Buying at lower levels in the index heavyweights pulled the indices off their lows during the final hours of trade. Select stocks from software, energy, and pharma sectors garnered investors’ interest. However, stocks from the banking and realty sectors were at the receiving end. As regards global markets, the Asian markets closed mixed, while the European markets are witnessing negative trend currently. The BSE Sensex closed 100 points lower, while the NSE Nifty closed lower by 6 points. The BSE Midcap and Smallcap indices also ended lower, down 3% each. The rupee was trading at 48.98 to the dollar. Mirroring its Asian peers, the Indian markets started the day on a weak note. Markets further moved in the red during the afternoon session on account of growing fear over recession. Though markets ended in the negative zone, they managed to recoup the losses as buying was witnessed at lower levels during the final trading hours. The overall breadth was negative with losers outnumbering gainers by a ratio of 2.9 to 1 on the BSE. While Wipro (up 5%) and ACC and (up 4%) remained key gainers, HDFC Bank (down 7%) and Reliance Infrastructure (down 6%) led the pack of losers on the BSE Sensex today. As per a leading business daily, Suzlon is planning to foray into solar energy. The company has established sites for developing solar power plant in Gujarat and Rajasthan. India receives an average of 4 to 7 KWh/Day/square meter of solar energy over the course of a year. The amount of solar energy that India receives in few minutes is more than India can consume in a whole year. However, renewable energy sources contribute only about 5% of the country's electricity on account of technical difficulties. With India facing a power deficit, generating power from the renewable segment has huge potential. The move would also help the company to diversify its revenues. Suzlon closed 1% higher. As per a leading daily, 50,000 officers in 14 oil PSUs will go on strike from Tuesday over the issue of non-revision of wages that was due from January 1, 2007. If it lasts for more than 2 days, this strike may immediately impact oil and gas production from offshore fields of ONGC and would also affect production of fuels from refineries. We find the development ironical as oil marketing companies were hoping to turn profitable for the first time in 3 years. Now that the crude oil prices are helping the companies, their employees are not. While the pack of gainers was led by BPCL and HPCL (each up 3%), the pack of loser was led by GAIL and MRPL (each down 3%).

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