices outperformed the Sensex
Of the 30 shares of the Sensex, 17 rose while the rest slipped. The market breadth was just about positive on BSE. 1341 scrips advanced as compared to 1314 that declined, while 70 remained unchanged.
The total turnover on BSE amounted to Rs 7486 crore, lower as compared to Rs 9611 crore on Friday, 19 October 2007
The NSE F&O turnover was Rs 71454.20 crore, lower as compared to Rs 83102.28 crore on Friday, 19 October 2007
Sectoral indices on BSE displayed mixed trend. Bankex (up 2.17% to 9,029.09), BSE Health Care Index (up 0.41% at 3,729.99), BSE Consumer Durables index (up 0.52% to 4,801.72), BSE FMCG Index (up 1.16% at 2,045.03), BSE Capital Goods Index (up 0.90% at 15,568.76), outperformed the Sensex.
BSE Oil and Gas Index (down 1.59% at 10,079.97), BSE Metal Index (down 0.33% at 14,432.72), BSE Auto Index (up 0.08% at 5,301.00), BSE PSU index (down 0.40% to 8,178.11), BSE IT Index (down 1.42% at 4,619.17), BSE TecK index (down 1.54% to 3,857.17), BSE BSE Realty (down 0.66% to 8,994.22), were underperformers.
India's largest private sector mortgage financer in terms of net profit Housing Development Finance Corporation (HDFC) vaulted 7.27% to Rs 2572.55 on 2.25 lakh shares. It was top gainers from Sensex pack. The company will declare its Q2 September 2007 results on 29 October 2007
ICICI Bank, the country's largest private sector bank in terms of net profit rose 3.74% to Rs 1062.35. Its net profit rose 32.7% to Rs 1002.60 crore on 41% growth in total income to Rs 9588.41 crore in Q2 September 2007 over Q2 September 2006. The results hit the market after trading hours on Friday, 19 October 2007.
State Bank of India (up 1.94% to Rs 1700), Union Bank of India (up 2.64% to Rs 141.95), and Kotak Mahindra Bank (up 1.42% to Rs 840), were the other gainers from banking pack.
North India's largest cement manufacturer, Ambuja Cements gained 4.48% to Rs 145.85 on 5.44 crore shares after three block deals of 1.57 crore shares each were executed on the counter on BSE in opening trade at an average price of Rs 144.42 per share. It was the top traded counter on BSE with total turnover of Rs 787.18 crore
Reliance Energy (Rs 551.86 crore ), United Breweries (Holdings) (Rs 510.05 crore ), Reliance Industries (Rs 479.92 crore ),and Reliance Communications (Rs 235.06 crore ), were other turnover toppers on BSE.
Mahindra & Mahindra (up 3.96% to Rs 757), ACC (up 3.92% to Rs 1030) and ITC (up 2.35% to Rs 179), were the other gainers from Sensex pack.
Shares from capital goods space made a late comeback. India's largest power equipment maker in terms of sales, Bharat Heavy Electricals (Bhel) gained 1.48% to Rs 2080. The company informed BSE that due to some unavoidable circumstances, its board meet to consider Q2 September 2007 results scheduled to be held on 25 October 2007 has been postponed to 29 October 2007. Itss day's low was at Rs 1970
Larsen & Toubro (L&T), the nation's largest engineering and construction company by sales, gained 3.04% to Rs 3115. Its day's low was at Rs 2912.
Reliance Energy, the country's second largest power utility company in terms of sales, rose 2.38% to Rs 1370 on 39.97 lakh shares, off its day's high of Rs 1465. The stock surged sharply from early lows of Rs 1255, on value buying. The stock had plunged 18.52% in past one week to Rs 1333.25 on 19 October 2007.
India's largest oil exploration company in terms of market capitalisation Oil and Natural Gas Corporation declined 1.38% to Rs 1090. As per reports that its joint venture firm ONGC-Mittal Energy had acquired a 30% participating interest in an exploration block in Turkmenistan. The report did not disclose the deal value.
India's largest private sector entity by market capitalisation and oil refiner Reliance Industries (RIL) was down 1.98% to Rs 2420.20 on 19.74 lakh shares. It recovered sharply from early lows of Rs 2395. As a part of a restructuring exercise, RIL has reportedly decided to hive off Reliance Fresh into a separate company, Ranger Farm, for single point accountability. Reliance Fresh sells food, fruits and vegetables and consumer products.
IT stocks stayed under selling pressure throughout the day and dominated the list of top losers, on worries about a downturn in the United States, where the firms earn more than half their revenue. India's fourth largest sofftware services exporter Satyam Computer lost 3.14% to Rs 445.60 on 7.01 lakh shares. It was the top loser from Sensex pack.
Satyam Computer announces Q2 September 2007 results tomorrow. A total of 9 brokerages expect a between 2.4% fall to a 6.2% growth in Satyam's consolidated net profit as per Indian GAAP to between Rs 369.10 crore to Rs 410.80 crore as compared to net profit of Rs 378.32 crore in Q1 June 2007. They expect a between 6.3% to 9.3% growth in revenue to between Rs 1945.50 crore to Rs 2000.90 crore as compared to revenue of Rs 1830.19 crore in Q1 June 2007.
Analysts expect Satyam's operating profit margins to slide on a sequential basis due to salary hikes effected in Q2 September 2007.
TCS (down 2.96% to Rs 1074), Wipro (down 1.31% to Rs 494) and Infosys (down 1.54% to Rs 1878.15), edged lower.
India's largest listed cellular services provider by sales, Bharti Airtel recovered sharply from day' s low of Rs 909 to settle 1.49% lower to Rs 954. The early fall was triggered by on concerns that the launch of nationwide GSM services by rival Reliance Communications would eat into its market share. The stock lost 9.43% in past one week to Rs 968.45 on 19 October 2007.
Reliance Communications was down 0.71% to Rs 722, off its day's high of Rs 741. Reliance Communications (RCom), on Friday, 19 October 2007, got nod to launch nationwide GSM-based cellular services from Department of Telecom (DoT).
Tata Motors (down 2.27% to Rs 765), and Maruti Suzuki India (down 2.21% to Rs 1050), were the other losers from Sensex pack.
Among stocks with high volumes, Power Grid Corporation slipped 1.29% to Rs 129.85 on 1.61 crore shares. Reliance Natural Resources lost 0.85% to Rs 87.10 on 1.53 crore shares. Tata Teleservices (Maharashtra) rose 0.76% to Rs 39.90 on 96.36 lakh shares.
United Breweries (Holdings) was down 0.82% to Rs 923 after a block deal of 27.82 lakh shares was struck on the counter on BSE at Rs 901 per share in opening trade.
Havells India rose 2.06% to Rs 621 after the company said private equity firm Warburg Pincus will pick up stake in the company.
Rolta India declined 2.10% to Rs 579.90 despite announcing good Q1 September 2007 results and also a 1:1 bonus issue during market hours today, 22 October 2007.
GTL rose 4% to Rs 242.35 on reporting 494.63% spurt in net profit to Rs 45.43 crore on 145.89% rise in sales to Rs 357.92 crore in Q2 September 2007 over Q2 September 2006. The company announced the results during the market hours today, 22 October 2007.
LIC Housing Finance gained 4.52% to Rs 225.25 after its net profit rose 53.25% to Rs 116.37 crore on 36.84% rise in total income to Rs 526.58 crore in Q2 September 2007 over Q2 September 2006.
India Infoline soared 3.46% to Rs 893.70 after its board approved raising foreign fund investment limit to 100% of the company's paid-up capital.
Zee Entertainment Enterprises gained 6.28% to Rs 319.20. The company will declare its Q2 September 2007 results tomorrow, 23 October 2007.
India Cements climbed 3.91% to Rs 279 on reporting 89.78% rise in net profit to Rs 222.65 crore on 51.49% rise in sales to Rs 896.09 crore in Q2 September 2007 over Q2 September 2006. The company announced the results during the market hours today, 22 October 2007.
Tech Mahindra slumped 5.22% to Rs 1260. Its consolidated net profit rose 6.7% to Rs 181.6 crore on 2.4% growth in revenue to Rs 897.6 crore in Q2 September 2007 over Q1 June 2007. The results hit the market after trading hours on Friday, 19 October 2007.
Welspun India rose 3.14% to Rs 64. Its net profit declined 8.3% to Rs 16.81 crore on 6.3% growth in net sales to Rs 293.79 crore in Q2 September 2007 over Q2 September 2006. The results hit the market after trading hours on Friday, 19 October 2007.
Shanthi Gears surged 9.23% to Rs 74 on reporting 52.39% rise in net profit to Rs 10.5 crore on 26.18% rise in sales to Rs 59.37 crore in Q2 September 2007 over Q2 September 2006.
Gujarat Narmada Valley Fertilizers Company jumped 6.30% to Rs 141.75 on reporting 63.05% rise in net profit to Rs 120.58 crore on 66.67% rise in total income to Rs 1,164.84 crore in Q2 September 2007 over Q2 September 20066.
PTC India rose 2.15% to Rs 95 on its plans to sell up to 40% stake in its financial services subsidiary PTC India Financial Services.
A crucial meeting of the panel set up by the government to look into Left front's concerns over the Indo-US nuclear deal holds its fifth meeting today, 22 October 2007, with Left front demanding a clear statement that the deal is off.
The Securities and Exchange Board of India chairman, M Damodaran, is currently holding a video conference with overseas investors to clarify all issues arising from the draft proposal on participatory notes (PNs) released by the regulator on Tuesday, 16 October 2007.
After trading hours on Tuesday, 16 October 2007, Sebi issued draft proposals wherein the market regulator proposed restriction on use of the popular participatory notes (PNs) route of FII inflow and it also recommended unwinding of some PNs within 18 months. PNs are financial instruments used by foreign investors that are not registered with Sebi, to invest in Indian shares. FIIs and their sub-accounts buy Indian securities and then issue PNs to foreign investors with these securities as the underlying.
European markets opened lower today, 22 October 2007. Key benchmark indices from United Kingdom (down 1.26% to 6,445.50), and Germany (down 1.27% to 7,748.01) declined.
Asian markets were trading weak today, 22 October 2007, in the wake of a sell-off on Wall Street on Friday, 19 October 2007. Hong Kong's Hang Seng (down 3.70% at 28,373.63), Japan's Nikkei (down 2.24% at 16,438.47), Taiwan's Taiwan Weighted (down 2.61% at 9,360.63), Singapore's Straits Times (down 2.81% at 3,642.64) and South Korea's Seoul Composite (down 3.36% at 1,903.81) all edged lower.
US markets tumbled on Friday, 19 October 2007, amid lackluster profit reports and credit concerns on Black Monday Anniversary. The Dow Jones Industrial Average plunged 366.94 points, or 2.64%, to 13,522.02. The Standard & Poor's 500 index fell 39.45 points, or 2.56%, to 1,500.63, and the Nasdaq Composite index dropped 74.15 points, or 2.65%, to 2,725.
India's wholesale price index rose 3.07% in the 12 months to 6 October 2007, lower than the previous week's 3.26% rise, government data released on Friday, 19 October 2007 showed. It was the lowest annual rise in 5 years.
Crude oil prices fell on Monday, 22 October 2007 on profit taking from record highs, but hovered near $88 on simmering geo-political tensions and a weak dollar. US light crude for November delivery fell 77 cents to $87.83 a barrel. On Friday, 19 October 2007, it touched an all-time high of $90.07. London Brent crude fell 46 cents to $83.33 a barrel.
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