Sensex ended 65 points down
The Sensex opened with a positive gap of 197.13 points at 19,895.49 on the back
of positive cues from other Asian & US markets, and touched a high of 19,971.44
in early trades. It, thereafter, pared gains and exhibited range-bound movement
for better part of the day. Fresh selling towards the end saw the index slip to a
low of 19,583.97. A steep fall in stocks of Reliance Industries, SBI, HDFC Bank,
Infosys, and Bharti Airtel, mainly pulled down the key-index. The Sensex finally
ended with a loss of 65 points at 19,633.36.
The Nifty closed at 5,907.65, up by 0.80 points.
Market breadth positive
The market breadth was strong on BSE - out of the 2,855 stocks that were
traded, 644 declined, 2,912 advanced and 29 remained unchanged. The
advance-decline ratio was 3.39.
Consumer durables stocks rose
The BSE Consumer Durable index was the major gainer among sectoral indices.
It rose 3.04% to close at 10,920.67, followed by the BSE Auto index (up 2.45% to
5,413.24), and the BSE Realty index (up 2.15% to 10,748.03). Videocon
Industries (up 8.99% to Rs. 438.25), and Lloyd Electric & Engineering (up 4.46%
to Rs. 175.5) edged higher.
ITC fell
ITC (down 3.1%), ICICI Bank (down 2.67%), HDFC Bank (down 1.89%), Satyam
Computers (down 1.38%), and SBI (down 0.89%) were the top losers on the
Sensex.
Hang Seng and Nikkei declined
The Hang Seng Index fell 0.9% to 27,372.83 on concerns related to fund inflows
from mainland China.
The Nikkei 225 index ended down 112.05 points, or 0.7%, at 15,042.56 as funds
continued selling issues such as steelmakers and trading houses to square
positions and other investors awaited the first data showing US holiday
consumption levels.
Corporate Announcements:
· DLF sold 49% stake in eight residential projects to private
equity players for Rs. 16.8 bn. (ET)
· Reliance-Anil Dhirubhai Ambani Group is understood to be
in talks with the New York-based Starwood Hotels & Resorts, a
leading hotel and leisure company, to launch its upscale
St Regis brand in the country. (ET)
· Unitech Ltd has forayed into the Mumbai's property market and
plans to invest Rs. 40 bn in the next three years on real estate
development. (ET)
· Gitanjali Gems, in a move to expand its retail presence in India
and abroad, acquired US jewellery retail chain Rogers for
Rs. 800 mn. (ET)
· L&T in association with Shanghai Urban Construction (Group)
Corporation has bagged a Rs. 2.75 bn design and build
contract from DMRC. (BS)
· HB Stockholdings made an open offer to the shareholders of
DCM Shriram Industries for acquiring 22.9% of fully paid-up
equity share capital at a price of Rs. 70 per share in cash. (BS)
Economic and Political Headline:
· The government is all set to allow 74% FDI in cable TV services
and Head-end in the Sky while also permitting 100% FDI in
downlinking general and entertainment channels unlinked from
abroad. (ET)
· The DoT has prepared an internal note that suggests reversing
spectrum allocation norms by giving new applicants for telecom
licences preference in spectrum due to be released by the
defence forces early next year. (BS)
International News Headline:
· In US, the National Association of Home Builders' index for
sales of new, single-family homes was unchanged at 19 in
November, indicating that builders do not see any significant
change in housing market conditions as compared to last
month. (WSJ)
· Regulators in China, aiming to curb the runaway investment
that threatens to overheat the economy, are ordering
commercial banks to freeze lending through the end of the
year. (WSJ)
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