The market ended the choppy session with miniscule losses. The volatility was high on account of weekend profit booking, but value buying supported fronliners at lower level. Metal, consumer goods and realty stocks were star performers of the day. Auto and IT stocks edged lower. Banking stocks recovered after an initial slump. DLF surged. Wipro slipped. 15 out of 30 stocks from the Sensex pack were in green.
European markets, which opened after Indian markets, were trading in red. Asian markets, which opened before Indian market, were weak after the assassination of Pakistan's opposition party leader Benazir Bhutto in nuclear-armed Pakistan increased geopolitical uncertainties. Bhutto was killed on Thursday, 27 December 2007, at a rally in Rawalpindi, raising fears of instability in Pakistan.
India's wholesale price index rose 3.45% in the 12 months to 15 December 2007, lower than the previous week's rise of 3.65%, government data showed on Friday, 28 December 2007. The annual inflation rate was 5.73% during the corresponding week of the previous year. The wholesale price index is more closely watched than the consumer price index, which is published monthly, because it covers a higher number of products and is published weekly.
The 30-share BSE Sensex provisionally ended down 3.38 points or 0.02% to 20213.34. The market witnessed a bout of volatility. Sensex hit a low of 20,022.88 in the mid-afternoon trade. At day's low, Sensex lost 193.84 . Sensex hit a high of 20,259.45 in early trade. At day's high, Sensex rose 42.73.
The broader CNX S&P Nifty provisionally ended almost unchanged at 6081.20.
The BSE Small-Cap index rose 2.16% to 12,901.29 and the BSE Mid-Cap index rose 1.55% to Rs 9,574.57.
Market breadth was strong. On BSE, 2227 shares advanced and 696 shares declined. 29 shares remained unchanged.
BSE clocked a turnover of Rs 8497 crore compared to Thursday (27 December 2007)'s Rs 8286.79 crore.
India's largest private sector firm by market capitalization & oil refiner Reliance Industries fell 0.56% to Rs 2878.10, off day's high Rs 2932.
India's largest private sector bank by assets ICICI Bank rose 1.51% to Rs 1223.25.
India's second largest software exporter by sales Infosys Technologies fell 0.46% to Rs 1796.
India's largest real estate firm by market capitalization DLF moved up 5.13% to Rs 1061.90 on reports the firm plans to raise $5 billion over the next three years by listing five of its business units, including DLF Homes, DLF Retail, DLF Hotels, DLF Utilities and DLF Infrastructure. There are no plans to further dilute equity in group flagship DLF.
India's largest private sector steel maker by sales Tata Steel rose 2.94% to Rs 933. According to some earlier reports, Tata Steel is eyeing the Western Cluster Iron Ore deposits in Liberia. The Western Cluster consists of several deposits spread over 207.58 square kilometer and the investment is likely to be around $1.5 billion.
Ambuja Cements moved up 3.27% to Rs 149.25, Hindalco Industries gained 1.14% to Rs 213.15 and Grasim Industries climbed 1.06% to Rs 3625.10.
Wipro declined 3.50% to Rs 530.05. The stock fell after some reports suggested that Europe-based computer services firm Capgemini has denied takeover talks with Indian rival Wipro. Earlier some reports suggested that Wipro was preparing a €7 billion bid for taking over Capgemini.
Bharti Airtel slipped 2.72% to Rs 940, Bajaj Auto dropped 2.26% to Rs 2612, TCS fell 2.01% to Rs 1078.10, and HDFC Bank shed 0.91% to Rs 1729.
Among the mid-caps, Monsanto India surged 20% to Rs 1942, SpiceJet soared 18.74% to Rs 86.50, Gulf Oil Corporation spurted 15.04% to Rs 335, Orchid Chemicals & Pharmaceuticals moved up 14.54% to Rs 294.70 and Bajaj Auto Finance rose 14.04% toRs 426.5.
Among the small-caps, Suraj Stainless surged 20% to Rs 235.25, Glodyne Technoserve soared 20% to Rs 394.10, Ramco Systems spurted 20% to Rs 214.10, ORG Informatics climbed 20% to Rs 94.90, and L G Balakrishnan & Bros moved up 20% to Rs 43.55.
The December 2007 derivative contracts expired yesterday, 26 December 2007. As per reports, Nifty rollover from December 2007 series to January 2008 series stood at 81% while total marketwide rollover stood at 85%, as on Thursday, 27 December 2007. This compared to Nifty rollover 76% from November 2007 series to December 2007 and marketwide rollover of 83% from November 2007 series to December 2007 series.
In Europe, key indices in France, Germany and UK were down by between 0.31% to 0.47%.
Asian stocks were trading lower today, 28 December 2007. Key indices in Japan, China, Singapore, South Korea and Hong Kong were down between 0.60% to 1.70%. However, Taiwan's Taiwan Weighted index was up 1%.
US markets declined on Thursday, 27 December 2007, on news of Benazir Bhutto's assassination. The Dow Jones Industrial Average fell 192.08 points, or 1.42%, to 13,359.61. Broader stock indicators also fell. The Standard & Poor's 500 index declined 21.39 points, or 1.43%, to 1,476.27, and the Nasdaq Composite index fell 47.62, or 1.75%, to 2,676.79.
Crude oil was unchanged today, 28 December 2007 around $97 a barrel as an Energy Department report showed that US inventories fell more than expected. Crude oil for February delivery was at $96.91 a barrel, up 29 cents, on the New York Mercantile Exchange. Brent crude for February settlement was at $95.11 a barrel, up 33 cents in London.
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