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A Choppy Week

Despite the Sensex and Nifty setting new highs, the ride was extremely choppy. The global sentiment too added to volatility. The week ended with the market closing flat in negative territory

After a promising start on Monday, the market closed in the red. This was due to weakness in a few global markets and fresh bad news related to the slump in US housing sector. However, select small-cap and mid-cap stocks bucked the general market trend. Interestingly, TCS and Infosys closed in the green. ICICI Bank, HDFC Bank and HDFC also did.

Tuesday was everything that Monday was not with the Sensex and Nifty closing at all-time highs. This despite equity markets across the world slumping after the Fed lowered its key interest rate by a quarter percentage point. Among the Sensex stocks, ICICI Bank, RIL, Bharti Airtel and HDFC Bank were among the major gainers. However, DLF, Infosys and BHEL were among the major laggards. Oil and sugar stocks did well.

Wednesday did not turn out to be a rosy ride. It was a very volatile session that began low but ended with the Sensex and Nifty again closing at highs. Edelweiss Capital got listed and it soared, as expected.

On Thursday, markets opened positively but could not retain the momentum. Most global markets were down in red as nagging worries over the turmoil in world credit markets refuse to go away. JSW Steel surged after media reports stated that the company would launch Energy unit IPO before FY08. Hindustan Zinc gained after the company announced that it kept zinc prices unchanged and had cut lead prices.

Finally, the market closed flat at the end of the week with modest losses. The BSE Mid Cap and Small Cap indices closed higher though. The BSE Oil & Gas index also closed higher. While telecom stocks witnessed selling pressure, pharma stocks were picked up. Market breath was positive though. Asian markets also closed lower.

Vital Stats: December 10-14, 2007
  Sensex  Nifty  BSE Mid Cap  CNX Midcap
Mon 19930.68 5960.60 9117.44 8547.45
Tue 20290.89 6097.25 9186.98 8672.10
Wed 20375.87 6159.30 9339.49 8839.85
Thu 20233.78 6058.10 9387.19 8865.50
Fri 20030.83 6047.70 9471.94 8938.80
Net Buying (Equity)
  FII  MF    
Mon 300.6 -292.10  
Tue 689.9 308.10  
Wed 59.9 37.10  
Thu 1082.1 -180.90  
Figures in Rs/crore
  BSE Turnover  BSE Shares  NSE Turnover  NSE Shares
Mon 7420.72 6676.00 16452.10 8605.84
Tue 8227.36 6880.00 18732.84 8857.74
Wed 9614.65 7243.00 22289.12 8326.29
Thu 10212.00 7950.00 21779.16 9594.69
Fri 9480.42 7552.00 19307.74 8635.73
Number of shares in lakh. Turnover in Rs/crore.