The market ended truncated week on a losing streak as selling pressure continued throughout the week partly due to weak global markets and partly due to profit booking after the recent rally. Slowdown in FII inflow and a bout of FII outflow triggered a correction after a solid surge over the past two months. Volatility was high. Oil prices which soared to record high just under $100 per barrel dampened the sentiment.
The BSE 30-shares Sensex lost 917.30 points or 4.59% to 19,058.93 in the week ended Thursday, 8 November 2007. The S&P CNX Nifty declined 233.65 points or 3.93% to 5698.75 in the week.
Mid-cap and small-cap indices outperformed their large-cap peers. The BSE Mid-Cap index lost 76.02 points or 0.95% to 7,945.78 in the week. The BSE Small-Cap index declined 131.52 points or 1.36% to 9,610.91 in the week.
Trading for the week began on a weak note with the Sensex declining 385.45 points or 1.93% to 19,590.78, on Monday 5 November 2007. Weakness in Asian markets caused by worries about the US credit market triggered fall on domestic bourses.
The barometer index slipped 190.11 points or 0.97% at 19,400.67 on Tuesday 6 November 2007, as investors booked profit after the early rise. Volatility was high. Banking and telecom stocks were worst hit. Power stocks ended strong.
The Sensex edged lower by 110.84 points or 0.57% at 19289.83 on Wednesday, 7 November 2007, tracking weak European markets. Software, banking and telecom stocks were key losers on that day.
On Thursday 8 November 2007, the market ended lower for fourth straight session as selling pressure continued throughout the day following weak global cues. The barometer index lost 230.90 points or 1.20% at 19,058.93.
The market will be closed for normal trading on Friday, 9 November 2007, for Diwali but will have a brief one hour auspicious Muhurat trading session from 18:00 IST to 19:00 IST. Investors place token buy orders on Muhurat trading which is held every year on Diwali.
Reliance Industries (RIL) gained 2.66% to Rs 2742.75 in the week. RIL discovered gas in its KG-III-5 block located in the Krishna Godavari offshore basin in the east coast of India. RIL holds 100% participating interest in this block.
Larsen & Toubro (L&T) declined 6.68% to Rs 4130.85. The company entered into a joint venture (JV) agreement with Mitsubishi Heavy Industries (MHI) for setting up a supercritical steam turbine and generator manufacturing facility in India.
Banking pivotals were mixed. ICICI Bank dropped 10% to Rs 1168.65 and HDFC Bank lost 6.93% to Rs 1559.50 in the week. However State Bank of India advanced 5.50% to Rs 2184.65 in the week.
Oil and Natural Gas Corporation (ONGC) slipped 7.02% to Rs 1236.80 in the week. As per reports, ONGC Videsh (OVL), the overseas investment arm of ONGC, is eyeing more exploration assets in Sudan. The company is in talks to acquire stakes in two oil blocks in the African country.
IT pivotals posted losses as Indian rupee firmed up against the dollar. Infosys Techonogies, (down 8.25% to Rs 1715.75), Wipro (down 5.95% to Rs 469.70), Satyam Computer (down 7.70% to Rs 434.55) and TCS (down 2.75% to Rs 992.35), edged lower in the week. A rise in rupee hits IT companies as they get more than half of their revenue from the United States.
Telecom stocks edged lower. Reliance Communications lost 10.85% to Rs 704.90 and Bharti Airtel shed 6.21% to Rs 884.35, in the week.
The Department of Telecom (DoT), on Tuesday, 6 November 2007 announced setting up of a committee to revise the spectrum allocation criterion for existing operators in a scientific and practicable manner.
Most auto shares ended lower. Mahindra & Mahindra (down 1.76% to Rs 751.45), Tata Motors (down 5.11% to Rs 706.30) and Maruti Suzuki India (down 0.95% to Rs 994.15) edged lower. However Bajaj Auto rose 0.33% to Rs 2430 in the week.
The wholesale price index rose 2.97% in the 12 months 27 October 2007, below the previous week's rise of 3.02% and its lowest in more than five years, government data released today, 8 November 2007 showed.
The market had risen in the previous two weeks. The 30-share BSE Sensex had risen 733.06 points, or 3.81% to 19,976.23 in the week ended Friday, 2 November 200
The BSE 30-shares Sensex lost 917.30 points or 4.59% to 19,058.93 in the week ended Thursday, 8 November 2007. The S&P CNX Nifty declined 233.65 points or 3.93% to 5698.75 in the week.
Mid-cap and small-cap indices outperformed their large-cap peers. The BSE Mid-Cap index lost 76.02 points or 0.95% to 7,945.78 in the week. The BSE Small-Cap index declined 131.52 points or 1.36% to 9,610.91 in the week.
Trading for the week began on a weak note with the Sensex declining 385.45 points or 1.93% to 19,590.78, on Monday 5 November 2007. Weakness in Asian markets caused by worries about the US credit market triggered fall on domestic bourses.
The barometer index slipped 190.11 points or 0.97% at 19,400.67 on Tuesday 6 November 2007, as investors booked profit after the early rise. Volatility was high. Banking and telecom stocks were worst hit. Power stocks ended strong.
The Sensex edged lower by 110.84 points or 0.57% at 19289.83 on Wednesday, 7 November 2007, tracking weak European markets. Software, banking and telecom stocks were key losers on that day.
On Thursday 8 November 2007, the market ended lower for fourth straight session as selling pressure continued throughout the day following weak global cues. The barometer index lost 230.90 points or 1.20% at 19,058.93.
The market will be closed for normal trading on Friday, 9 November 2007, for Diwali but will have a brief one hour auspicious Muhurat trading session from 18:00 IST to 19:00 IST. Investors place token buy orders on Muhurat trading which is held every year on Diwali.
Reliance Industries (RIL) gained 2.66% to Rs 2742.75 in the week. RIL discovered gas in its KG-III-5 block located in the Krishna Godavari offshore basin in the east coast of India. RIL holds 100% participating interest in this block.
Larsen & Toubro (L&T) declined 6.68% to Rs 4130.85. The company entered into a joint venture (JV) agreement with Mitsubishi Heavy Industries (MHI) for setting up a supercritical steam turbine and generator manufacturing facility in India.
Banking pivotals were mixed. ICICI Bank dropped 10% to Rs 1168.65 and HDFC Bank lost 6.93% to Rs 1559.50 in the week. However State Bank of India advanced 5.50% to Rs 2184.65 in the week.
Oil and Natural Gas Corporation (ONGC) slipped 7.02% to Rs 1236.80 in the week. As per reports, ONGC Videsh (OVL), the overseas investment arm of ONGC, is eyeing more exploration assets in Sudan. The company is in talks to acquire stakes in two oil blocks in the African country.
IT pivotals posted losses as Indian rupee firmed up against the dollar. Infosys Techonogies, (down 8.25% to Rs 1715.75), Wipro (down 5.95% to Rs 469.70), Satyam Computer (down 7.70% to Rs 434.55) and TCS (down 2.75% to Rs 992.35), edged lower in the week. A rise in rupee hits IT companies as they get more than half of their revenue from the United States.
Telecom stocks edged lower. Reliance Communications lost 10.85% to Rs 704.90 and Bharti Airtel shed 6.21% to Rs 884.35, in the week.
The Department of Telecom (DoT), on Tuesday, 6 November 2007 announced setting up of a committee to revise the spectrum allocation criterion for existing operators in a scientific and practicable manner.
Most auto shares ended lower. Mahindra & Mahindra (down 1.76% to Rs 751.45), Tata Motors (down 5.11% to Rs 706.30) and Maruti Suzuki India (down 0.95% to Rs 994.15) edged lower. However Bajaj Auto rose 0.33% to Rs 2430 in the week.
The wholesale price index rose 2.97% in the 12 months 27 October 2007, below the previous week's rise of 3.02% and its lowest in more than five years, government data released today, 8 November 2007 showed.
The market had risen in the previous two weeks. The 30-share BSE Sensex had risen 733.06 points, or 3.81% to 19,976.23 in the week ended Friday, 2 November 200
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