Market pares gains

The market which opened on a buoyant note, pared early gains on profit taking at higher levels. Auto shares rose on value buying. Small-cap and mid-cap shares surged on momentum buying. Asian markets were trading firm today, 31 December 2007.

At 11:26 IST, the 30-share BSE Sensex was up 104.92 points or 0.52% to 20,311.98. Sensex opened 116 points higher at 20,323.28. Sensex hit a high of 20,484.28 in early trade. At the day’s high of 20,484.28, the Sensex had gained 277.33 points.

Sensex moved in a range of 20,323.28 and 20,484.28 so far during the day. Sensex had struck an all time high of 20,498.11 on 13 December 2007.

The broader CNX S&P Nifty was up 41.20 points or 0.68% to 6,121.20. Nifty hit a high of 6,167.75 so far during the day. Its all time high is at 6,185.40, struck on 13 December 2007.

BSE clocked a turnover of Rs 3034 crore by 11:30 IST as compared to Rs 1444 crore by 10:30 IST.

The market breadth was strong on BSE with 2488 shares advancing as compared to 290 that declined. 14 remained unchanged

The BSE Mid-Cap index rose 1.58% to 9,726.23, while the BSE Small-Cap index gained 2.79% to 13,261.14. Both these indices outperformed the Sensex.

Among the Sensex pack, 21 advanced while the rest declined

India’s largest cellular services provider in terms of market capitalisation, Bharti Airtel surged 5.24% to Rs 990 on reports a clutch of international investors, led by Singapore's Temasek Holdings, are putting in $1 billion in its 100% subsidiary Bharti Infratel.

Hindalco Industries (up 2.10% to Rs 217.60), Reliance Communications (up 2% to Rs 747), and DLF (up 1.81% to Rs 1083), were the other gainers from the Sensex pack.

Auto stocks, Mahindra & Mahindra (up 1.40% to Rs 846), Tata Motors (up 1.20% to Rs 739.50), and Bajaj Auto (up 0.73% to Rs 2630), gained on value buying

India’s largest private sector firm by market capitalization & oil refiner Reliance Industries dipped in the red after a firm opening. It was down 0.30% to Rs 2888.70 on 1.13 lakh shares. It had hit a high of Rs 2948.80 in early trade.

North India’s largest cement manufacturer by sales, Ambuja Cements was the top loser from the Sensex pack. The stock slipped 1.55% to Rs 146.90 on 1.59 lakh shares.

IT pivotals Infosys Technologies (down 0.32% to Rs 1789.95), and Wipro (down 0.42% to Rs 527.75), edged lower.

Rashtriya Chemicals & Fertilizers surged 4.98% to Rs 117.95, after the company said it has signed a memorandum of understanding with GAIL India for setting up coal gasification project in Talcher, Orissa.

Indiabulls Financial Services rose 0.80% to Rs 989, after the company said it has entered into memorandum of understanding with Societe Generale Insurance for its upcoming life insurance joint venture.

Asian markets were trading firm today, 31 December 2007. Hang Seng (up 1.62% at 27,812.65), Straits Times (up 1.06% at 3,482.30) and Taiwan Weighted (up 1.30% to 8,506.28) rose. Stock markets in Japan, China, Indonesia and South Korea were closed today, 31 December 2007.

US markets ended on a mixed note on Friday, 28 December 2007, after new home sales declined 9% in November 2007 to an annualized rate of 6,47,000 units. The Dow Jones industrial average was up marginally by 6 points at 13,366. The Nasdaq Composite index was down 2 points at 2,674.

Back home, the 30-share BSE Sensex fell 9.77 points or 0.05% to 20,206.95, on Friday, 28 December 2007. The broader CNX S&P Nifty fell 1.80 points or 0.03% to 6079.70 on that day.

The BSE Sensex surged 1,044.38 points or 5.45% to 20,206.95, in the week ended 28 December 2007. The S&P CNX Nifty jumped 313.2 points or 5.43% to 6,079.70 in the week.

As per provisional data, foreign institutional investors (FIIs) purchased shares worth a net Rs 653.76 crore, while domestic institutional investors (DIIs) were net buyers of shares worth Rs 166.69 crore on Friday, 28 December 2007.

FIIs were net sellers to the tune of Rs 476.93 crore in the futures & options segment on Friday, 28 December 2007. They were net sellers of index futures to the tune of Rs 241.45 crore and bought index options worth Rs 868.65 crore. They were net sellers of stock futures to the tune of Rs 1,104.76 crore and bought stock options worth Rs 0.63 crore.

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.