India Stock Market News

Market Closing Session - Oct 3rd

2008-10-04T13:19:00.000-07:00

Bearish sentiment prevailed today as key benchmark indices snapped last two days' rally on weak global cues. Sensex fell close to 600 points at the day's lows hit in late trade. The barometer index had risen 459.92 points in the preceding two trading sessions. Index heavyweight Reliance Industries (RIL) hit 52-week low, falling more than 7.5%. Tata Steel fell more than 10% while Sterlite Industries fell more than 8.5%. Ranbaxy Laboratories rose more than 4.5%. The market breadth was weak.

Concerns about the effectiveness of the US bailout plan in averting a recession in the global recession weighed on investor sentiments. The US Senate on Wednesday, 1 October 2008, passed the government's financial rescue plan. On the same day, the Senate also approved the Indo-US nuclear deal.

US stock futures were trading higher. Nasdaq futures were up 8 points and Dow Jones futures gained 55 points. European markets which opened after Indian market were in green. France's CAC 40, and UK's FTSE 100 were down between 0.17% to 0.23%. However, Germany's DAX was up 0.13%.

Asian stocks dropped today, 3 October 2008, on fears that the global economy will worsen even if the US Congress passes a $700 billion bank rescue bill. Key benchmark indices in Hong Kong, Japan, Singapore were down by between 1.39% to 2.9%. The key benchmark index in Taiwan rose 0.68% as state funds bought index heavyweights to boost the market. Stock markets in China and South Korea were closed.

The BSE 30-share Sensex plunged 529.35 points or 4.05% to 12,526.32, its lowest closing in 18 months. The index shed 583.06 points at the day's low of 12,472.61, hit in late trade. The Sensex fell 54.48 points at day's high of 13,001.19, in early trade.

The S&P CNX Nifty ended down 132.45 points or 3.35% to 3,818.30.

BSE clocked a turnover of Rs 4,767 crore today as compared to a turnover of Rs 4,358.87 crore on 1 October 2008.

Nifty October 2008 futures were at 3851, at a premium of 32.70 points as compared to spot closing of 3818.30. NSE's futures & options (F&O) segment turnover was Rs 44,983.07 crore, which was lower than Rs 47,733.85 crore on Wednesday, 1 October 2008.

The BSE Sensex is down 7,760.67 points or 38.25% in the calendar year 2008 so far from its close of 20,286.99 on 31 December 2007. It is 8,680.45 points or 40.93% below its all-time high of 21,206.77 struck on 10 January 2008.

The BSE Mid-Cap index was down 3.03% at 4,677.80 and the BSE Small-Cap index was down 2.52% at 5,465.40.

BSE Metal index (down 7.01% to 8,417.11), BSE Oil & Gas index (down 5.74% to 8,426.67), BSE Consumer Durbles index (down 4.24% to 2,887.66), underperformed Sensex.

BSE FMCG index (down 0.49% to 2,180.14), BSE Auto index (down 0.91% to 3,654.25), BSE HealthCare index (down 1.28% to 3,663.42), BSE PSU index (down 2.28% to 6,171.50), BSE Power index (down 2.5% to 2,227.68), BSE Realty index (down 2.84% to 3,329.85), BSE Capital Goods index (down 3.34% to 10,238.99), BSE IT index (down 3.34% to 3,110.28), BSE Teck index (down 3.39% to 2,523.49), BSE Bankex (down 3.88% to 6,428.95), outperformed Sensex.

The market breadth was weak on BSE with 669 shares advancing as compared to 1,924 that declined. 51 shares remained unchanged.

India's largest private sector company by market capitalization and oil refiner Reliance Industries fell 7.67% to Rs 1,760.95. The stock hit a 52-week low of Rs 1,745.10 today.

Metal stocks dropped after commodity prices fell overnight on fears the global economic slowdown will hurt demand. Sterlite Industries (down 7.84% to Rs 395.75), Steel Authority of India (down 7.09% to Rs 114.65), National Aluminum Company (down 5.52% to Rs 349.20), Hindalco Industries (down 0.86% to Rs 97.70), Hindustan Zinc (down 6.91% to Rs 404.80), edged lower.

The world's sixth largest steel maker Tata Steel fell 10.22% to Rs 393.80 and was the top loser from the Sensex pack. The company said on Wednesday, 1 October 2008 its Singapore-based unit has agreed to buy 19.9% stake in Canadian miner New Millenium Capital Corporation for $22.6 million (Rs 106 crore).

ICICI Bank (down 8.51% to Rs 504.50), Tata Power Company (down 6.13% to Rs 888.50), Reliance Infrastructure (down 5.15% to Rs 741.25), HDFC (down 5.57% to Rs 2,081.85), Bharti Airtel (down 4.25% to Rs 756.45), edged lower from the Sensex pack.

Hindustan Unilever (up 0.81% to Rs 256.15) and Mahindra & Mahindra (up 1.7% to Rs 515.15) edged higher from the Sensex pack.

India's largest drug maker by sales Ranbaxy Laboratories surged 4.83% to Rs 263.85 on reports the US Department of Justice may withdraw the motion against the company next week in a local court in the US. It was the major gainer from Sensex pack.

India's second largest IT services Infosys fell 4.33% to Rs 1,390.95. The stock recovered from session's low of Rs 1,382. Axon raised the pressure on Indian outsourcer Infosys on Thursday, 2 October 2008, to raise its offer for the UK-based consultancy group by recommending the counter-bid of HCL Technologies to its shareholders.

HCL last week trumped Infosys's 600 pence per share bid for Axon with a cash offer of 650 pence, which values Axon at £441m ($780m), 8.3 % higher than the Infosys bid.

India's largest commercial vehicle maker by sales Tata Motors declined 2.52% to Rs 330.70. Tata Motors' sales rose 2.7% to 49,647 units in September 2008 over September 2007. Sales of commercial vehicles rose 6% to 28,648 units in September 2008 over September 2007. Sales of passenger vehicles declined 2.5% to 16,586 units in September 2008 over September 2007.

Cals Refineries clocked the highest volume of 1.23 crore shares on BSE. Reliance Natural Resources (1.04 crore shares), IFCI (67.50 lakh shares), Chambal Fertilisers and Chemicals (51.08 lakh shares) and Reliance Petroleum (49.2 lakh shares) were the other volume toppers in that order.

Reliance Industries clocked the highest turnover of Rs 649.31 crore on BSE. Reliance Capital (Rs 313.20 crore), Bharti Airtel (Rs 234.49 crore), ICICI Bank (Rs 207.31 crore) and Axis Bank (Rs 181.18 crore) were the other turnover toppers in that order.

The US Senate on Wednesday, 1 October 2008, passed the government's financial rescue plan after the House of Representatives rejected it in its original form. The House is expected to vote on the revised bill on Friday, 3 October 2008. Under the plan, the Treasury would buy illiquid assets held by financial institutions, in the hope of restoring confidence and thawing credit markets vital to the wider economy.

The Indo-US nuclear deal on Wednesday, 1 October 2008, secured the approval of the US Senate which overwhelmingly voted a bill rejecting all the killer amendments and paving the way for its implementation. The landmark civil nuclear cooperation agreement, entered into between Prime Minister Manmohan Singh and US President George W. Bush in 2005, secured 86 votes while 13 Senators voted against it. The legislation, which has already been cleared by the House of Representatives, will now head to the White House for Mr. Bush signing it into a law.

Market Closing Session - 19th Sep

2008-09-19T08:45:00.000-07:00

Frenzied buying in battered index pivotals along with short covering triggered a solid rally in the key benchmark indices today, 19 September 2008. The BSE 30-share Sensex jumped 726.72 points. Markets across the globe rallied on hopes of a more comprehensive US government approach in taming the global credit crisis.

Strong US stock futures further boosted the domestic bourses in late trade. US stock futures rose after the Securities and Exchange Commission announced a temporary ban on short selling of 799 financial stocks effective Friday, 19 September 2008.

Back home, realty, banking and IT stocks were at the forefront of the rally. Index heavyweight Reliance Industries (RIL) surged over 6%. The market breadth was strong. 29 from the 30-member Sensex pack logged gains. Satyam Computer Services and ICICI Bank spurted over 10% each. Turnover on BSE was above Rs 6,000 crore.

As per provisional data released by the stock exchanges after trading hours, foreign funds today, 19 September 2008, bought shares worth a net Rs 1016.18 crore. Domestic funds bought shares worth a net Rs 43.91 crore.

The BSE 30-share Sensex jumped 726.72 points or 5.46% to 14,042.32. The Sensex opened with a huge 448.23-point upward gap at 13,763.83. At the day's high of 14,097.44 hit in late trade, the Sensex gained 781.84 points. At the days low of 13,674.96, the Sensex rose 359.36 points in early trade.

The S&P CNX Nifty advanced 207.10 points or 5.13%, to settle at 4245.25. Nifty September 2008 futures were at 4283.10, at a premium of 37.85 points as compared to spot closing.

The barometer index BSE Sensex is down 6224.67 points or 30.78% in the calendar year 2008 so far from its close of 20,286.99 on 31 December 2007. It is 7164.45 points or 33.78% below its all-time high of 21,206.77 struck on 10 January 2008.

US markets on Thursday, 18 September 2008, recorded biggest one-day percentage gain since October 2002 after the US Treasury Secretary Henry Paulson proposed to congressional lawmakers a proposal to create an entity to deal with the billions of dollars of bad debt still choking the financial system. The Dow Jones industrial average jumped 410.03 points, or 3.86%, to 11,019.69. The S&P 500 index advanced 50.12 points, or 4.33%, to 1,206.51, and the Nasdaq Composite index surged 100.25 points, or 4.78%, to 2,199.10.

European markets, which opened after Indian markets, surged today, 19 September 2008, boosted by a four-month ban by UK on short-selling of financial stocks. Key benchmark indices in UK, Germany and France were up by between 4.33% to 8.29%.

Battered Chinese stocks soared 9.46% in response to an unprecedented package of government measures to support the market. Stocks rose across Asia. Key benchmark indices in Hong Kong, Singapore, Japan, Taiwan, and South Korea were up by between 4.55% and 9.61%.

Back home, the market breadth was strong on BSE with 1873 shares advancing as compared to 777 that declined. 68 remained unchanged.

The BSE Mid-Cap index rose 2.95% to 5,228.78 and the BSE Small-Cap index gained 2.31% to 6,215.99.

The total turnover on BSE amounted to Rs 6202 crore as compared to Rs 7,376.23 crore on Thursday, 18 September 2008. NSE's futures & options (F&O) segment turnover was Rs 73,792.36 crore, which was lower than Rs 74,094.75 crore on Thursday, 18 September 2008.

Indias largest private sector firm in terms of market capitalization and oil refiner Reliance Industries advanced 6.38% to Rs 2056.25 on 16.60 lakh shares. The stock had hit a 52-week low of Rs 1764 yesterday, 18 September 2008. The company has reportedly struck gas at eight more locations in the Krishna-Godavari basin, which it intends to develop at an approximate cost of $3 billion.

IT pivotals rallied on fresh buying on hopes of a solution to the US financial crisis. Indias fourth largest software services exporter Satyam Computer Services galloped 10.97% to Rs 371.75 on 13.39 lakh shares. It was the top gainer from Sensex pack.

Other IT pivotals, Infosys (up 6.52% to Rs 1622.90), Wipro (up 5.09% to Rs 417.30), and TCS (up 6.94% to Rs 770.10), edged higher. Indian IT firms count US financial services firms among their top clients.

Battered realty stocks made a strong comeback today. Indias largest real estate developer by market capitalisation DLF galloped 7.70% to Rs 426.60 on high volumes of 31.29 lakh shares.

Ansal Infrastructure (up 18.49% to Rs 90.10), Akruti City (up 11.52% at Rs 908.20), Indiabulls Real Estate (up 17.65% to Rs 225.30), Unitech (up 3.15% to Rs 125.90), and Housing Development & Infrastructure (up 8.08% to Rs 224.05), advanced.

The BSE Realty index surged 7.59% to 4,102.64 and was the top gainer among the BSE sectoral indices today, after striking a 52-week low of 3,598.36 on Thursday, 18 September 2008.

India's largest private sector bank in terms of net profit ICICI Bank surged 10.17% to Rs 634.40, after its chief executive officer K V Kamath said the bank is an extremely healthy institution and has ample capital. The bank had on Wednesday, 17 September 2008, denied rumours of top management selling shares following a sell-off in the counter.

Other banking shares HDFC Bank (up 6.22% to Rs 1298), and State Bank of India (up 0.30% to Rs 1566), edged higher.

Indias top tractor maker by sales Mahindra & Mahindra was the lone loser from Sensex pack. The stock lost 0.10% to Rs 550.

The wholesale price index rose 12.14% in the 12 months to 6 September 2008, marginally above the previous week's rise of 12.10%, data released after market hours on Thursday, 18 September 2008 showed.

Telecom pivotals surged in late trade. Indias top cellular services provider by market capitalisation Bharti Airtel jumped 6.54% to Rs 810.10. In late trade, 12.23 lakh shares, or 0.06% of company's equity changed hands in a block deal at Rs 798.50 on BSE.

Indias second largest cellular services provider by market capitalisation Reliance Communcations rose 5.63% to Rs 375.50.

Capital goods heavyweights advanced. Indias largest power equipment maker by sales Bharat Heavy Electricals surged 6.57% to Rs 1715. Larsen & Toubro, the countrys largest engineering & construction company by sales, advanced 4.27% to Rs 2650.

Indias largest oil exploration company by market capitalisation Oil & Natural Gas Corporation soared 7.27% to Rs 1071.80 on reports the company would invest Rs 19,338 crore in oil and gas hunt during the current fiscal year, 10% higher than last year.

Indias largest private sector aluminium maker by sales Hindalco Industries rose 0.31% to Rs 112.80. The companys rights issue will open on Monday, 22 September 2008.

HDFC (up 8.86% to Rs 2320), Tata Power (up 8.69% to Rs 1031), and Jaiprakash Associates (up 6.08% to Rs 135.15) edged higher from Sensex pack.

Reliance Capital was the top traded counter on BSE with turnover of Rs 441 crore followed by Reliance Industries (Rs 336.25 crore), Bharti Airtel (Rs 266 crore), ICICI Bank (Rs 229.35 crore) and State Bank of India (Rs 197 crore), in that order.

Jaiprakash Associates topped volumes chart on BSE with volumes of 1.48 crore shares followed by Reliance Natural Resources (1.34 crore shares), IFCI (1.27 crore shares), Sesa Goa (1.13 crore shares) and Kohinoor Broadcasting (75.66 lakh shares) in that order.Among side counters, Reliance Capital (up 14.27% to Rs 1284), Engineers India (up 14.31% to Rs 620), and Educomp Solutions (up 14.65% to Rs 3800), surged.

HCL Technologies spurted 8.28% to Rs 213.25 on reports the company would go for a large $1-2 billion acquisition in the US or Europe before 2011.

Patel Engineering jumped 3.02% to Rs 363 after the company bagged an order worth Rs 695.57 crore from the Andhra Pradesh state government. The company made this announcement during trading hours today, 19 September 2008.

Phoenix Mills spurted 2.06% to Rs 146 after 20.45 lakh shares, or 1.41% the company's equity, changed hands in a block deal at Rs 151.50 each on BSE at 10:07 IST.

Videocon Industries surged 6.26% to Rs 230.95 after the company said its overseas unit VB (Brasil) Petroleo has acquired 100% stake in EnCana Brasil Petroleo of Brazil for consideration of $165 million. The company made this announcement during trading hours today, 19 September 2008.

Light, sweet crude for October 2008 delivery added 72 cents to settle at $97.88 a barrel on Thursday, 18 September 2008 on the New York Mercantile Exchange.

Market Closing Session - 16th Sep

2008-09-16T18:19:00.001-07:00

Buying in index pivotals coupled with short covering after five straight days of fall helped key benchmark indices erase sharp early losses and post marginal gains in highly choppy session. Higher Dow & Nasdaq and crude oil at 7-month low aided the rebound. The S&P CNX Nifty ended in green.

Index heavyweight Reliance Industries recovered sharply from 52-week low. Banking shares spurted on expectations that the meltdown in US market may prompt US Federal Reserve to cut interest rate to 1.75% from 2%. State Bank of India (SBI) advanced over 7%. However, ICICI bank cracked over 5% on high volumes. US Federal Reserve will hold a regular policy meeting later today, 16 September 2008.

Dow futures were up down 49 points while Nasdaq futures rose 4.25 points indicating higher opening of the US markets on Tuesday, 16 September 2008.

As per provisional data released by the stock exchanges after trading hours, foreign funds today, 16 September 2008, sold shares worth a net Rs 1303.41 crore. Domestic funds bought shares worth a net Rs 612.36 crore.

The BSE 30-share Sensex slipped 12.47 points or 0.09% at 13,518.80. The Sensex opened with a downward gap of 479.54 at 13,051.73, also its days low. At the days high of 13,556.03 hit in late trade, the Sensex rose 24.31 points.

The S&P CNX Nifty rose 2 points or 0.05%, to 4074.90. Nifty recovered from a low of 3919.35. At the day's low, Nifty had lost 153.55. Prior to todays small gains, the Nifty had declined 407.40 points or 9.08% in five trading sessions from 4482.30 on 8 September 2008 to 4072.90 on 15 September 2008.

BSE Sensex has lost 1426.17 points or 9.54% in six trading sessions from a recent high of 14,944.97 on 8 September 2008. The barometer index is down 6768.19 points or 33.36% in the calendar year 2008 so far from its close of 20,286.99 on 31 December 2007. It is 7687.97 points or 36.25% below its all-time high of 21,206.77 struck on 10 January 2008.

Nifty September 2008 futures were at 4098.10, at a premium of 23.20 points as compared to spot closing. NSE's futures & options (F&O) segment turnover was Rs 56,509.60 crore, which was lower than Rs 61,185.99 crore on Monday, 15 September 2008.

The market breadth was weak on BSE with 1725 shares declining as compared to 928 that rose. 71 remained unchanged. 19 shares from the 30-member Sensex pack declined.

The total turnover on BSE amounted to Rs 5919 crore as compared to Rs 4,485.30 crore on Monday, 15 September 2008.

The BSE Mid-Cap index slipped 71.34 points or 1.35% to 5,217.25 and BSE Small-Cap index lost 91.06 points or 1.43% to 6,289.41

Indias largest state run bank in terms of net assets State Bank of India galloped 7.44% to Rs 1599.60 on 13.94 lakh shares and was the top gainer from Sensex pack. The stock staged a massive recovery from early low of Rs 1432.60. As per reports, the bank paid 48% higher advance tax to Rs 1560 crore in Q2 September 2008 over Q2 September 2007.

However India's largest private sector bank in terms of net profit ICICI Bank plunged 5.23% to Rs 595.05 on 55.56 lakh shares on concerns it may incur losses tied to the US credit market turmoil. ICICI Bank said on Tuesday, 16 September 2008, it had exposure to 57 million euros ($81 million) of Lehman Brothers senior bonds, adding the potential losses were not material.

Mid-cap banking shares spurted on fresh buying. Allahabad Bank (up 6.91% to Rs 64.25), Bank of Baroda (up 6.34% to Rs 321.20), Bank of India (up 5.57% to Rs 290.20), Canara Bank (up 7.26% to Rs 218), Axis Bank (up 6.53% to Rs 700.20), surged. The Bankex rose 0.89% to 6,852.41.

Indias largest private sector firm in terms of market capitalization and oil refiner Reliance Industries gained 2.50% to Rs 1931.20 on 13.43 lakh shares. The stock rebounded sharply from a 52-week low of Rs 1800 in intra-day trade. Reliance Industries reportedly paid 5% higher advance tax at Rs 680 crore in Q2 September 2008 over Q2 September 2007.

Sterlite Industries (up 4.48% to Rs 486.15), HDFC Bank (up 2.16% to Rs 1230), and Bharat Heavy Electricals (up 1.95% to Rs 1660) edged higher from Sensex pack.

Telecom pivotals saw divergent trend in volatile trade. Indias largest cellular services provider by market capitalisation Bharti Airtel rose 0.71% to Rs 770.90. The stock oscillated in a band of Rs 728.55 and Rs 785.50

Indias second largest cellular services provider by market capitalisation Reliance Communications fell 0.26% to Rs 368. The stock oscillated in a band of Rs 350 and Rs 369.45

Most IT pivotals were under pressure. The BSE IT index lost 1.44% at 3,545.05. Indias fourth largest software services exporter Satyam Computer Services slumped 1.56% to Rs 362.40. The company said it has bagged a SAP implementation contract from Oman-based Khimji Ramdas LLC. The company made this announcement during trading hours on Monday, 15 September 2008.

Wipro (down 1.57% to Rs 396), and TCS (down 1.68% to Rs 749), slipped.

However Indias second largest software services exporter Infosys rose 0.35% to Rs 1579.90, after striking an intra-day low of Rs 1500.

Ranbaxy Laboratories, Indias top drug maker by sales fell 2.73% to Rs 408. The stock has been on sustained downtrend ever since the Japanese drug maker Daiichi Sankyos open offer to acquire an additional 20% stake at Rs 737 a share in the company ended on 4 September 2008.

Metal stocks declined as global metal prices extended losses on concerns turmoil in the global markets may slow the global economy, reducing demand for metals. The BSE Metal index lost 2.06%, to 10,176.49.

World's sixth largest steel maker Tata Steel fell 2.71% at Rs 486.45. The stock declined 18.86% in past one month and 40.57% in past three months till 15 September 2008.

Jindal Steel & Power fell 6.49% at Rs 1404.80. The stock declined 21.72% in past one month and 28.15% in past three months till 15 September 2008. Hindustan Zinc fell 5.63% at Rs 493. The stock declined 5.86% in past one month and 11.47% in past three months till 15 September 2008.

Sesa Goa lost 7.46% at Rs 119.70. The stock declined 26.34% in past one month and 31.03% in past three months till 15 September 2008. Steel Authority of India (Sail) fell 0.66% at Rs 136.20. The stock declined 4.74% in past one month and 14.48% in past three months till 15 September 2008.

Realty shares extended Mondays, 15 September 2008 fall. The BSE Realty index lost 3.93%, to 4,163.96. DLF (down 1.76% to Rs 425), Unitech (down 1.53% to Rs 141.30), Indiabulls Real Estate (down 6.32% to Rs 223.80), Housing Development Infrastructure (down 4.46% to Rs 231.55), slumped.

Maruti Suzuki India (down 3.92% to Rs 695.05), DLF (down 1.76% to Rs 425), and Jaiprakash Associates (down 4.96% to Rs 140), edged lower from the Sensex pack.

State-run oil refiners gained after crude oil price declined further to a 7-month low. Indian Oil Corporation (up 0.94% at Rs 417.40), BPCL (up 3.76% at Rs 360.50), and HPCL (up 3.43% at Rs 248.50), rose. Crude oil prices plunged to a seven-month low as turmoil in the US financial system heightened concerns energy demand may slow. US light crude for October 2008 delivery fell $3.02 to $92.69 a barrel yesterday, 15 September 2008.

Among side counters, Hercules Hoists (up 20% to Rs 3040.30), IVP (up 15.44% to Rs 31.40), Simplex Castings (up 11.98% to Rs 52.80), and Century Enka (up 11.41% to Rs 103.95), surged.

Reliance Capital was the top traded counter on BSE with turnover of Rs 357.70 crore followed by ICICI Bank (Rs 324.85 crore), Bharti Airtel (Rs 258 crore), Reliance (Rs 253.40 crore) and HDFC (Rs 240 crore) in that order.

Reliance Natural Resources led the volume chart on BSE with volumes of 1.50 crore shares followed by IFCI (1.06 crore shares), Ispat Industries (70.50 lakh shares), Chambal Fertilisers (64.65 lakh shares) and GVK Power & Infrastructures (56 lakh shares) in that order.

KSK Energy Ventures surged 17.13% to Rs 202.05. The company said in a statement today, 16 September 2008, the shareholding of Lehman Brothers and its units in the company was locked in for a year. Lehman affiliates hold 28.41% in the company, which they had acquired as a part of a pre-initial public offer (IPO) transaction.

Usher Agro lost 10% at Rs 179.80 despite reports leading private equity firms such as Blackstone, TPG, Blue River Capital, Actis and Silk Route are eyeing more than a 40% stake in the company.

Mather & Platt Pumps was locked at upper limit of 20% to Rs 140.50 on BSE after the company said its promoter proposes voluntary delisting of the company from all the stock exchanges. The company made the announcement before market hours today, 16 September 2008.

Glodyne Technoserve advanced 6.67% to Rs 657.95 after it said it has secured an order worth Rs 284 crore from Bihar State Electronics Development Corporation for implementing National Rural Employment Guarantee Scheme in Bihar. The company made this announcement after trading hours on Monday, 15 September 2008.

US markets collapsed on Monday, 15 September 2008 falling the most since 11 September 2001 as investors worried about the impact of the latest twists in the credit crisis on the economy and the outlook for profits. On Monday, 15 September 2008, US investment bank Lehman Brothers filed for bankruptcy and Bank of America acquired Merrill Lynch. American insurer AIG was struggling for survival. The Dow Jones Industrial Average plunged 504.48 points, or 4.42%, to 10,917.51, the Nasdaq Composite index dropped 81.36 points, or 3.60%, to 2,179.91 and the Standard & Poor's 500 index fell 59 points, or 4.71% to 1,192.70.

European markets which opened after Indian markets were subdued. Key benchmark indices in UK, Germany and France were down by between 0.37% and 1.54%. Asian markets were trading weak today, 16 September 2008 as fears of a global financial crisis gripped investors across Asia. Key benchmark indices in China, Japan, Hong Kong, Taiwan, Singapore, and South Korea were down by between 1.01% and 6.10%.

Market Closing Session - 15th Sep

2008-09-15T09:29:00.000-07:00

Bears ruled the roost on the bourses for the fifth consecutive day as key benchmark indices posted substantial losses after US investment bank Lehman Brothers filed for bankruptcy protection, making it the largest and highest-profile casualty of the global credit crisis. Nonetheless, news that China's central bank has cut interest rates helped the domestic bourses cut steep intra-day losses. Despite the recovery, the market ended the day with heavy losses, with the BSE Sensex tumbling 469.54 points.

Fears of more foreign fund withdrawals weighed heavily on the Indian bourses today, 15 September 2008, after US investment bank Lehman Brothers filed for bankruptcy protection. The financial sector upheaval also involved other US institutions. Bank of America has agreed to acquire Merrill Lynch & Co for $50 billion in an all-stock deal that will give the US bank the world's largest brokerage.

Index heavyweight Reliance Industries (RIL) rebounded after touching 52-week low. Maruti Suzuki India staged a sharp recovery from days low. Banking pivotals also rebounded from early lows after China's central bank today, 15 September 2008, cut benchmark lending rates by 0.27%. All the BSE sectoral indices declined with stocks from IT and real estate worst hit. Shares of firms with substantial holding by Lehman Brothers as a foreign institutional investor including its holdings in sub-accounts, tumbled.

As per provisional data released by the stock exchanges after trading hours, foreign funds today, 15 September 2008, sold shares worth a net Rs 763.02 crore. Domestic funds bought shares worth a massive Rs 1,328.14 crore.

US stock index futures were down sharply, pointing to a steep fall at the opening on Wall Street. European markets which opened after Indian markets were weak. Key benchmark indices in UK, Germany and France were down by between 4.28% and 5.25%. Asian markets were trading lower today, 15 September 2008. Key benchmark indices in Taiwan and Singapore fell 4.09% and 3.27% respectively. Most major Asian equity markets were closed for public holidays.

The BSE 30-share Sensex lost 469.54 or 3.35% at 13,531.27. The Sensex opened with a downward gap of 334.53 points at 13,666.28, which also remained its day's high. At the days low of 13,150.81 hit in mid-morning trade, the Sensex lost 850 points.

The S&P CNX Nifty lost 155.55 points or 3.68%, to settle at 4072.90. It had touched an intra-day low of 3,955.40. Nifty September 2008 futures were at 4093.15, at a premium of 20.25 points as compared to spot closing. NSE's futures & options (F&O) segment turnover was Rs 61,185.99 crore, which was higher than Rs 57,492.96 crore on Friday, 12 September 2008.

Sensex has lost 1,413.70 points or 9.45% in five trading sessions from a recent high of 14,944.97 on 8 September 2008. The barometer index is down 6755.72 points or 33.30% in the calendar year 2008 so far from its close of 20,286.99 on 31 December 2007. It is 7657.50 points or 36.19% below its all-time high of 21,206.77 struck on 10 January 2008.

The market breadth was extremely weak on BSE with 2258 shares declining as compared to just 375 that rose. 38 remained unchanged. 27 out of the 30 Sensex stocks suffered losses.

The BSE Mid-Cap index fell 4.49% to 5,288.59 and BSE Small-Cap index lost 4.93% to 6,380.47.

The total turnover on BSE amounted to Rs 4468 crore as compared to Rs 5,103.17 crore on Friday, 12 September 2008.

Indias largest private sector power generation company in terms of sales, Reliance Infrastructure tumbled 9.93% to Rs 837 on 17.35 lakh shares. It was the top loser from Sensex pack.

IT pivotals tumbled due to heavy selling on reports that hedging positions taken by the companies are improper with rupee falling to two-year low against the dollar. Indias fourth largest software services exporter Satyam Computer Services slumped 9.61% to Rs 367.50 and was the worst hit among the IT pivotals.

Other IT stocks Wipro (down 4.47% to Rs 401), Infosys (down 4.08% to Rs 1577), TCS (down 5.94% to Rs 760.15), edged lower.

Banking pivotals rebounded from early lows. India's largest private sector bank in terms of net profit ICICI Bank slipped 4.11% to Rs 626, off days low of Rs 595.15. Indias largest state run bank in terms of net assets State Bank of India fell 1.68% to Rs 1486.95 , off days low of Rs 1405.25

China's central bank, acting against a background of extreme stress in global financial markets, cut benchmark lending rates by 27 basis points to 7.20% today, 15 September 2008. The People's Bank of China (PBOC) also cut the reserve requirement for all except the country's five biggest banks and the Postal Savings Bank by 1%. The PBOC said the aim of the easing was to maintain fast and stable economic growth.

Indias largest private sector firm in terms of market capitalization and oil refiner Reliance Industries slumped 2.98% to Rs 1873.80 on 19.05 lakh shares. The stock hit a 52-week low of Rs 1824.10 in intra-day trade. The stock slumped on reports the government may impose a special oil tax on the domestic crude oil production under the New Exploration Licensing Policy.

Other oil & gas stock, Essar Oil (down 9.33% at Rs 168.05), Cairn India (down 7.47% at Rs 205.10), and Oil & Natural Gas Corporation (down 6.74% at Rs 959.90), slumped.

Realty shares cracked on intense selling pressure. DLF (down 7.72% to Rs 431.80), Unitech (down 7.67% to Rs 143.25), Indiabulls Real Estate (down 6.05% to Rs 237.50), Ansal Infrastructure (down 11.81% to Rs 78), Housing Development Infrastructure (down 12.11% to Rs 241), slumped.

Metal shares slipped. Ispat Industries (down 6.99% to Rs 21.30), Jindal Steel & Power (down 5.62% to Rs 1497), Hindalco (down 5% to Rs 115), Sesa Goa (down 4.71% to Rs 129.50), and Tata Steel (down 4.77% to Rs 498.50), slipped.

Ranbaxy Laboratories, Indias top drug maker by sales fell 8.78% to Rs 414.10. The stock has been on sustained downtrend ever since the Japanese drug maker Daiichi Sankyos open offer to acquire an additional 20% stake at Rs 737 a share in the company ended on 4 September 2008.

Reliance Communications (down 6.23% to Rs 366.80), Jaiprakash Associates (down 6.51% to Rs 147.30), and Tata Motors (down 5.26% to Rs 390.20), edged lower from Sensex pack.

Indias top small car maker by sales Maruti Suzuki India staged a smart recovery from days low of Rs 666. It rose 2.03% to Rs 718 and was the top gainer from Sensex pack. As per reports, the company may sell a million units in the domestic market within the next two years.

HDFC (up 1.33% to Rs 2208), and ACC (up 0.41% to Rs 593), were the other gainers from Sensex pack.

Shares of firms with substantial holding by Lehman Brothers as a foreign institutional investor including its holdings in sub-accounts, tumbled. GTC Industries (down 10.95% to Rs 111), KPIT Cummins Infosystems (down 11.83% to Rs 49.60), Orbit Corporation (down 10.69% to Rs 246), Development Credit Bank (down 11.02% to Rs 42.80), IVRCL Infrastructures (down 7.11% to Rs 257.50), Edelweiss Capital (down 6.67% to Rs 484), Moser Bear (down 5.72% to Rs 100.50), Triveni Engineering (down 7.11% to Rs 80.30), and NIIT (down 4.78% to Rs 75.75), plunged.

Reliance Capital was the top traded counter on BSE with turnover of Rs 426.75 crore followed by Reliance Industries (Rs 354.25 crore), Reliance Infrastructure (Rs 146.20 crore), ICICI Bank (Rs 137.70 crore) and Larsen & Toubro (Rs 134.40 crore) in that order.

Reliance Natural Resources led the volumes chart on BSE notching volumes of 1.67 crore shares followed by IFCI (1.33 crore shares), K S Oils (84.85 lakh shares), Relaince Petroleum (81.45 lakh shares) and Chambal Fertilisers (75.50 lakh shares) in that order.

Emami fell 1.79% to Rs 282.80 after the company said it was more than doubling the open offer price for 20% stake in Zandu Pharmaceutical Works to Rs 15,000 a share, from Rs 7,315 earlier. Shares of Zandu Pharmaceutical Works were down 5% at 16,728 on BSE. The company made the announcement during market hours today, 15 September 2008.

Sun Pharmaceuticals Industries declined 1.17% to Rs 1470.55 even as the company said on Friday, 12 September 2008, it has received US Food and Drug Administration approval for the generic Fosamax, alendronate sodium tablets.

Crompton Greaves lost 1.33% to Rs 248.65 after the company said it has acquired US-based electric power systems contractor, MSE Power Systems, and two of its group firms for an enterprise value of $16 million. The company made this announcement before trading hours today, 15 September 2008.

Titagarh Wagons slipped 6.81% to Rs 662 after the company said on Monday, 15 September 2008, it would acquire the entire ownership and management control of a non-banking financial company. The company made this announcement before trading hours today, 15 September 2008.

US light crude for October 2008 delivery fell $1.52 to $99.66 a barrel today, 15 September 2008 on early signs that Hurricane Ike may have spared key Gulf Coast infrastructure, although traders were cautious on Monday as they awaited status reports on more Texas refineries.

US markets ended mixed on Friday, 12 September 2008, amid uncertainty over the fate of troubled investment bank Lehman Brothers. But shares of natural resource companies and utilities gained as commodity prices rose, offsetting losses among financial and bank shares. The Dow Jones industrial average slipped 11.72 points, or 0.10%, to 11,421.99. The S&P 500 index gained 2.65 points, or 0.21%, to 1,251.70, and the Nasdaq Composite index advanced 3.05 points, or 0.14%, 2,261.27.

Market Closing Session - 11th Sep

2008-09-11T08:35:00.000-07:00

Bears ruled the roost for the third day in a row today, pulling the Sensex down 338 points. The barometer index has tanked 621 points in the last three trading sessions. Weak global markets triggered fall on the domestic bourses today. The market remained weak throughout the trading session.

Banking stocks declined ahead of the weekly inflation data. Power stocks fell Index heavyweight Reliance Industries (RIL), Reliance Infrastructure fell more than 4% each. Tata Power Company and ONGC fell more than 3.5% each. The market breadth was weak.

Asian markets ended down on continued worries about the credit crisis after Lehman Brothers failed to announce any firm deals to raise desperately needed capital after posting record quarterly loss on Wednesday, 10 September 2008. US markets ended with modest gains on Wednesday, 10 September 2008.

The BSE 30-share Sensex lost 338.32 points or 2.31% to 14,324.29. At the days low of 14,265.38 hit in late trade, the Sensex fell 397.23 points. At the days high of 14,557.33 hit in early trade, the Sensex fell 105.28 points.

The S&P CNX Nifty slipped 109.95 points or 2.5% to 4,290.30.

The BSE Sensex has shed 620.68 points in the past three trading sessions from a recent high of 14,944.97 on 8 September 2008. The barometer index is down 5,962.7 points or 29.39% in the calendar year 2008 so far from its close of 20,286.99 on 31 December 2007. It is 6,882.48 points or 32.45% away from its all-time high of 21,206.77 struck on 10 January 2008.

Nifty September 2008 futures were at 4300.35, at a premium of 10.05 points as compared to spot closing of 4290.30.

BSE clocked a turnover of Rs 4776 crore, compared to Wednesday's Rs 5,185.84 crore. NSE's futures & options (F&O) segment turnover was Rs 50,366.39 crore, which was lower than Rs 52,717.79 crore on Wednesday, 10 September 2008.

The market breadth was weak on BSE with 1,786 shares declining as compared to 853 that advanced. 75 remained unchanged.

Among the 30-member Sensex pack, 28 declined while the rest gained.

The BSE Mid-Cap index was down 1.08% to 5,647.41 and BSE Small-Cap index fell 1.22% to 6,818.93.

BSE Oil & Gas index (down 3.39% to 9,339.74), BSE Power index (down 2.97% to 2,576.42), BSE Realty index (down 2.48% to 4,875.83), BSE Capital Goods index (down 2.39% to 11,941) underperformed Sensex.

BSE IT index (down 0.91% to 3,990.44), BSE Auto index (down 0.97% to 3,961.44), BSE FMCG index (down 1.19% to 2,211.48), BSE HealthCare index (down 1.4% to 4,182.23), BSE Metal index (down 1.45% to 10,991.79), BSE Bankex (down 1.57% to 7,210.66), BSE Teck index (down 1.71% to 3,045.40), BSE Consumer Durables index (down 1.8% to 3,622.46) and BSE PSU index (down 2.15% to 6,740.25) outperformed Sensex.

As per the provisional figures on NSE, Foreign institutional investors (FII)s sold shares worth Rs 1,506.96 crore today, 11 September 2008 while domestic funds bought shares worth Rs 586.59 crore.

Indias largest private sector firm in terms of market capitalization and oil refiner Reliance Industries fell 4.13% to Rs 1,997.60 extending losses for the second straight day, spooked by reports the Prime Ministers Office may recommend levy of export tax or ban petroleum exports from its refineries in Jamnagar.

Banking pivotals fell ahead of inflation data to be announced by the government after market hours today, 11 September 2008. ICICI Bank (down 2.01% to Rs 686.45), State Bank of India (down 1.7% to Rs 1,538.45) and HDFC Bank (down 1.9% to Rs 1,252.70) edged lower.

Annual inflation rose 12.34% in the year through 23 August 2008, lower than previous weeks 12.40% rise, data released by the government after trading hours on Thursday, 4 September 2008 showed.

Reliance Infrastructure (down 4.15% to Rs 992), Tata Power Company (down 3.53% to Rs 1,012.10), Reliance Power (down 0.68% to Rs 168.60) edged lower.

National Thermal Power Corporation fell 2.67% to Rs 173.45. The company today, 11 September 2008, said it has formed a joint venture company with Bihar State Electricity Board under the name Nabinagar Power Generating Company for setting-up of a coal based power project having capacity of 1980 megawatt.

ONGC (down 3.82% to Rs 1,035.45), DLF (down 3.28% to Rs 485.55), Jaiprakash Associates (down 3.25% to Rs 162.35), Mahindrs & Mahindra (down 3% to Rs 560.15) edged lower from the Sensex pack.

Tata Consultancy Services, India's top software services exporter fell 1.77% to Rs 836.10. The company said on Wednesday it will partner with Swedish defence and aerospace group Saab for an aeronautical design and development centre.

Bharti Airtel, India's biggest cellular services provider in terms of market capitalisation, fell 4.4% to Rs 776.20. Bharti Airtel launched a venture fund today with an initial Rs 200 crore ($44 million) to promote content and technology development.

Sterlite Industries fell 1.01% to Rs 502.75. From a recent high of Rs 622.35 on 8 September 2008 the stock had plunged 18.38% to Rs 507.90 on 10 September 2008 after the Vedanta group on Tuesday, 9 September 2008 announced a restructuring to simplify its corporate structure into three commodity-focused groups: copper and zinc-lead, aluminium-energy and iron ore.

IFCI clocked the highest volume of 1.52 crore shares on BSE. Tata Teleservices (Maharashtra) (1 crore shares), Reliance Natural Resources (86.99 lakh shares), Austral Coke Projects (67.31 lakh shares) and Reliance Petroleum (67.2 lakh shares) were the other volume toppers in that order.

Reliance Industries clocked the highest turnover of Rs 478.91 crore on BSE. Reliance Capital (Rs 240.70 crore), ICICI Bank (Rs 165.73 crore), Austral Coke Projects (Rs 162.14 crore) and Larsen & Toubro (Rs 145.88 crore) were the other turnover toppers in that order.

European markets edged lower today, 11 September 2008. Frances CAC 40, Germanys DAX and UKs FTSE 100 were down by between 0.78% to 1.15%.

Asian markets were trading lower today, 11 September 2008. China's Shanghai Composite, Japan's Nikkei, Hong Kong's Hang Seng, Taiwan's Taiwan Weighted, Singapore's Straits Times, and South Korea's Seoul Composite were down between 1.48% to 3.34%.

US markets finished with modest gains on Wednesday, 10 September 2008 after rallying earlier on a drop in oil prices. The nervousness was due to investor worries about financial shares like Lehman Brothers. The Dow Jones industrial average gained 38.19 points, or 0.34%, to 11,268.92. The S&P 500 index advanced 7.53 points, or 0.61%, to 1,232.04, and the Nasdaq Composite index added 18.89 points, or 0.85%, to 2,228.70.

Market Closing Session - 10th Sep

2008-09-10T07:07:00.000-07:00

Weak global markets weighed heavily on the domestic bourse pulling the BSE Sensex down 238.15 points. Nevertheless, the key benchmark indices cut losses in late trade led by recovery in banking stocks. Volatility was high

As per provisional data released by the stock exchanges after trading hours, foreign funds today, 10 September 2008, sold shares worth a net Rs 1,037.28 crore. Domestic funds bought shares worth a net Rs 492.56 crore.

Metal shares were the chief casualty of the day with Sterlite Industries plunging over 11% and Tata Steel sliding 5%. Index heavyweight Reliance Industries dropped little under 3%. The market breadth was extremely weak.

US stocks slumped on Tuesday, 9 September 2008 as financial shares sold off on worries about Lehman Brothers' ability to raise much-needed cash. The Dow Jones industrial average plunged 280.01 points, or 2.43%, to 11,230.73. The S&P 500 index fell 43.28 points, or 3.41%, to 1,224.51, and the Nasdaq Composite index declined 59.95 points, or 2.64%, to 2,209.81.

European markets which opened after Indian market were subdued. Key benchmark indices in UK, Germany and France were down by between 0.50% and 1.17%.

Asian markets which opened before Indian market were mixed today, 10 September 2008. Key benchmark indices in Japan, Hong Kong, Singapore were down by between 0.44% and 2.40%. Indices in China, South Korea, and Taiwan rose between 0.23% and 0.72%.

The BSE 30-share Sensex slipped 238.15 points or 1.6%, to settle at 14,662.61. It opened 188.23 points lower at 14,717.53. At the day's low of 14,609.83 hit in late trade, the Sensex lost 290.93 points. At the days high of 14,866.32 hit in mid-morning trade, the Sensex fell 34.44 points.

The S&P CNX Nifty slipped 68.45 points or 1.53% at 4400.25. Nifty September 2008 futures were at 4415.30, at a premium of 15.05 points as compared to spot closing. NSE's futures & options (F&O) segment turnover was Rs 52,717.79 crore, which was higher than Rs 43,958.71 crore on Tuesday, 9 September 2008.

The BSE Sensex is down 5624.38 points or 27.72% in the calendar year 2008 so far from its close of 20,286.99 on 31 December 2007. It is 6554.16 points or 30.85% away from its all-time high of 21,206.77 struck on 10 January 2008.

Reliance Power was down 0.03% to Rs 169.35. The stock replaced Dr Reddys Labs in Nifty index from today. Dr Reddys Labs slipped 1.97% to Rs 567.05.

The market breadth was weak on BSE with 1716 shares declining as compared to 944 that advanced. 77 remained unchanged.

The total turnover on BSE amounted to Rs 5152 crore on BSE as compared to Rs 4,587.35 crore on Tuesday, 9 September 2008.

The BSE Mid-cap index fell 1.20% at 5,708.93 and the BSE Small-cap index slipped 0.88% to 6,903.42

Among the 30-member Sensex pack, 21 declined while the rest advanced.

The BSE Metal index lost the most among the sectoral indices on BSE, sliding 5.48% to 11,154 weighed by steep fall in Sterlite Industries. Aluminium and copper maker Sterlite Industries tanked 11.76% to Rs 508 after plunging 7.50% to Rs 575.70 yesterday, 9 September 2008. It was the top loser from the Sensex pack. The Sterlite ADR tumbled 16.23% yesterday, 9 September 2008 on the New York Stock Exchange (NYSE) after the Vedanta group on Tuesday, 9 September 2008 announced a restructuring to simplify its corporate structure into three commodity-focused groups: copper and zinc-lead, aluminium-energy and iron ore.

As per the restructuring scheme, which will be effective from April 2009, Sterlite will demerge its aluminium and energy businesses to Madras Aluminium Company (Malco) to be simultaneously renamed Sterlite Aluminium. Vedanta will transfer its 79.4% equity interest in Konkola Copper Mines Plc (KCM) to Sterlite.

Malco will issue seven shares of Rs 2 each to the shareholders of Sterlite for every four shares of Rs 2 each held by them. Sterlite will issue one share of Rs 2 each to Malco shareholders for every 51 shares of Rs 2 each held by them.

Madras Aluminium Company (Malco) was down 5.72% to Rs 201.95 on 26.87 lakh shares

Worlds sixth largest steel producer by capacity Tata Steel plunged 5.10% to Rs 535.60.

Other metal stocks JSW Steel (down 7.43% to Rs 662), Jindal Steel & Power (down 7.97% to Rs 1656.70), Sesa Goa (down 3.73% to Rs 142), Hindustan Zinc (down 3.57% to Rs 529.75), and Steel Authority of India (down 6.40% to Rs 140.30), slumped.

Indias largest private sector firm by market capitalization and oil refiner Reliance Industries (RIL) lost 2.93% to Rs 2080 on 9.70 lakh shares. The stock came off its days high of Rs 2135 hit in early trade. As per reports, the Prime Ministers Office (PMO) may recommend levy of export tax or even ban petroleum product exports from Reliance's export oriented refineries in Jamnagar. The BSE Oil & Gas index slipped 2.18% to 9,667.38.

Banking shares staged a comeback in late trade. The Bankex slipped 0.58% to 7,325.35. India's largest private sector bank in terms of net profit ICICI Bank was down 1.52% to Rs 702, off days low of Rs 686.60. HDFC Bank, India's second largest private sector bank in terms of net profit was down 0.62% to Rs 1285.05, off days low of Rs 1250.10. Indias largest state run bank in terms of net assets State Bank of India rose 0.35% to Rs 1566 after sliding to a low of Rs 1534.35.

Capital goods heavyweights slipped, leading a 1.07% fall to 12,233.80 in BSE Capital Goods index. Indias largest power equipment maker by sales, Bharat Heavy Electricals declined 1.95% to Rs 1712.90. The company on Tuesday, 9 September 2008, said it won a contract worth Rs 2,200 crore for setting up a combined cycle power plant in Tripura on turnkey basis.

Indias largest engineering & construction firm by outstanding order book position Larsen & Toubro fell 0.97% to Rs 2710. Larsen & Tobro today, 10 September 2008, said it had received an order worth $160 million from Brazil's Petrobras

Telecom pivotals were also subdued. Indias second largest cellular services provider in terms of market capitalisation Reliance Communications (RCom) slipped 0.68% to Rs 402.50. As per recent reports, RComs subsidiary Reliance Big Entertainment has acquired a majority stake in the US-based cricket webcasting portal, Willow TV, for an undisclosed amount.

Bharti Airtel, the countrys largest cellular services provider in terms of market capitalisation declined 3.04% to Rs 811

Reliance Infrastructure (down 3.17% to Rs 1037), Tata Power (down 3.54% to Rs 1048), and Jaiprakash Associates (down 2.44% to Rs 167.60), edged lower from Sensex pack.

North Indias largest cement maker by sales ACC gained 1.30% to Rs 604.45 and was the top gainer from Sensex pack.

Real estate heavyweights slipped with the BSE Realty index sliding 1.52% to 4,999.99. DLF, the countrys largest realty company by market capitalisation slipped 0.19% to Rs 502.90. On Monday, 8 September 2008, the company received a clearance from the Securities and Exchange Board of India (Sebi) to go ahead with a buyback plan. In July 2008, DLF had announced its Rs 1,100-crore plan to buy back shares from existing shareholders at a price not exceeding Rs 600 a share.

Unitech, the countrys second largest realty company by market capitalisation, fell 2.55% to Rs 158.45.

Ranbaxy Laboratories, Indias top drug maker by sales fell 0.32% to Rs 455. The Japanese drug maker Daiichi Sankyos open offer to acquire an additional 20% stake at Rs 737 a share in the company ended on 4 September 2008.

IT pivotals were mixed despite the rupee sliding past the 45 mark per dollar today, 10 September 2008. Indias second largest software services exporter Infosys Technologies rose 0.68% to Rs 1758.95. The stock came off days low of Rs 1726.

Other IT pivotals Satyam Computer Services (down 0.79% to Rs 421.65), Wipro (down 0.24% to Rs 433.10), and TCS (down 1.98% to Rs 849.05), edged lower. IT firms derive a lion's share of revenue by way of exports and therefore fall in the domestic currency benefits the IT sector.

Austral Coke & Projects topped the turnover chart on BSE with a turnover of Rs 275.65 crore followed by Sterlite Industries (Rs 212.85 crore), Reliance Industries (Rs 204.30 crore), Reliance Capital (Rs 184.30 crore) and ICICI Bank (Rs 159.60 crore), in that order.

IFCI led the volumes chart on BSE clocking volumes of 2.12 crore shares followed by Reliance Natural Resources (93.55 lakh shares), Tata Teleservices (Maharashtra) (72.60 lakh shares), Reliance Power (46.75 lakh shares) and Sterlite Industries (40.65 lakh shares), in that order.

SEL Manufacturing Company plunged 8.35% to Rs 215.65. The company said it would set up a technical textile park in Himachal Pradesh. The company made this announcement during trading hours today, 10 September 2008.

Usher Agro surged 12.05% to Rs 192 after company entered into a memorandum of understanding with Satake Corporation, Japan for expansion of rice milling capacity by another 1 million tonne. The company announced the expansion plans during market hours today, 10 September 2008.

Hydro S&S Industries galloped 20% to Rs 41.45 after the company said its board will meet on 16 September 2008 to consider buyback of equity shares. The company made this announcement after trading hours on Tuesday, 9 September 2008.

Madras Cements gained 4.16% to Rs 2620.10 after the companys board fixed 10 October 2008 as the record date for 1:1 bonus issue and 10-for-1 stock split. The company fixed the record date after trading hours on Tuesday, 9 September 2008.

The central bank governor Duvvuri Subbarao said on Tuesday, 9 September 2008 that India's inflation is showing signs of moderating but it is too early to conclude whether this is a trend and signaled that he would wait and see before taking any fresh steps.

US crude for October 2008 delivery rose 52 cents at $103.78 a barrel today, 10 September 2008, after the Organisation of Petroleum Exporting Countries (Opec) surprised traders with a deal to effectively cut production by just over 500,000 barrels per day (bpd). US crude for October 2008 delivery had touched a 5-month low of $103.72 yesterday, 9 September 2008.

Market Closing Session - 9th Sep

2008-09-09T08:12:00.000-07:00

Key benchmark indices ended a choppy session lower weighed down by weak Asian markets. The BSE 30-share Sensex declined 44.21 points. Firm European markets triggered a sharp recovery in afternoon trade, lifting the Sensex to positive zone but the market once again slipped into the red on fresh selling at higher level. The market breadth was negative.

Sterlite Industries tumbled 8%. Tata Motors was under pressure throughout the day, sliding around 4%. On the positive side Bharti Airtel and Maruti Suzuki India added over 2% each. Telecom pivotals were in demand. Capital goods heavyweights saw divergent trend. Refinery and sugar stocks bucked weak market trend.

European markets, which opened after Indian markets were trading higher. Key benchmark indices in UK, Germany and France rose between 0.39% and 1.24%.

Asian stocks dropped. Key benchmark indices in Japan, Hong Kong, Taiwan, Singapore, South Korea were down by between 0.93% and 3.51%. However Chinas Shanghai Composite rose 0.11%.

Foreign institutional investors (FIIs) were net equity sellers worth Rs 391.53 crore while mutual funds bought shares worth Rs 106.27 crore today, 9 September 2008, according to provisional data on NSE.

The BSE 30-share Sensex declined 44.21 points or 0.3%, to settle at 14,900.76. It opened 130.64 points lower at 14,814.33. At the days high of 14,998.32 hit in mid-afternoon trade, the Sensex gained 53.35 points. At the days low of 14,714.92 hit in early trade, the Sensex lost 230.05 points.

The S&P CNX Nifty slipped 13.6 points or 0.3%, to end at 4468.70. Nifty September 2008 futures were at 4481, at a premium of 12.30 points as compared to spot closing.

The BSE Sensex is down 5386.23 points or 26.55% in the calendar year 2008 so far from its close of 20,286.99 on 31 December 2007. It is 6306.01 points or 29.73% away from its all-time high of 21,206.77 struck on 10 January 2008.

The market breadth was negative on BSE with 1464 shares declining as compared to 1181 that advanced. 69 remained unchanged.

The BSE Mid-cap index fell 0.72% at 5,778.20 and BSE Small-cap index declined 0.26% to 6,964.61

The total turnover on BSE amounted to Rs 4550 crore as compared to Rs 4,505.75 crore yesterday, 8 September 2008. NSE's futures & options (F&O) segment turnover was Rs 43,958.71 crore, which was lower than Rs 45,977.53 crore on Monday, 8 September 2008.

Among the 30-member Sensex pack, 20 declined while the rest gained.

Metal stocks suffered the most among the sectoral indices on BSE led by Sterlite Industries. Indias largest aluminium and copper maker by sales plunged 8.07% to Rs 572.15 on 23.05 lakh shares. It was the top loser from Sensex pack. Sterlite Industries today said its parent company, Vedanta Resources PLC approved a restructuring program of the group's businesses. Under the scheme, Sterlite will demerge its aluminium and energy businesses to Madras Aluminium which will be later renamed Sterlite Aluminum. Sterlite Industries shareholders would get seven shares in Madras Aluminium for every four shares held as part of a restructuring. The BSE Metal index lost 1.78% to 11,801.18.

Madras Aluminium jumped 20% to Rs 219 on high volumes of 49.41 lakh shares.

Indias top truck maker by sales Tata Motors lost 3.80% to Rs 419.90. The stock slipped after the company said on Monday, 8 September 2008, that the suspension of work at the Nano plant will continue due to limited clarity on the outcome of Sundays talks between the State government and the leadership of the just ended Trinamool Congress-led agitation outside the Singur site.

Ranbaxy, Indias top drug maker by sales fell 2.91% to Rs 450.90, after striking days high of Rs 480. The Japanese drug maker Daiichi Sankyos open offer to acquire an additional 20% stake at Rs 737 a share in the company ended on 4 September 2008.

Capital goods heavyweights saw divergent trend. The BSE Capital Goods index fell 0.46% to 12,366.39. Indias largest power equipment maker by sales, Bharat Heavy Electricals declined 2.49% to Rs 1746 despite reports the company has won a contract worth Rs 2,200 crore for setting up a combined cycle power plant in Tripura on turnkey basis.

Indias largest engineering & construction firm by outstanding order book position Larsen & Toubro rose 0.09% to Rs 2739.85, after touching days low of Rs 2691.25

Real estate shares were subdued. The BSE Realty index fell 1.16% at 5,077.16. DLF, the countrys largest realty company by market capitalisation fell 1.36% to Rs 505.10. On Monday, 8 September 2008, the company received a clearance from the Securities and Exchange Board of India (Sebi) to go ahead with a buyback plan. In July 2008, DLF had announced its Rs 1,100-crore plan to buy back shares from existing shareholders at a price not exceeding Rs 600 a share.

Unitech, the countrys largest listed realty company, fell 0.46% to Rs 162.50

Indias largest private sector bank by net profit ICICI Bank shed 0.74% to Rs 715.45. Other banking shares State Bank of India (down 2.16% to Rs 1557.10), and HDFC Bank (down 0.67% to Rs 1292), slipped. The Bankex lost 1.28% to 7,368.33.

Indias second largest software services exporter Infosys Technologies fell 0.08% to Rs 1747.10. The stock came off days low of Rs 1700. HCL Technologies may reportedly counter bid Infosys for acquiring the UK-based SAP consultant Axon. According to reports, HCL may make an offer in the range of 690 pence per share for Axon compared to Infosys offer of 600 pence per share

Tata Power Company (down 1.69% to Rs 1082.30), and Mahindra & Mahindra (down 1.42% to Rs 582), edged lower from the Sensex pack.

Indias largest private sector firm by market capitalization and oil refiner Reliance Industries (RIL) was down 0.11% to Rs 2129.70 on 8.11 lakh shares. The stock moved in a range of Rs 2086.15 and Rs 2156.40 during the day.

Indias top small car maker by sales Maruti Suzuki India gained 2.36% to Rs 710 on 1.79 lakh shares. It was the top gainer from Sensex pack.

Telecom shares were in demand. Indias second largest cellular services provider in terms of market capitalisation Reliance Communications (RCom) advanced 1.57% to Rs 404.80. As per recent reports, RComs subsidiary Reliance Big Entertainment has acquired a majority stake in the US-based cricket webcasting portal, Willow TV, for an undisclosed amount.

Bharti Airtel, the countrys largest cellular services provider in terms of market capitalisation rose 2.15% to Rs 837

Indias largest oil exploration company by market capitalisation Oil and Natural Gas Corporation (ONGC) rose 0.25% to Rs 1102. As per reports the companys wholly-owned subsidiary ONGC Videsh (OVL) has bid for a 20% stake in the Angolan Block 32, which is owned by a consortium of firms led by French firm Total Exploration and Production Angola. The Angolan Block 32 reportedly has 1.5 billion barrels of oil reserves, the production of which is slated to start in 2012.

Reliance Infrastructure (up 1.24% to Rs 1071.50), Grasim (up 0.41% to Rs 2020) and TCS (up 1.40% to Rs 866.90) gained from Sensex pack.

Resurgere Mines & Minerals was the top traded counter on BSE with turnover of Rs Rs 262.80 crore followed by Austral Coke & Projects (Rs 239.50 crore), Reliance Industries (Rs 172.35 crore), Reliance Capital (Rs 155.25 crore) and Gokul Refoils (Rs 153.85 crore), in that order.

IFCI led the volumes chart on BSE notching volumes of 2.15 crore shares followed by Austral Coke & Projects (1.06 crore shares), Resurgere Mines & Minerals (86.50 lakh shares), Reliance Natural Resources (74.15 lakh shares) and Reliance Power (58 lakh shares), in that order.

Refinery stocks gained on drop in oil prices. Hindustan Petroleum Corporation (up 5.70% to Rs 245.55), Bharat Petroleum Corporation (up 2.26% to Rs 353), and Indian Oil Corporation (up 0.10% to Rs 432.90), rose. US crude for October 2008 delivery fell $1.18 to $105.16 a barrel today, 9 September 2008. It hit a five-month low of $104.70 a barrel yesterday, 8 September 2008.

Sugar stocks were in demand after the Supreme Court in an interim order on Monday, 8 September 2008, asked sugar mills in Uttar Pradesh (UP) to pay yo all outstanding cane arrears to growers for the 2007-08 crushing season at the rate of Rs 110 for a quintal within the next four weeks. Balrampur Chini Mills (up 3.31% to Rs 95.10), Shree Renuka Sugars (up 1.33% to Rs 121.75), and Bajaj Hindustan (up 0.91% to Rs 172.30), gained.

This is lower than the State Advised price of Rs 125 for a quintal fixed by the UP government for the current season.

Tech Mahindra rose 2.84% at Rs 796.10 on reports the firm bagged a $250 million, 7-year contract from a North Amercian telecom services firm. It has also won a smaller, 3-year deal from a Kuwait-based telecom firm for under $10 million. Revenues from both contracts will start flowing in from the last quarter of the current financial year, the reports added.

Idea Cellular rose 2.72% to Rs 85.10. The company has fixed 6 October 2008, as the closing date for its open offer for an additional 20% stake in Spice Communications. The offer opens on 17 September 2008.

Punj Lloyd slipped 1.36% to Rs 304.50. The company said its Singapore unit Punj Lloyd Pte has bagged an order worth Rs 167 crore from FWP, Singapore to carry out select mechanical work on Jurong Island, Singapore. The company made this announcement during trading hours today, 9 September 2008.

Ramco Systems jumped 6.80% to Rs 106 after the company said on Monday, 8 September 2008, its board will meet on 11 September 2008 to consider certain changes in the proposed rights issue to raise up to Rs 173 crore.

US stocks surged on Monday, 8 September 2008 as investors bet Washington's bailout of mortgage finance giants Fannie Mae and Freddie Mac would stabilize the US housing sector and calm jittery world financial markets. The Dow Jones industrial average advanced 289.78 points, or 2.58%, to 11,510.74. The S&P 500 index rose 25.48 points, or 2.05%, to 1,267.79, and the Nasdaq Composite index gained 13.88 points, or 0.62%, to 2,269.76.

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Market Closing Session - 8th Sep

2008-09-08T07:09:00.000-07:00

Key benchmark indices surged today after the 45-nations Nuclear Supplier Group (NSG) on Saturday, 6 September 2008, lifted a 34-year-old embargo on nuclear trade with India. The BSE 30-share Sensex jumped 461.14 points. Strong Asian and European markets supported domestic bourses.

The market, however, gave up some of the strong gains in late trade. Both the key benchmark indices BSE Sensex and S&P CNX Nifty fell below their respective psychologically important levels of 15,000 and 4,500, after topping those levels earlier in the day.

As per provisional data released by the stock exchanges after trading hours, foreign funds today, 8 September 2008, bought shares worth a net Rs 253.43 crore. Domestic funds sold shares worth a net Rs 132.62 crore.

The market breadth was strong. All the 30 Sensex stocks were in green. Sterlite Industries surged over 6%. Probable nuclear deal beneficiaries were the flavor of the day. Banking and financial shares also surged.

Stocks rose across the globe after the US government on Sunday, 7 September 2008 took over mortgage finance firms Fannie Mae and Freddie Mac to limit extensive damage of the financial crisis. US futures jumped. In Asia, key benchmark indices in Japan, Hong Kong, Taiwan, Singapore, South Korea were up by between 3.88% and 5.57%. However, China's Shanghai Composite was down 2.68%

In Europe, key benchmark indices in UK, Germany and France were up by between 3.57% and 4.67%.

The BSE 30-share Sensex jumped 461.14 points or 3.18% at 14,944.97. It opened 554.23 points higher at 15,034.06 and surged to strike an intra-day high of 15,107.01 in early trade. At the days high, the Sensex gained 623.18 points. At the days low of 14,917.06 hit in late trade, the Sensex rose 433.23 points.

The S&P CNX Nifty jumped 130 points or 2.99%, to settle at 4482.30. Nifty September 2008 futures were at 4510, at a premium of 27.70 points as compared to spot closing. NSE's futures & options (F&O) segment turnover was Rs 45,977.53 crore, which was lower than Rs 46,868.19 crore on Friday, 5 September 2008.

The BSE Sensex is down 5342.02 points or 26.33% in the calendar year 2008 so far from its close of 20,286.99 on 31 December 2007. It is 6261.80 points or 29.53% away from its all-time high of 21,206.77 struck on 10 January 2008.

The NSGs acceptance of the US proposal to drop a ban on nuclear trade with India will now put the Indo-US nuclear deal on the fast track. The approval came after almost three days of meeting in Vienna, lifting a 34-year-old embargo on nuclear trade with India. The NSG meet was called to minimise any damage to the Non-Proliferation Treaty, which India has not joined.

However, the nuclear deal still needs to be ratified by the US Congress before it could take force. The Congress must act before adjourning in late September 2008 for US presidential elections. If that does not happen, the deal could be left to an uncertain fate under a new US administration that takes office next year.

The market breadth was strong on BSE with 1656 shares advancing as compared to 1040 that declined. 63 remained unchanged.

The total turnover on BSE amounted to Rs 4485 crore as compared to Rs 4,815.43 crore on Friday, 5 September 2008.

The BSE Mid-Cap index rose 1.15% to 5,819.89 and the BSE Small-Cap index gained 1.12% to 6,982.77. Both these indices underperformed the Sensex.

Indias top copper manufacturer in terms of sales, Sterlite Industries jumped 6.16% to Rs 624 on 5.79 lakh shares. It was the top gainer from Sensex pack

Banking and financial shares vaulted buoyed by the bailout of US mortgage giants Fannie Mae and Freddie Mac. ICICI Bank (up 4.65% to Rs 719), HDFC Bank (up 4.43% to Rs 1302.70), State Bank of India (up 4.84% to Rs 1592.05), and Housing Development Finance Corporation (up 4.12% to Rs 2375) surged.

Potential nuclear deal beneficiaries rallied. Indias largest private sector power generation firm by sales, Reliance Infrastructure jumped 4.17% to Rs 1058.20. The company had earlier announced plans to invest Rs 12,000- crore in nuclear power capacity. It plans to install 2000 megawatt of nuclear power capacity.

Indias largest engineering & construction company by order book position Larsen & Toubro gained 4.54% to Rs 2735.15. Bharat Heavy Electricals, the nations largest capital goods maker by sales surged 2.90% to Rs 1782. The company supplies up to 500 megawatt of equipment to Nuclear Power Corporation.

Indias largest power generation company by sales, National Thermal Power Corporation surged 4.50% to Rs 181.25. The company signed a memorandum of understanding with Swiss Agency for Development and Cooperation to formulate a long-term strategy for renewable energy projects. The company made this announcement after trading hours on Friday, 5 September 2008.

Indias largest private sector firm by market capitalization and oil refiner Reliance Industries (RIL) advanced 2.19% to Rs 2125 on 7.30 lakh shares.

Telecom pivotals were in demand on renewed buying interest. Indias second largest cellular services provider in terms of market capitalisation Reliance Communications (RCom) advanced 1.03% to Rs 398, off days high of Rs 415. RComs subsidiary Reliance Big Entertainment reportedly acquired a majority stake in the US-based cricket webcasting portal, Willow TV, for an undisclosed amount.

Indias largest cellular services provider in terms of market capitalisation Bharti Airtel rose 1.54% to Rs 817.25

Ranbaxy, Indias top drug maker by sales gained 3.61% to Rs 466.60, after striking days low of Rs 438.05. The Japanese drug maker Daiichi Sankyos open offer to acquire an additional 20% stake at Rs 737 a share in the company ended on 4 September 2008.

IT pivotals advanced on fresh buying. Infosys Technologies (up 2.09% to Rs 1748.60), Satyam Computer Services (up 3.29% to Rs 429.50), Wipro (up 1.11% to Rs 431), and TCS (up 1.78% to Rs 853.10), logged gains.

Auto shares gained. Indias top truck maker by sales Tata Motors rose 4.30% to Rs 438 on reports of stalemate over acquisition of land for the companys project at Singur ended on Sunday, 7 September 2008 following two rounds of discussions between West Bengal Chief Minister Buddhadeb Bhattacharjee and Trinamool Congress chief Mamata Banerjee.

But Tata Motors, which had suspended work at the site, said on Monday, 8 September 2008, it would not start work until it was confident of smooth operations and the continued viability of the project.

Mahindra & Mahindra (up 0.61% to Rs 585.50), and Maruti Suzuki India (up 0.92% to Rs 686), rose from auto pack.

Austral Coke & Projects topped the turnover chart on BSE with a turnover of Rs 186.08 crore followed by Reliance Capital (Rs 173.60 crore), Reliance Industries (Rs 156.79 crore), Larsen & Toubro (Rs 156.01 crore) and Resurgere Mines & Minerals (Rs 149.25 crore), in that order.

Reliance Natural Resources topped volumes on BSE notching volumes of 93.22 lakh shares followed by Austral Coke & Projects (90.18 lakh shares), IFCI (80.24 lakh shares), Reliance Power (57.72 lakh shares) and Karuturi Global (51.05 lakh shares), in that order.

Among the non-Sensex potential nuclear deal benefeciaries, Areva T&D gained 3.08% to Rs 1675. Alstom Projects India surged 6.47% to Rs 422.20. The company makes nuclear reactors and rotors.

Hindustan Construction Company jumped 7.58% to Rs 104.35. The company has constructed four nuclear power projects in India. It is an engineering procurement and construction contractor for nuclear projects.

Walchandnagar Industries galloped 13.70% to Rs 302.45. It makes critical equipment for Indias nuclear power facilities.

Refinery shares declined as crude oil prices rose. Hindustan Petroleum Corporation (down 1.31% to Rs 233.30), Bharat Petroleum Corporation (down 3.90% to Rs 344), and Indian Oil Corporation (down 2.92% to Rs 433.55), slipped.

New York's main contract, light sweet crude for delivery in October 2008 rose $2.37 to $108.60 per barrel today, 8 September 2008 on worries hurricane Ike will threaten production facilities in the oil-rich US Gulf Coast.

Cambridge Technology Enterprises was locked at 10% upper limit at Rs 61.05 after the company said on Monday, 8 September 2008, its board has approved the acquisition of US based Protege Software Services Inc. The company made this announcement before trading hours today, 8 September 2008.

Dolphin Offshore Enterprises India jumped 20% to Rs 281.15 after the company said on Monday, 8 September 2008, it has bagged two orders aggregating Rs 304 crore from Oil & Natural Gas Corporation. The company made this announcement during trading hours today, 8 September 2008.

Hotel Leela Venture rose 3.26% to Rs 34.85 on reports the firm plans adding seven new luxury hotels in the next three to five years. The company will invest Rs 2,000-crore to add 2,000 rooms at these new hotels.

Pratibha Industries surged 5.44% to Rs 284.90 after the company said on Monday, 8 September 2008, it has secured a contract worth Rs 44.75 crore from Delhi Jal Board for water transmission program.

The government is working on 32 reform laws, 21 of them in the area of economy and finance, Trade Minister Kamal Nath said in an interview to a German newspaper published on Monday, 8 September 2008. The government expects its coalition allies to support much of its planned economic reform legislation, Nath told the Handelsblatt daily.

Market Closing Session - 5th Sep

2008-09-05T08:24:00.000-07:00

Intense selling in index pivotals ever since the opening bell led a sell-off on the bourses today. The BSE 30-share Sensex fell 415.27 points. Recovery from lower level in afternoon trade proved short-lived. Trading was choppy. Weak global markets weighed on the domestic bourses.

The market breadth was weak. Shares from realty and IT pack were the worst hit in today's slide. Index heavyweight Reliance Industries shed over 3%. Ranbaxy Laboratories tumbled close to 9%. However, shares of state-run oil marketing companies and aviation firms bucked the weak market trend.

Annual inflation rose 12.34% in the year through 23 August 2008, lower than previous weeks 12.40% rise, data released by the government after trading hours on Thursday, 4 September 2008 showed. Food prices for staples like lentils and vegetables eased while fuel prices remained flat, the data showed. Inflation, however, remains far above central banks target level of 7% towards the year ending March 2009.

The opposition BJP on Thursday, 4 September 2008 accused Prime Minister Manmohan Singh of misleading Parliament and the country on the nuclear deal issue and demanded the resignation of the Manmohan Singh government. Senior BJP leader Yashwant Sinha said in view of the gross breach of privilege of both the Houses of Parliament, an immediate session of Parliament should be convened within the shortest possible time to enable BJP to move a privilege motion against the Prime Minister if the UPA did not quit.

The BJP made the demands in the wake of the disclosure of correspondence between the Bush administration and US Congress that the Indo-US nuclear pact would be off if India conducted a nuclear test.

The Nuclear Suppliers Group (NSG) is reportedly inching towards forging a consensus on clearing a waiver to India for nuclear commerce, a decision that can take the Indo-US nuclear deal forward. The United States said on Thursday, 4 September 2008, 45 nations were making headway towards agreement on lifting a ban on nuclear trade with India after Washington reworked a draft for the move to ease proliferation fears. The two-day meeting of NSG ends today, 5 September 2008.

The BSE 30-share Sensex fell fell 415.27 points or 2.79% to 14,483.83. It opened 330.09 points lower at 14,569.01. At the days low of 14,438.59 hit in afternoon trade, the Sensex lost 460.51 points. At the days high of 14,601.39 hit in early afternoon trade, the Sensex fell 297.71 points.

The S&P CNX Nifty declined 95.45 points or 2.15%, to settle at 4352.30. Nifty September 2008 futures were at 4368, a premium of 15.70 over spot closing.

The BSE Sensex is down 5803.16 points or 28.60% in the calendar year 2008 so far from its close of 20,286.99 on 31 December 2007. It is 6722.94 points or 31.70% away from its all-time high of 21,206.77 struck on 10 January 2008.

The market breadth was weak on BSE with 1613 shares declining as compared to 1017 that advanced. 86 remained unchanged.

The BSE Mid-Cap index declined 1.29% to 5,753.72 and the BSE Small-Cap index fell 0.99% to 6,905.22. Both these indices outperformed the Sensex.

The total turnover on BSE amounted to Rs 4790 crore as compared to Rs 5,485.53 crore yesterday, 4 September 2008. Turnover in NSEs futures & options segment rose to Rs 46868.19 crore from Rs 46290.5 crore yesterday, 4 September 2008.

Among the 30-member Sensex pack, 27 declined while the rest gained.

Indias top drug maker by sales, Ranbaxy Laboratories tumbled 9.20% to Rs 448.15 on 15.29 lakh shares. It was the top loser from Sensex pack. The Japanese drug maker Daiichi Sankyos open offer to acquire an additional 20% stake at Rs 737 a share in the company ended yesterday, 4 September 2008.

Indias largest private sector firm by market capitalization and oil refiner Reliance Industries (RIL) slumped 3.24% to Rs 2083 on 13.47 lakh shares. The stock moved in a range of Rs 2067.05 and Rs 2120 during the day.

Auto stocks rebounded from days low. Indias top truck maker by sales, Tata Motors lost 1.84% to Rs 420.90, off days low of Rs 417. A crucial meeting will be held in Kolkata today, 5 September 2008, between representatives of the West Bengal government and Trinamool Congress chief Mamata Banerjee to end the standoff over land acquisition for the companys small car project at Singur.

Tata Motors Chairman Ratan Tata said on Thursday, the company will do everything it can to roll out its super-cheap Nano car as close to the planned October 2008 launch timeline as possible.

India's top small car maker by sales, Maruti Suzuki India was down 0.28% to Rs 682, off days low of Rs 654.20. Mahindra & Mahindra, the country's largest tractor manufacturer by sales shed 0.39% to Rs 584.05, off days low of Rs 570. The BSE Auto index skid by 1.43% to 3,983.05.

Frontline IT stocks were under selling pressure. Infosys (down 4.42% to Rs 1710.50), Wipro (down 4.37% to Rs 428.50), TCS (down 0.55% to Rs 839.50), and Satyam Computer Services (down 3.55% to Rs 417.50), edged lower. The BSE IT index lost 3.52% to 3,941.74

Telecom heavyweights declined. Indias largest listed cellular services provider by sales Bharti Airtel lost 3.10% to Rs 801. Reliance Communications, the countrys second largest listed cellular services provider by sales fell 1.20% to Rs 392.70

Real estate stocks declined. DLF (down 5.60% to Rs 493.50), Unitech (down 4.93% to Rs 157), Indiabulls Real Estate (down 3.06% to Rs 280.50), Parsvnath Developers (down 0.77% to Rs 122.50), and Akruti City (down 6.77% to Rs 897), slipped from the realty pack. The BSE Realty index slumped 4.17% to 4,979.26, and was the top loser among the sectoral indices on BSE.

Steel stocks declined on reports they have slashed prices by up to Rs 2,000 per tonne in the spot market with effect from 1 September 2008, in the wake of a slump in steel prices globally. Tata Steel (down 3.74% to Rs 560.55), JSW Steel (down 3.55% to Rs 705), Ispat Industries (down 1.02% to Rs 24.35), and Jindal Steel & Power (down 5.06% to Rs 1800.15), declined.

Indias top power equipment maker in terms of sales, Bharat Heavy Electricals declined 2.28% to Rs 1725 on reports the company would sign a pact on Saturday, 6 September 2008, with Heavy Engineering Corporation, Ranchi to set up a joint venture foundry forge company

Banking shares declined on fresh selling despite softening of inflation for a second week in a row. ICICI Bank (down 4.21% to Rs 688), State Bank of India (down 0.99% to Rs 1520), and HDFC Bank (down 4.43% to Rs 1246.20), slipped. The Bankex lost 3.52% at 7,172.85.

Indias second largest private sector power generation company by sales Tata Power Company was down 1.39% to Rs 1072.90. The company said on Thursday, 4 September 2008, it has acquired 11.4% stake in Australias Geodynamics for Rs 165 crore.

Jaiprakash Associates (down 5.46% to Rs 167.10), HDFC (down 5.98% to Rs 2276.05), edged lower from the Sensex pack.

Indias largest FMCG company by sales, Hindustan Unilever gained 1.62% to Rs 244.75 on 2.95 lakh shares. It was the top gainer from the Sensex pack. The stock recovered from the days low of Rs 236.

Indias largest oil exploration company by market capitalisation ONGC recovered from days low of Rs 1040.20. It closed with gain of 0.29% to Rs 1072. As per reports, the company's wholly owned overseas unit ONGC Videsh is in talks to acquire Canada's Tanganyika Oil Co for about $1.2-1.5 billion. Tanganyika is listed on the Stockholm bourse and has production and exploration assets in Egypt and Syria.

Reliance Industries topped the turnover chart on BSE with a turnover of Rs 281 crore followed by Reliance Capital (Rs 260.80 crore), Austral Coke & Projects (Rs 254.80 crore), State Bank of India (Rs 157 crore) and Reliance Infrastructure (Rs 133.35 crore), in that order.

Austral Coke & Projects topped volumes on BSE notching volumes of 1.21 crore shares followed by Reliance Natural Resources (96.75 lakh shares), IFCI (50.60 lakh shares), Chambal Fertilisers (45.80 lakh shares) and Reliance Petroleum (43.90 lakh shares), in that order.

Shares of PSU OMCs advanced on fresh buying. Hindustan Petroleum Corporation (up 5.17% to Rs 238.05), Bharat Petroleum Corporation (up 8.76% to Rs 358.25), and Indian Oil Corporation (up 1.80% to Rs 444.40), surged

Airline shares jumped. Deccan Aviation (up 3.30% to Rs 89.30), Jet Airways (up 2.89% to Rs 544.40), edged higher

Orbit Corporation rose 0.88% to Rs 307.80 after the Supreme Court on Thursday cleared a Maharashtra development control rule allowing realtors to enjoy floor space index of 3-7 times, allowing them to build more vertically.

Alembic spurted 6.08% to Rs 44.50 after 20.50 lakh shares, or 1.4% of the company's equity changed hands in a block deal on the NSE at Rs 42 each.

Aban Offshore surged 3.19% to Rs 2,285.70. On 1 September 2008, the companys step-down overseas unit Venture Drilling AS won 18-month contract from Maersk Oil Angola at an operating day rate of 495,000 million.

US crude was down $1.51 to $106.38 a barrel, at the lowest level since 4 April 2008, on flagging US demand and the stronger dollar.

European markets, which opened after Indian markets, were subdued. Key benchmark indices in UK, Germany and France were down by between 1.06% and 1.34%.

Fears about economic growth and a 3% slump in US stocks on Thursday, 4 September 2008, sent Asian shares sprawling today, 5 September 2008. Key benchmark indices in Hong Kong, China, Japan, South Korea, Singapore and Taiwan were down by between 1.55% to 3.29%.

Wall Street suffered its steepest decline in more than two months on Thursday, 4 September 2008, after weekly government data showed an unexpected jump in the number of filings for jobless benefits, souring the mood before Friday's (5 September 2008)s jobs report for August 2008, which is expected to show the eighth consecutive decline, with 75,000 jobs lost.

Market Closing Session - 4th Sep

2008-09-04T07:16:00.000-07:00

The market ended on a weak note as traders booked profits after indices rallied more than three percent in previous session. Market participants were also cautious ahead of inflation data and outcome of Nuclear Supply Group meet on Indo-US nuclear deal today. Realty shares were the worst performers, while software and healthcare pivotals bucked weak trend.

Indices were highly volatile throughout the session. The Sensex traded in a range of 14,994.15 and 14,766.01, a wide gap of 228.14 points. The Nifty traded in a range of 4447.75 and 4419.45, a gap of 28.3 points.

The BSE 30-share Sensex fell 150.76 points or 1% to 14,899.10. The Sensex opened 154.01 lower on weak global cues. Selling intensified by mid-morning, dragging the index 283.85 points at the day's low of 14,766.01. Soon, buying emerged at lower levels, taking the index at its intraday high of 14,994.15 in afternoon. The index was down 55.71 point at the day's high.

The S&P CNX Nifty was down 56.25 points or 1.12% to 4447.75. Nifty September 2008 futures were at 4460, at a premium of 12.25 points as compared to spot closing.

The BSE Mid-Cap index fell 0.13% at 5,829.17 and the BSE Small-Cap index fell 0.11% at 6,974.37. Both the indices outperformed the Sensex.

The market breadth was positive. On BSE, 1332 shares advanced as compared to 1259 that declined. 94 shares remained unchanged.

NSE's futures & options (F&O) segment turnover was Rs 46290.5 crore, lower than Rs 58,889.38 crore on Tuesday, 2 September 2008.

Top Sensex gainers were, Maruti Suzuki (up 2.93% at Rs 683.90), Hindalco Industries (up 2.39% at Rs 126.60), Jaiprakash Associates (up 1.79% at Rs 176.75), Tata Power Company (up 1.70% at Rs 1088), and Grasim Industries (up 0.92% at Rs 2020.75).

Top Sensex losers were, Sterlite Industries (down 3.69% at Rs 613.10), ONGC (down 2.97% at Rs 1068.85), ITC (down 2.62% at Rs 189.25), Hindustan Unilever (down 2.49% at Rs 240.85) and Reliance Infrastructure (down 2.32% at Rs 1017.55).

India's largest private sector firm by market capitalisation and oil refiner Reliance Industries (RIL) fell 2.75% at Rs 2152.65. RIL stock accounts for a highest weightage of 15.21% on the Sensex.

Banking shares were mixed. Axis Bank (down 3.26% at Rs 734.90), HDFC Bank (down 2.80% at Rs 1,303.90), and Kotak Mahindra Bank (down 1.62% at Rs 639.45), slipped.

However, India's largest commercial lender State Bank of India rose 0.91% at Rs 1,535.25. India's largest private sector bank by market capitalisation ICICI Bank rose 0.69% at Rs 718.25. ICICI Bank stock accounts for third highest weightage of 7.50% on the Sensex. The BSE Bankex outperformed the Sensex, falling 0.16% at 7,434.73.

Realty shares tumbled. Indiabulls Real Estate (down 10.24% at Rs 289.35), Housing Development & Infrastructure (down 3.11% at Rs 315.70), Unitech (down 2.62% at Rs 165.15), and DLF (down 1.34% at Rs 522.75), declined. The BSE Realty index underpeformed the Sensex, falling 3.20% at 5,195.72.

Mid-cap software stocks were in demand, whereas most of the software pivotals hovered in negative terrain. Aptech (up 4.25% at Rs 239.35), Financial Technologies (up 2.63% at Rs 1,458.75), Rolta India (up 2.11% at Rs 341.40), and Tech Mahindra (up 1.86% at Rs 771.40), rose. While, Wipro (down 0.67% at Rs 448.10), TCS (down 0.55% at Rs 834.20), and Satyam Computer (down 0.20% at Rs 432.45), declined.

India's second largest software exporter by sales Infosys Technologies rose 0.80% at Rs 1789.55. Infosys Technologies stock accounts for second highest weightage of 8.16% on the Sensex. The BSE IT index outperformed the Sensex, rising 0.46% at 4,085.70.

Healthcare shares rose. Sun Pharma Advanced Research Company (up 4.38% at Rs 100.10), Wockhardt (up 4.25% at Rs 211), Piramal Healthcare (up 3.71% at Rs 345), Biocon (up 2.74% at Rs 410.80), and Cadila Healthcare (up 2.41% at Rs 344.60), moved higher. The BSE Healthcare index outperformed the Sensex, rising 0.28% at 4,350.18.

Low ash metallurgical coke maker Austral Coke and Projects settled at Rs 225.20, a 14.89% premium over issue price of Rs 196. The stock debuted today on BSE at Rs 206, a 5.10% premium over its issue price.

UCO Bank soared 4.56% to Rs 42.40 on BSE, on reports the bank plans to raise about Rs 600 crore from follow on public offer (FPO) in the September-December quarter of the current fiscal.

Textile firm Bombay Dyeing & Manufacturing Company gained 2.97% to Rs 581.35 on reports the company may rake in Rs 900 crore by next year by selling a small part of the 8 lakh square feet commercial property it is developing in Central Mumbai.

Construction firm PBA Infrastructure jumped 3.21% to Rs 67.60 after the company secured a contract worth Rs 122.04 crore from Pimpri Municipal Corporation, Pimpri in the state of Maharashtra for laying roads.

Auto parts maker Sona Koyo Steering Systems surged 20% to Rs 17.80 on reports the company plans to diversify into aerospace and windmill technology.

Resurgere Mines & Minerals India clocked a highest turnover of Rs 598.11 crore on BSE. Austral Coke & Projects (Rs 453.87 crore), Reliance Capital (Rs 252.27 crore), Reliance Industries (Rs 222.10 crore), and State Bank of India (Rs 156.07 crore), were the other turnover toppers on BSE in that order.

Austral Coke & Projects reported a highest volume of 1.88 crore shares on BSE. Reliance Natural Resources (1.24 crore shares), Resurgere Mines & Minerals India (91.01 lakh shares), IFCI (71.11 lakh shares), Dish TV (67.44 lakh shares), were the other volume toppers on BSE in that order.

European markets, which opened after Indian markets, were mostly in red. Key indices in France and Germany were down by 0.83% to 1.20%. However, UKs FTSE 100 was up 0.38%. Asian markets were negative with key indices in Hong Kong, Japan, Singapore, South Korea and Taiwan trading down by 0.03% to 2.62%. However, Chinas Shanghai Composite index was up 0.03%.

Nuclear Suppliers Group (NSG) meets in Vienna today, 4 September 2008 to consider whether India should be allowed to resume civil nuclear trade with the international community. The 45-nation grouping will consider a draft, which is being presented after amendments following demands by at least 15 countries during the 21 22 August 2008 meeting.

Oil prices hovered around $109 a barrel today, 4 September 2008 as traders weighed concerns over slowing demand from major consumer countries against further hurricane threats to the US oil sector.

Market Closing Session - 2nd Sept

2008-09-02T09:59:00.000-07:00

A strong correction in crude oil price helped the key benchmark indices register phenomenal gains today, 2 September 2008. The 30-share BSE Sensex jumped over 500 points to cross the psychological 15,000 mark after nearly 12 trading sessions. Realty and banking shares were star performers, while healthcare stocks lagged behind in todays rally.

As per provisional data released by the stock exchanges after trading hours, foreign funds today, 2 September 2008, bought shares worth a net Rs 1,132.25 crore. Domestic funds purchased shares worth a net Rs 209.79 crore.

Oil prices tumbled extending the previous day's fall on initial signs that a weakened Hurricane Gustav spared major Gulf oil facilities. At 16:32 IST, crude oil was trading at $108.12 a barrel on the New York Mercantile Exchange (NYMEX).

European markets turned positive after a negative start. Key benchmark indices in UK, France and Germany were up 0.33% to 1.39%. Some of the Asian indices moved into positive terrain from negative terrain during the course of the day. Key benchmark indices in Hong Kong and Singapore were up 0.65% to 1.58%. However, indices in China, South Korea, Taiwan and Japan were down by 0.52% to 1.75%.

US markets were closed on Monday, 1 September 2008, for Labour Day holiday.

The BSE 30-share Sensex jumped 551.35 points or 3.80% to 15,049.86. The Sensex opened 110.93 points higher at 14,609.44 and thereafter traded in a narrow range of 14550 and 14600. But a sudden buying demand led by slide in crude oil prices in the second half of trading session catapulted the index 607.64 points up at the day's high of 15,106.15 in mid-afternoon. The index rose 44.7 points at the day's low of 14,543.21 it hit in early trade.

The S&P CNX Nifty was up 155.35 points or 3.57% to 4504. Nifty September 2008 futures were at 4517.05, at a premium of 13.05 points as compared to spot closing.

India's stock market remains closed tomorrow, 3 September 2008 on account of Ganesh Chaturthi.

The BSE Mid-Cap index rose 1.66% at 5,837.01 and the BSE Small-Cap index was up 1.32% at 6,982.39. Both the indices underperformed the Sensex.

The market breadth was strong on BSE with 1675 shares advancing as compared to 986 that declined. 72 shares remained unchanged.

The BSE Sensex is down 5237.13 points or 25.81% in calendar year 2008 so far from its close of 20,286.99 on 31 December 2007. It is 6156.91 points or 29.03% away from its all-time high of 21,206.77 struck on 10 January 2008.

BSE clocked a turnover of Rs 6386 crore as against Rs 4,854.14 crore on Monday, 1 September 2008. NSE's futures & options (F&O) segment turnover was Rs 58,889.38 crore, higher than Rs 37,943.16 crore on Monday, 1 September 2008.

Indias largest state-run oil explorer by market capitalisation ONGC rose 6.97% to Rs 1101.55. Rating agency CRISIL has reaffirmed its rating on the Rs 50 crore non-convertible debenture issue of ONGC at 'AAA/Stable'. This follows the announcement by UK-based Imperial Energy Corporation Plc last week, giving its consent to its acquisition by ONGC through its subsidiary ONGC Videsh (OVL).

Indias largest private sector firm by market capitalisation and oil refiner Reliance Industries (RIL) rose 3.41% at Rs 2213.55. The firm said during trading hours on Monday, 1 September 2008, it has withdrawn an application it made to the central government to permit it to assign a part of its participating interest to its 100% subsidiaries.

Indias second largest software exporter by sales Infosys Technologies rose 3.02% at Rs 1775.30.

Indias largest commercial vehicle maker by sales Tata Motors fell 1.82% at Rs 429.85. Tata Motors, today, announced the terms of the proposed two rights issues aggregating around Rs 4200 crore. Shareholders would get one ordinary share for every six shares held. These shares will be issued at a price of Rs 340 each aggregating to Rs 2,186 crore.

Banking shares soared as sliding oil prices calmed inflation concerns. The BSE Bankex outperformed the Sensex, rising 6.06% to 7,446.52. Kotak Mahindra Bank (up 9.57% at Rs 649.95), State Bank of India (up 7.44% at Rs 1,521.35), and HDFC Bank (up 3.50% at Rs 1,341.45), soared. India's largest private sector bank by market capitalisation ICICI Bank rose 7.34% at Rs 713.30. The stock had earlier hit a low of Rs 668.80.

Realty shares spurted. The BSE Realty index outperformed the Sensex, rising 7.35% to 5,367.27. Orbit Corporation (up 16.80% at Rs 304.55), Housing Development & Infrastructure (up 16.27% at Rs 325.85), Indiabulls Real Estate (up 9.64% at Rs 322.35), Unitech (up 7.14% at Rs 169.60), and DLF (up 7.14% at Rs 529.85), spurted.

Airline stocks surged as crude oil prices declined sharply. Jet Airways (up 9.55% at Rs 532.90), Deccan Aviation (up 7.60% at Rs 89.20), and SpiceJet (up 6.63% at Rs 29.75), surged.

Healthcare stocks slipped. The BSE Healthcare index underperformed the Sensex, rising 0.64% to 4,338.23. Fortis Healthcare (down 1.83% at Rs 74.95), Ipca Laboratories (down 1.20% at Rs 565.15), Aurobindo Pharmaceuticals (down 0.90% at Rs 318.05), and Pfizer (down 0.87% at Rs 575.55), slipped.

Indias leading drug maker by sales Ranbaxy Laboratories fell 1.89% at Rs 490.35. The stock recovered from a low of Rs 447.90, it hit in early trade. The company lost a patent challenge against Pfizer over selling cholesterol drug, Lipitor in Denmark. The Ranbaxy stock declined 3.61% to Rs 499.80 yesterday, 1 September 2008, hit by the news.

Private sector oil explorer Cairn India slumped 5.76% at Rs 233.75. The firm benefits from high crude oil prices.

Newspaper publisher Deccan Chronicle Holdings extended gains for fifth consecutive session in a row. The stock rose 1.85% at Rs 129.50. It advanced 12.22% to Rs 127.15 on 1 September 2008 from Rs 113.30 on 26 August 2008.

Oilfield services provider Great Offshore soared 7.69% to Rs 561.55 after the company said it has forayed into port management and single point mooring operations through acquisition of 100% stake in two domestic companies for a consideration of Rs 160 crore.

State-run Union Bank of India rose 6.13% at Rs 154. The bank reportedly plans to raise Rs 1000 crore via debt in a month's time. The bank has headroom to raise up to Rs 3500 crore and it would try to raise the amount by the end of 2008, the reports added.

Scooter maker Kinetic Motor Company rose 3.98% at Rs 19.60. The company said on Monday, 1 September 2008, its board approved an investment of Rs 29.50 crore in Mahindra Two Wheelers, its joint venture with Mahindra & Mahindra. The company will also sub-license the 'Kinetic' brand to Mahindra Two Wheelers for 25 years, it added.

Resurgere Mines & Minerals India clocked the highest turnover of Rs 928.52 crore on BSE. Reliance Capital (Rs 292.40 crore), Reliance Industries (Rs 218.34 crore), ICICI Bank (Rs 209.24 crore), and Reliance Natural Resources (Rs 198.39 crore), were the other turnover toppers on BSE in that order.

Reliance Natural Resources reported the highest volume of 2.05 crore shares on BSE. Resurgere Mines & Minerals India (1.62 crore shares), IFCI (1.05 crore shares), Infrastructure Development Finance Company (90.39 lakh shares), and Marksans Pharma (85.23 lakh shares), were the other volume toppers on BSE in that order.

Market Closing Session - 1st Sep

2008-09-01T09:58:00.000-07:00

Buying support in banking pivotals helped the market stage a sharp recovery from lower level in the last one hour of the trading session. Buying was also witnessed in PSU and oil & gas shares. Metal shares were the biggest losers in todays trade. Resurgere Mines & Minerals settled at a 94.20% premium over the initial public offer (IPO) price.

The BSE 30-share Sensex lost 66.02 points or 0.45% to 14,498.51. The index opened with a downward gap of 151.54 point on weak global cues. Selling activity intensified by afternoon, dragging the index lower by 283.43 point at the days low of 14,281.10. However, strong buying support in banking and other index pivotals towards the latter part of the trading session helped the Sensex pare early losses. The barometer index was down 17.12 points at the day's high of 14,547.41 struck at the fag end of the trading session.

The S&P CNX Nifty was down 11.35 points or 0.26% to 4348.65. It came off session's low of 4281.35. Nifty September 2008 futures were at 4361, at a premium of 12.35 points as compared to spot closing.

As per provisional data released by the stock exchanges after trading hours, foreign funds today, 1 September 2008, sold shares worth a net Rs 241.85 crore. Domestic funds bought shares worth a net Rs 82.62 crore.

The small-cap and and mid-cap indices on BSE both ended flat for the day.

The market breadth, which was weak for a better part of the session, turned positive at the fag end of the session. On BSE, 1329 shares advanced against 1255 that declined. 96 stocks were unchanged.

BSE clocked a turnover of Rs 3403 crore as against Rs 5,430.84 crore on Friday, 29 August 2008. NSE's futures & options (F&O) segment turnover was Rs 37,943.16 crore, lower than Rs 43,170.27 crore on Friday, 29 August 2008.

The BSE Sensex is down 5788.48 points or 28.53% in the calendar year 2008 so far from its close of 20,286.99 on 31 December 2007. It is 6708.26 points or 31.63% away from its all-time high of 21,206.77 struck on 10 January 2008.

Top Sensex gainers were, ITC (up 1.62% at Rs 191.65), Bharat Heavy Electricals (up 0.90% at Rs 1721.90), Satyam Computer (up 0.88% at Rs 423.40), ONGC (up 0.64% at Rs 1029.80), and ACC (up 0.45% at Rs 564.20).

Major Sensex losers were, Ranbaxy Laboratories (down 3.61% at Rs 499.80), Tata Steel (down 2.67% at Rs 584.30), Bharti Airtel (down 2.50% at Rs 816.25), and Reliance Communication (down 1.71% at Rs 388.95).

Indias largest passenger car maker by sales Maruti Suzuki India declined 2.56% to Rs 633.75 after the company posted 9.2% fall in sales to 59,908 units in August 2008 over August 2007. The stock had risen 3.83% in two trading sessions to Rs 650.40 on 29 August 2008 from Rs 626.40 on 27 August 2008. The stock had hit a low of Rs 618.35 earlier.

Indias largest private sector firm by market capitalisation and oil refiner Reliance Industries (RIL) rose 0.18% to Rs 2140.55. The stock moved in the range of Rs 2165 to Rs 2106. The company has abandoned a plan to transfer an 80% stake in a deepwater block to its subsidiaries as it has raised the money it needs for the block, the company said in a statement today, 1 September 2008.

RIL, which owns 90% in the gas-rich D-6 block in the Krishna Godavari basin off India's east coast, said last week it had sent a proposal for the transfer of the stake to four fully-owned subsidiaries and was awaiting government approval.

India's second largest software exporter by sales Infosys Technnologies was down 1.44% to Rs 1723.30.

Banking shares recovered sharply. The BSE Bankex outperformed the Sensex, rising 0.17% to 7,021.35. The index came off from a low of 6,823.41. Indias second largest private sector bank in terms of net profit HDFC Bank rose 1.48% at Rs 1296.10. It came off from the days low of Rs 1245.60. India's largest commercial lender State Bank of India rose 0.88% at Rs 1416. It came of from the days low of Rs 1360. Indias largest private sector bank by market capitalisation ICICI Bank fell 1.03% at Rs 664.55. It had touched a low of Rs 649.90 earlier.

PSU stocks gained. Syndicate Bank (up 5.73% at Rs 62.75), BEML (up 5.45% at Rs 772.45), Rural Electrification Corporation (up 4.65% at Rs 91.10), and Canara Bank (up 2.48% at Rs 220.85), flared up. The BSE PSU index outperformed the Sensex, rising 0.31% at 6,768.18.

Oil & gas stocks were mixed. Private sector oil & gas stocks rose. However, state-run oil firms were trading lower. Essar Oil (up 3.80% at Rs 217.35), and Reliance Petroleum (up 0.86% at Rs 158.40), rose.

Among the state-run oil firms, Indian Oil Corporation (down 1.17% at Rs 396.75) and BPCL (down 0.64% at Rs 301.40), dropped. The BSE Oil & Gas index outperformed the Sensex, rising 0.30% at 9,688.58.

Metal stocks tumbled. National Aluminium Company (down 2.41% at Rs 378.35), Sesa Goa (down 2.05% at Rs 155), JSW Steel (down 1.64% at Rs 751.75), and Steel Authority of India (down 1.44% at Rs 153.80), declined. The BSE MEtal index underperformed the Sensex, falling 1.08% at 12,214.11.

India's third biggest motorcycle maker by sales TVS Motors rose 1.53% at Rs 33.15 after the company said its two-wheeler sales rose 11% to 114,321 units in August 2008 over August 2007.

Construction firm Gammon Infrastructure Projects rose 3.21% to Rs 98 after the company said it has won rights to build a 261 megawatt hydrapower plant in Himachal Pradesh, at a cost of Rs 1510 crore.

State-run miner NMDC gained 2.80% to Rs 311.55 after the company said it plans to set up an integrated steel plant at Nagarnar in Chhattisgarh.

Engineering firm Shriram EPC rose 2.74% to Rs 256.85 after the company said it has acquired 55% stake in Chennai based Blackstone Group Technologies for an undisclosed sum.

Iron ore miner Resurgere Mines & Minerals settled at Rs 524.35 on BSE, a 94.20% premium over initial public offer price of Rs 270. The stock debuted at Rs 272.05 on BSE, a marginal premium of 0.75% over its issue price of Rs 270. The stock hit a high and low of Rs 562.80 and Rs 272.05.

Debutant Resurgere Mines and Minerals clocked the highest turnover of Rs 1436.18 crore on BSE. Reliance Capital (Rs 214.31 crore), Reliance Industries (Rs 173.43 crore), Nu Tek India (Rs 132.70 crore), and ICICI Bank (Rs 115.57 crore), were the other turnover toppers on BSE in that order.

Debutant Resurgere Mines and Minerals registered the highest volume of 3.31 crore shares on BSE. Reliance Natural Resources (1.18 crore shares), Nu Tek India (65.56 lakh shares), Chambal Fertilizers & Chemicals (53.22 lakh shares), Noida Toll Bridge (44.57 lakh shares), were the other volume toppers on BSE in that order.

European market were trading lower. Key benchmark indices in UK, France and Germany were down 0.51% to 0.89%. Asian stocks dropped today, 1 September 2008, amid concerns about the impact of weaker global demand on the region's economies. Key benchmark indices in Hong Kong, Japan, South Koera, Singapore, Taiwan and China were down by between 0.95% to 4.06%

US stocks tumbled on Friday, 29 August 2008, led lower by tech shares after computer maker Dell warned that companies worldwide are cutting back on technology spending. The Dow Jones industrial average lost 171.47 points, or 1.46%, at 11,543.71. The Standard & Poor's 500 Index was down 17.93 points, or 1.38%, at 1,282.75. The Nasdaq Composite Index shed 44.12 points, or 1.83%, at 2,367.52.

Economic data added to the market's jitters ahead of the long Labor Day weekend. US market remains closed on Monday, 1 September 2008, for Labor Day holiday.

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Market Closing Session - 29th Aug

2008-08-29T19:13:00.000-07:00

Intense buying throughout the day triggered by data showing a slower-than-expected GDP growth in Q1 June 2008 and softening of inflation, helped the market settle near days high. The BSE 30-share Sensex jumped 516.19 points. Strong global cues and healthy rollover of derivatives positions also aided the rally. The market breadth was strong. Interest rate sensitives were the flavor of the day. All the BSE sectoral indices posted gains.

India's gross domestic product (GDP) grew 7.9% in the June 2008 quarter from a year earlier, easing from the previous quarter's 8.8% rise as industrial activity slowed due to monetary tightening. The GDP growth in the first quarter of the current fiscal year was lower than market expectations of a rise of a little above 8%. The government released the GDP data at about 11:00 IST today, 29 August 2008.

Foreign institutional investors (FIIs) were net equity sellers worth Rs 364.61 crore while mutual funds purchased shares worth Rs 281.07 crore today, 29 August 2008, according to provisional data on BSE.

The BSE 30-share Sensex jumped 516.19 points or 3.67% at 14,564.53. The Sensex struck an intra-day high of 14,586.16 in late trade. At the days high, the Sensex gained 537.82 points. Sensex opened 230.68 points higher at 14,279.02, which was also its days low.

The S&P CNX Nifty advanced 146 points or 3.46% to 4360. Nifty September 2008 futures were at 4364, at a premium of 4 points as compared to spot closing of 4360.

The BSE Sensex is down 5722.46 points or 28.20% in the calendar year 2008 so far from its close of 20,286.99 on 31 December 2007. It is 6642.24 points or 31.32% away from its all-time high of 21,206.77 struck on 10 January 2008.

Derivative contracts for August 2008 series expired yesterday, 28 August 2008 with strong rollovers. As per reports, marketwide rollover of positions from August 2008 series to September 2008 series stood at 83% while that of Nifty was at 75%. In the previous series, marketwide rollover of positions stood at 79% as while that of Nifty was at 65%

The market breadth was strong on BSE with 1828 shares advancing as compared to 832 that declined. 96 remained unchanged.

The total turnover on BSE amounted to Rs 5408 crore as compared to Rs 4,063.05 crore yesterday, 28 August 2008. NSE's futures & options (F&O) segment turnover was Rs 43,170.27 crore, lower than Rs 66,164.24 crore on Thursday, 28 August 2008.

Grasim was the lone loser from the 30-member Sensex pack. The diversified firm was down marginally by 0.05% to Rs 1936.

Strong buying was witnessed in interest rate sensitive sectors viz. banking, real estate and auto, as the latest data showed inflation softened for the first time in 28 weeks.

Indias largest state-run bank by net profit State Bank of India surged 7.23% to Rs 1404.10 on 11.56 lakh shares. It was the top gainer from Sensex pack.

HDFC Bank (up 5.40% to Rs 1281), and ICICI Bank (up 5.88% to Rs 671), advanced. The Bankex vaulted 6.27% to 7,009.69 and was the top gainer among the sectoral indices on BSE

Mid-cap bank shares also joined the rally. Oriental Bank of Commerce (up 8.06% to Rs 165), Bank of India (up 5.88% to Rs 266.35), Bank of Baroda (up 3.44% to Rs 283), Axis Bank (up 7.91% to Rs 723.70), and Kotak Mahindra Bank (up 9.54% to Rs 609.90), advanced.

Annual wholesale price inflation rose 12.40% in 12 months to 16 August 2008, below the previous week's 12.63% but remained stuck at 13-year highs, data released by the government after trading hours on Thursday, 28 August 2008 showed. No conclusion can be drawn from one week's inflation number, Finance Minister P Chidambaram said.

Inflation has nearly tripled from 4.39% a year ago and now is riding around the highest levels since the current inflation series began being compiled 13 years ago.

Indias largest private sector firm by market capitalization and oil refiner Reliance Industries (RIL) rebounded after declining for previous three days. The stock advanced 2.67% to Rs 2129 on 7.68 lakh shares. On 26 Tuesday, August 2008, RIL confirmed media reports that it is planning to transfer 80% of its participatory interest (PI) in the D6 oil and gas block in the Krishna Godavari (KG) basin to four unlisted subsidiaries.

Auto shares rose. Tata Motors (up 5.59% to Rs 441), Maruti Suzuki India (up 3.44% to Rs 651.85), Bajaj Auto (up 1.33% to Rs 588.45), Mahindra & Mahindra (M&M) (up 1.57% to Rs 576) and Hero Honda Motors (up 0.40% to Rs 825.05), rose. The BSE Auto index gained 2.30% to 4,001.23

DLF (up 4.13% to Rs 487.60), Ansal Infrastrcutures (up 3.41% to Rs 100), Sobha Developers (up 3.87% to Rs 266), Indiabulls Real Estate (up 11.97% to Rs 290) edged higher from the realty pack. The BSE Realty index rose 5.10% to 4,995.25

Tata Steel, the world's sixth-largest steel maker by capacity, gained 4.86% to Rs 599.60. The company said after trading hours yesterday, 28 August 2008, its consolidated net profit rose 60.4% to Rs 3900.90 crore in Q1 June 2008 over Q1 June 2007, boosted by its Anglo-Dutch unit Corus.

India's largest oil exploration firm Oil & Natural Gas Corporation rose 2.50% to Rs 1024.70. British oil and gas explorer Imperial Energy said on Tuesday, 26 August 2008, that its management has agreed to a takeover from ONGC worth 1.4 billion pounds ($ 2.6 billion).

IT pivotals climbed up on fresh buying. Infosys Technologies, the countrys second largest software services exporter advanced 2.92% to Rs 1749.50. The company said after trading hours on Monday, 25 August 2008, it has agreed to acquire UK based SAP consulting company Axon Group plc, for 407.1 million pounds or Rs 3310 crore. Axon reported profit after taxation of 20.2 million pounds (Rs 160 crore) on revenue of 204.5 million pounds or Rs 1660 crore in the year ended 31 December 2007.

Indias third largest software services exporter Wipro jumped 4.59% to Rs 433 on reports the company may buy a German competitor that advises companies running business software made by SAP AG.

Satyam Computer Services (up 3.33% to Rs 420) and TCS (up 2.44% to Rs 813) advanced. The BSE It index gained 2.94% to 3,966.75

Telecom stocks were in demand. India's top cellular services provider by market capitalisation Bharti Airtel advanced 4.50% to Rs 839.85. A massive block deal of 1.01 crore shares was struck on the counter at Rs 813.95 at 11:59 IST on BSE. It was the top traded counter on BSE with turnover of Rs 867.79 crore.

Reliance Capital (Rs 310 crore), ICICI Bank (Rs 171.10 crore), Reliance Industries (Rs 163.50 crore) and State Bank of India (Rs 161.30 crore), were the other turnover toppers on BSE.

Reliance Communications, the countrys second largest cellular services provider by market capitalisation jumped 2.61% to Rs 395.50.

Capital goods heavyweights rebounded after suffering steep losses yesterday, 28 August 2008. Bharat Heavy Electricals, the countrys largest power equipment maker by sales, surged 4.86% to Rs 1708 after the company said it has secured a contract worth Rs 1155 crore for supply of power generation equipment to a plant in Punjab. The company made the announcement during trading hours today, 29 August 2008.

Indias largest engineering & construction company by outstanding order book position Larsen & Toubro gained 3.53% to Rs 2589.90. The BSE Capital Goods index advanced 3.43% to 11,886.62

Cement shares rose despite recent foreign brokerage report which showed cement prices are set to decline 15-20% by fiscal 2009-10 due to increase in cement supplies. ACC (up 1.95% to Rs 563), Ambuja Cement (up 1.26% to Rs 80.30), and India Cement (up 2.91% to Rs 139.30), rose.

Ranbaxy Laboratories, the countrys biggest pharma company by sales, recovered from days low of Rs 490. It closed 0.88% higher at Rs 518.50. As per reports, the Foreign Investment Promotion Board (FIPB) on 27 August 2008 approved the acquisition of Ranbaxy by Japan's Daiichi Sankyo and the deal would now have to be cleared by the Finance Minister and the Cabinet Committee on Economic Affairs.

Reliance Infrastructure (up 5.31% to Rs 985), HDFC (up 3.75% to Rs 2332), and Jaiprakash Associates (up 5.38% to Rs 164.50), edged higher from the Sensex pack.

Reliance Natural Resources topped volumes chart clocking volumes of 1.41 crore shares followed by Bharti Airtel (1.07 crore shares), Chambal Fertilisers (81 lakh shares), IFCI (78.20 lakh shares) and Ispat Industries (75.60 lakh shares), in that order.

Among the side counters, Classic Diamond (up 20% to Rs 47.90), Malwa Cotton (up 19.90% to Rs 50.30), Shiva Cement (up 20% to Rs 12.17), Donear Industries (up 18.57% to Rs 44.90), and Atlanta (up 15.62% to Rs 196.15), surged.

Prudential Pharma (down 12.14% to Rs 38), Hitech Plastics (down 8.30% to Rs 65.20), and Savera Hotel (down 7.22% to Rs 56.50), slumped.

Motilal Oswal Financial Services galloped 2.84% to Rs 114.15 after the company said it has received in principle approval from Securities Exchange Board of India to set up mutual fund business in the country. The company made this announcement during trading hours today, 29 August 2008.

Jai Corp jumped 5% at Rs 324.30 on reports the firm plans to get into distribution and supply of city gas and liquified petroleum gas to its special economic zones (SEZ) in Mumbai and Navi Mumbai.

National Aluminium Company spurted 5.26% to Rs 388.15 on reports the company begun importing coal to overcome shortages, which forced the company to cut alumina output in July 2008.

Bharat Petroleum Corporation jumped 4.41% to Rs 298.30 after the company said its step down overseas unit has acquired 10% stake in Mozambiques Rovuma Offshore Area 1 block from US firm Anadarko Petroleum Corporation. The company made this announcement during trading hours on Thursday, 28 August 2008, when the stock had declined 4.38% to Rs 285.70 in a weak market.

Unitech gained 3.07% to Rs 157.85 after its telecom unit received 4.4 megahertz of spectrum in the GSM band in Madhya Pradesh. The company made the announcemnt after market hours yesterday, 28 August 2008. With this, the company has been allotted initial spectrum in six service areas out of the total 22 service areas, the statement added

The National Stock Exchange (NSE) today, 29 August 2008, kickstarted trading in the exchange-traded rupee futures for the first time in India. Good volumes were reported on day one with the front-month contracts seeing brisk activity. The contract size is $1,000 each.

Crude for October 2008 delivery rose $1.41 or to $117 a barrel today, 29 August 2008 as energy companies prepared for tropical storm Gustav. US crude had lost $2.56 at $115.59 barrel, yesterday, 28 August 2008 after the US government and the International Energy Agency pledged to release emergency stockpiles if Tropical Storm Gustav disrupted US oil production.

European markets, which opened after Indian markets, were trading higher. Key benchmark indices in UK, Germany and France were up by between 0.26% and 0.51%.

Asian markets, which opened before Indian markets were trading higher today, 29 August 2008. Key benchmark indices in China, Japan, Hong Kong, Taiwan, Singapore and South Korea were up by between 0.01% and 2.39%.

US markets rallied yesterday, 28 August 2008 on stronger than expected GDP growth and a drop in oil prices. Second quarter GDP came in at a better than expected 3.3%. Weekly jobless claims also dipped. The Dow Jones industrial average surged 212.67 points, or 1.85%, to 11,715.18. The S&P 500 index rose 19.02 points, or 1.48%, to 1,300.68, and the Nasdaq Composite index advanced 29.18 points, or 1.22%, to 2,411.64.

Market Closing Session - 28th Aug

2008-08-28T09:53:00.001-07:00

Intense selling in index heavyweight Reliance Industries (RIL) and bank stocks triggered a sell-off in late trade. The BSE 30-share Sensex lost 248.45 points. Concerns of high inflation and steady rise in crude oil prices for three consecutive sessions weighed on the sentiments. Volatility was high in the second half of the trading session ahead of the expiry of August 2008 derivatives contracts. The market breadth was weak.

Bharat heavy Electricals, DLF and TCS shed over 3%. Reliance Industries (RIL) lost nearly 3%. Tata Power rose close to 1.5%.

As per provisional data released by the stock exchanges after trading hours, foreign funds today, 28 August 2008, sold shares worth a net Rs 187.19 crore. Domestic funds bought shares worth a net Rs 390.62 crore.

India's inflation based on the wholesale price index is forecast to have risen to a fresh 16-year high for the year through 16 August 2008. The government will release the inflation data after market hours today, 28 August 2008

The BSE 30-share Sensex lost 248.45 points or 1.74% at 14,048.34. At the days low of 14,002.43 struck in late trade, the Sensex lost 294.36 points. Sensex gained 50.40 points at days high of 14,347.19 hit in early trade.

The S&P CNX Nifty slipped 78.10 points or 1.82% to 4214. Nifty September 2008 futures were at 4229.50, at a premium of 15.50 points as compared to spot closing. August 2008 derivatives contracts expired today, 28 August 2008.

As per reports, marketwide rollover of positions from August 2008 series to September 2008 series stood at 62% while that of Nifty was at 56%, as of Wednesday, 26 August 2008. The rollovers are in line with those in previous series.

The BSE Sensex is down 6238.65 points or 30.75% in the calendar year 2008 so far from its close of 20,286.99 on 31 December 2007. It is 7158.43 points or 33.75% away from its all-time high of 21,206.77 struck on 10 January 2008.

The market breadth was weak on BSE with 1718 shares declining as compared to 912 that advanced. 84 remained unchanged.

The BSE Mid-Cap indices fell 1.36% to 5,608.85 and the BSE Small-Cap index lost 1.13% to 6,782.30. Both these indices outperformed the Sensex.

The total turnover on BSE amounted to Rs 4035 crore as compared to Rs 3,701.35 crore yesterday, 27 August 2008. NSE's futures & options (F&O) segment turnover was Rs 66,164.24 crore, which was higher than Rs 47,535.27 crore on Wednesday, 27 August 2008.

Among the 30-member Sensex pack, 24 declined while the rest advanced.

India's largest private sector aluminium maker by sales Hindalco Industries settled at Rs 121.40 on 14.80 lakh shares. The stock started trading on an ex-rights basis today. The right issue is in the ratio of 3:7, priced at Rs 96 each. The stock also turned Rs 1.85 ex-dividend from today.

Indias largest real estate developer DLF plunged 3.31% to Rs 462.35 on 17.06 lakh shares. It was the top loser from Sensex pack. Other real estate shares Unitech (down 2.21% to Rs 152.90), Ansal Infrastrcutures (down 3.66% to Rs 96), Sobha Developers (down 3.31% to Rs 257), edged lower. However Akruti City spurted 8.76% to Rs 895.55. The BSE Realty lost 1.74% at 4,753.07.

Indias largest private sector firm by market capitalization and oil refiner Reliance Industries (RIL) lost 2.88% to Rs 2086 on 12.45 lakh shares. On 26 Tuesday, August 2008, RIL confirmed media reports that it is planning to transfer 80% of its participatory interest (PI) in the D6 block in the Krishna Godavari (KG) basin to four unlisted subsidiaries. The BSE Oil & Gas Index fell 2.57% at 9,407.79.

Banking shares dropped ahead of the inflation data due after market hours today, 28 August 2008. ICICI Bank (down 2.28% to Rs 634.05), HDFC Bank (down 0.44% to Rs 1228), and State Bank of India (down 1.97% to Rs 1304.70), declined. BSE's banking sector index Bankex lost 1.77% to 6,596.41

Cement shares slipped after recent foreign brokerage report showed cement prices are set to decline 15-20% by fiscal 2009-10 due to increase in increase in cement supplies. ACC (down 1.34% to Rs 551), Ambuja Cement (down 1.69% to Rs 78.55), UltraTech Cement Company (down 1% to Rs 588.90), and India Cement (down 2.96% to Rs 136), slipped.

Tata Steel, the world's sixth-largest steel maker by capacity, lost 2.24% to Rs 568.40. The company said after trading hours today, 28 August 2008, its consolidated net profit rose 60.4% to Rs 3900.90 crore in Q1 June 2008 over Q1 June 2007, boosted by its Anglo-Dutch unit Corus.

India's largest oil exploration firm Oil & Natural Gas Corporation fell 0.34% to Rs 1002.25. British oil and gas explorer Imperial Energy said on Tuesday, 26 August 2008, that its management has agreed to a takeover from ONGC worth 1.4 billion pounds ($ 2.6 billion).

IT pivotals declined. Infosys Technologies, the countrys second largest software services exporter slipped 0.47% to Rs 1700. The company said after trading hours on Monday, 25 August 2008, it has agreed to acquire UK based SAP consulting company Axon Group plc, for 407.1 million pounds or Rs 3310 crore. Axon reported profit after taxation of 20.2 million pounds (Rs 160 crore) on revenue of 204.5 million pounds or Rs 1660 crore in the year ended 31 December 2007.

Wipro (down 2.67% to Rs 414), Satyam Computer Services (down 0.10% to Rs 404.50) and TCS (down 3.24% to Rs 792) declined. The BSE IT Index fell 1% to 3,853.39.

Capital goods heavyweights suffered steep losses today. Bharat Heavy Electricals (down 3.29% to Rs 1626) and Larsen & Toubro (down 2.58% to Rs 2510), slumped. The BSE capital goods index Index lost 2.23% at 11,492.50.

Telecom pivotals were also under pressure. Indias top cellular services provider by market capitalisation Bharti Airtel fell 0.14% to Rs 803. The company has reportedly linked up with Google, KDDI Corporation, Global Transit and SingTel to form a consortium, called South East Asia Japan Cable (SJC), which will connect Southeast Asia.

Reliance Communications, the countrys second largest cellular services provider by market capitalisation fell 2.47% to Rs 387.50

Reliance Infrastructure (down 3.29% to Rs 1626), TCS (down 3.24% to Rs 792), Tata Motors (down 2.92% to Rs 410.45), edged lower from Sensex pack.

Indias top tractor maker by sales Mahindra & Mahindra (M&M) fell 2.76% to Rs 560. The company is reportedly in talks with Italian motorcycle and scooter maker Malaguti Moto for a possible takeover.

Indias second largest private sector power generation company Tata Power rose 1.41% to Rs 1025.90 on 1.42 lakh shares. It was the top gainer from the Sensex pack.

NTPC, the countrys largest power generation company by sales rose 0.18% to Rs 171.50. As per reports the company is on course to take up retail distribution of electricity in upcoming industrial parks in Kerala.

Ranbaxy Laboratories, the countrys biggest pharma company by sales, gained 0.31% to Rs 513. As per reports, the Foreign Investment Promotion Board (FIPB) yesterday, 27 August 2008 approved the acquisition of Ranbaxy by Japan's Daiichi Sankyo and the deal would now have to be cleared by the Finance Minister and the Cabinet Committee on Economic Affairs.

Maruti Suzuki India (up 0.57% to Rs 630), and ITC (up 0.54% to Rs 184.50), edged higher from Sensex pack.

Reliance Capital was the top traded counter on BSE with turnover of Rs 266 crore followed by Reliance Industries (Rs 249.40 crore), Nutek India (Rs 157.80 crore), Larsen & Toubro (Rs 136.70 crore) and Reliance Natural Resources (Rs 114 crore), in that order.

Reliance Natural Resources topped volumes chart on BSE notching volumes of 1.24 crore shares followed by Nutek India (84.25 lakh shares), Chambal Fertilisers (63.30 lakh shares), IFCI (56 lakh shares) and Ispat Industries (53.15 lakh shares), in that order.

Mastek rose 0.24% to Rs 358.30 after about 12.88 lakh shares or 4.8% of the companys equity changed hands in a block deal on BSE at Rs 361 each.

Pyramid Saimira Theatre rose 3.85% to Rs 139 on reports the company is close to acquiring UKs oldest theatre chain Reel Cinemas, earlier Associated British Cinemas or ABC, for around Rs 200 crore.

Zandu Pharmaceutical Works surged 5% to Rs 16,553.65 on reports the Company Law Board has dismissed a petition filed by the co-promoters of the company opposing an alleged take-over bid by rival Emami.

Marksans Pharma rose 5% to Rs 20.35 after the company said it has acquired 100% stake in Relonchem, a leading UK based generic pharmaceutical company, for an undisclosed sum. The company made this announcement before trading hours today, 28 August 2008.

Apollo Sindhoori Capital Investments jumped 9.65% to Rs 58 after Aditya Birla Nuvo today, 28 August 2008, said its board had approved the acquisition of a controlling 56% in the company at about Rs 64 per share.

On the New York Mercantile Exchange, October 2008 crude rose $1.88 at $118.15 per barrel, yesterday, 27 August 2008 on fears that Tropical Storm Gustav could interrupt oil and natural gas output in the Gulf of Mexico.

European markets which opened after Indian markets were mixed. Key benchmark indices in UK and France were up by between 0.08% and 0.07%. Germanys DAX fell 0.27%

Asian markets were trading mixed. Key benchmark indices in Hong Kong, Singapore, South Korea and Taiwan were down by between 0.52% and 2.29%. However indices in China and Japan rose 0.34% and 0.12% respectively.

US stocks rose yesterday, 27 August 2008, as unexpectedly strong data on durable goods orders soothed concerns about the sluggish economy while Fannie Mae and Freddie Mac led a rally in financial shares. The Dow Jones industrial average gained 89.64 points or 0.79% to 11502.51. The S&P 500 rose 10.15 points or 0.80% to 1,281.66. The Nasdaq Composite gained 20.49 points or 0.87% to 2382.46.

Market Closing Session - 27th Aug

2008-08-27T08:23:00.000-07:00

The market which was range bound throughout the day cracked in late trade on fears of a further monetary tightening by the Reserve Bank of India to rein in inflation which is at 16-year high. The BSE 30-share Sensex lost 185.43 points. The S&P CNX Nifty settled below the 4,300 mark. Index heavyweight Reliance Industries (RIL) and bank stocks led the decline in the key benchmark indices. All the sectoral indices on BSE ended in the red.

The government will unveil weekly inflation data after trading hours tomorrow, 28 August 2008. Inflation as measured by the wholesale price index is speculated to rise further to a fresh 16-year high in the year through 16 August 2008. It rose an annual 12.63% a week earlier. Global credit rating agency Moody's expects the Reserve Bank of India to further tighten monetary policy to contain rising prices.

As per the provisional data released by the stock exchanges after trading hours, foreign funds today, 27 August 2008, sold shares worth a net Rs 32.49 crore. Domestic funds bought shares worth a net Rs 163.27 crore.

European markets which opened after Indian markets were subdued. Key benchmark indices in UK, Germany and France were down by between 0.65% and 1.32%.

Asian markets rebounded after subdued start. Yet they were trading mixed. Key benchmark indices in Hong Kong, South Korea, Singapore and Taiwan were up by between 0.01% and 1.67% respectively. However indices in China and Japan were down 0.34% and 0.20% respectively.

The BSE 30-share Sensex was down 185.43 points or 1.28% at 14296.79. It opened 80.88 higher at 14,563.10, which was also its high for the day. Sensex hit a low of 14,261.69 in late trade. At the days low, the Sensex lost 220.53 points.

The S&P CNX Nifty slipped 45.40 points or 1.05% at 4292.10. Nifty August 2008 futures were at 4290, at a discount of 2.10 points as compared to spot closing.

The BSE Sensex is down 5990.20 points or 29.52% in the calendar year 2008 so far from its close of 20,286.99 on 31 December 2007. It is 6909.98 points or 32.58% away from its all-time high of 21,206.77 struck on 10 January 2008.

Market may exhibit volatile swings tomorrow, 28 August 2008, ahead of the expiry of derivative contracts for the August 2008. As per reports, marketwide rollover of positions from August 2008 series to September 2008 series stood at 40% while that of Nifty was at 37%, as of Tuesday, 26 August 2008.

The market breadth was weak on BSE with 1576 shares declining as compared to 1033 that advanced. 100 remained unchanged. The BSE Mid-Cap index slipped 1.02% to 5,686.43 and the BSE Small-cap index fell 0.76% to 6,859.91

The total turnover on BSE amounted to Rs 3419 crore as compared to Rs 3,789.89 crore yesterday, 26 August 2008. NSE's futures & options (F&O) segment turnover was Rs 47,535.27 crore, which was lower than Rs 49,779.36 crore on Tuesday, 26 August 2008.

Among the 30-member Sensex pack, 25 declined while the rest advanced.

India's largest oil exploration firm Oil & Natural Gas Corporation fell 0.83% to Rs 1007.05 after British oil and gas explorer Imperial Energy said on Tuesday, 26 August 2008, that its management has agreed to a takeover from ONGC worth 1.4 billion pounds ($ 2.6 billion).

Banking shares declined in late trade. HDFC Bank (down 1.23% to Rs 1240), ICICI Bank (down 2.74% to Rs 648.60), and State Bank of India (down 3.02% to Rs 1330), declined. The Bankex slipped 2.14% at 6715.45.

Indias largest real estate developer by market capitalisation DLF lost 3.65% to Rs 479.85 on 10.90 lakh shares. It was the top loser from the Sensex pack. The company has sought shareholders approval to raise up to Rs 10000 crore by selling shares to institutional investors.

The BSE realty index was down 3.50% at 4,837.04 and was the top loser among the sectoral indices on BSE. Unitech (down 2% to Rs 156.80), Indiabulls Real Estate (down 8.37% to Rs 262.25), Parsvnath Developers (down 1.58% to Rs 112.20), and Phoenix Mills (down 1.74% to Rs 180.55), edged lower from the realty pack.

Indias largest private sector firm by market capitalization and oil refiner Reliance Industries (RIL) fell 1.53% at Rs 2146.20 on 11.66 lakh shares. The stock moved in a range of Rs 2140 and Rs 2198. RIL, after market hours yesterday, 26 August 2008, confirmed media reports that it is planning to transfer 80% of its participatory interest (PI) in the D6 block in the Krishna Godavari (KG) basin to four unlisted subsidiaries.

Auto stocks slipped. Mahindra & Mahindra (down 0.20% to Rs 573.10), Tata Motors (down 2.19% to Rs 423.85), and Maruti Suzuki India (down 0.44% to Rs 629.45), edged lower. The BSE Auto index slipped 0.06% to 3,914.25

Bharat Heavy Electricals (down 2.31% to Rs 1682), Reliance Infrastructure (down 3.42% to Rs 968), and Reliance Communications (down 2.41% to Rs 397), edged lower from the Sensex pack.

Metal stocks bucked weak market trend. The BSE metal index was down 0.26% at 12,149.94. Indias largest private sector alumium and copper maker by sales Hindalco Industries gained 2.47% to Rs 139.05 on 6.59 lakh shares. It was the top gainer from Sensex pack.

Worlds sixth largest steel manufacturer by total capacity Tata Steel rose 0.86% to Rs 582.50.

Infosys Technologies, the countrys second largest software services exporter rose 0.67% to Rs 1709. The company said after trading hours on Monday, 25 August 2008, it has agreed to acquire UK based SAP consulting company Axon Group plc, for 407.1 million pounds or Rs 3310 crore. Axon reported profit after taxation of 20.2 million pounds (Rs 160 crore) on revenue of 204.5 million pounds or Rs 1660 crore in the year ended 31 December 2007.

However other IT pivotals slipped. Satyam Computer Services (down 0.27% at Rs 405), Wipro (down 0.56% to Rs 426.05), and TCS (down 1.72% to Rs 818) declined. The BSE IT index declined 0.08% to 3,892.17

Jaiprakash Associates (up 0.03% to Rs 156.90), and Grasim (up 0.03% to Rs 1957), edged higher from the Sensex pack.

Airlines stocks slipped as crude oil prices rose. Jet Airways (down 2.35% to Rs 452.35), Deccan Aviation (down 2.33% to Rs 79.50), and SpiceJet (down 1.76% to Rs 25.15), slipped despite reports they are considering fare hikes ahead of the start of the peak travel season in September-October 2008 to cope with rise in jet fuel prices.

Nu Tek India settled at Rs 199.30 on BSE, a premium of 3.18% over the IPO price of Rs 192. The stock debuted at Rs 201.10, a premium of 4.73% over the initial public offer price. The stock hit a high of Rs 225 and a low of Rs 194 during the day. On BSE, 1.30 crore shares were traded on the Nu Tek India counter.

Debutante Nutek India was the top traded counter on BSE with turnover of Rs 266.71 crore followed by Reliance Industries (Rs 252.27 crore), Reliance Capital (Rs 227.31 crore), Vishal Information Systems (Rs 139.95 crore) and Reliance Natural Resources (Rs 113.60 crore), in that order.

Nutek India, also, led the volumes chart on BSE, clocking volumes of 1.30 crore shares followed by Reliance Natural Resources (1.21 crore shares), GTL Infrastructure (78.68 lakh shares), Firstsource Solutions (74.85 lakh shares) and Chambal Fertilisers (62 lakh shares), in that order.

Tech Mahindra slipped 1.51% to Rs 773 on reports BT group is planning to sell its 31% stake in the firm, having decided that the holding does not fit its long-term strategy. However, the management of Tech Mahindra has denied any knowledge of British Telecommunications (BT), its long-term joint venture partner, contemplating selling its stake in the company, according to a business news channel.

Firstsource Solutions tumbled 8.78% to Rs 44.15 on reports ICICI Bank and two other major shareholders of the company have put their combined 68% in the firm up for sale at Rs 64 a share.

Punj Lloyd rose 2.16% to Rs 285.50 on reports the company plans to bid for Singapore's maiden liquefied natural gas terminal for which it has tied-up with an Italian firm Saipem. Saipem is a leading global engineering procurement and construction (EPC) contractor.

Bajaj Auto jumped 5.80% to Rs 579.95 after 1.40 lakh shares, or 0.09% of companys equity changed hands in a block deal on BSE at Rs 560 each.

Thomas Cook India soared 14.80% to Rs 98.50 after its board approved raising up to Rs 200 crore via a rights issue of equity shares. The company made the announcement during marker hours today, 27 August 2008. The ratio of the rights and the pricing would be decided later.

Meanwhile, even as signals of a growth slowdown are discernible in the wake of surging inflation and high interest rates, Finance Minister P. Chidambaram yesterday, 26 August 2008 expressed confidence that the economy would be back on track by the second half of 2009-10. He added the industry should look positively to an 8-9% growth which is here to stay.

US markets ended mixed yesterday, 26 August 2008 as hurricane fears lifted oil prices and boosted energy shares and Citigroup analysts said Fannie Mae and Freddie Mac have enough capital to last the year. However, gains were capped after a report from the US Federal Deposit Insurance Corporation said 117 US banks were on its 'troubled banks' list at the end of the second quarter, up from 90 after the first three months of the year.

The Dow Jones Industrial Average rose 26.62 points, or 0.23% at 11,412.87, the Standard & Poor's 500 Index gained 4.66 points, or 0.37%, at 1,271.50. However the Nasdaq Composite index fell 3.62 points, or 0.15% at 2,361.97.

On the New York Mercantile Exchange, October 2008 crude rose $1.16 at $116.27 per barrel yesterday, 26 August 2008 as oil companies began preparing against Hurricane Gustav, which is forecast to enter the US Gulf of Mexico as a major storm this weekend.

Market Closing Session - 26th Aug

2008-08-26T07:53:00.001-07:00

Stocks ended choppy trading sessions slightly higher boosted by fall in crude oil prices and reports of a near normal monsoon. The BSE 30-share Sensex rose 31.87 points. IT and banking stocks played a lead role in the recovery. The market had opened weak on negative global cues. Index heavyweight Reliance Industries (RIL) slipped. The market breadth was negative. European and Asian markets were trading lower.

India's annual monsoon rains between 1 June 2008 to 24 August 2008 were just below the long-term average, a government statement said today, 26 August 2008. The rains are vital for the rural economy as India has limited irrigation. Up to late August 2008, the rains were 1% below the average.

US crude fell $1.71 to $113.40 a barrel today, 26 August 2008, as the US dollar strengthened, countering concern that Hurricane Gustav could threaten oil installations in the Gulf of Mexico.

As per provisional data on NSE, Foreign institutional investors (FIIs) were net equity sellers worth Rs 572.04 crore while mutual funds purchased shares worth Rs 276.92 crore today, 26 August 2008.

The BSE 30-share Sensex rose 31.87 points or 0.22% to 14,482.22. At the days high of 14,495.27 hit in late trade, the Sensex gained 44.92 points. Sensex hit a low of 14,286.38 in early trade. At the days low, the Sensex lost 163.97 points.

The S&P CNX Nifty rose 2.15 points or 0.05% at 4337.50. Nifty August 2008 futures were at 4352.75, at a premium of 15.25 points as compared to spot closing.

The BSE Sensex is down 5804.77 points or 28.61% in the calendar year 2008 so far from its close of 20,286.99 on 31 December 2007. It is 6724.55 points or 31.70% away from its all-time high of 21,206.77 struck on 10 January 2008.

Global cues were negative. Asian markets, which opened before Indian markets were weak today, 26 August 2008. Key benchmark indices in China, Hong Kong, Japan, Taiwan, Singapore, and South Korea were down by between 0.23% and 2.62%.

European markets, which opened after Indian market, were subdued. Key benchmark indices in UK, Germany and France were down by between 0.11% and 1.82%.

The BSE Mid-Cap index rose marginally by 0.06% to 5,744.77 and the BSE Small-Cap index slipped 0.14% to 6,912.62.

Volatility may remain high in the near term ahead of the expiry of derivative contracts for the August 2008 on Thursday, 28 August 2008. As per reports, marketwide rollover of positions from August 2008 series to September 2008 series stood at 31% while that of Nifty was at 28%, as of Monday, 25 August 2008.

The market breadth was negative on BSE with 1376 shares declining as compared to 1212 that advanced. 103 remained unchanged.

The total turnover on BSE amounted to Rs 3769 crore as compared with Rs 3,255.57 crore yesterday, 25 August 2008. NSE's futures & options (F&O) segment turnover was Rs 49,779.36 crore, higher than Rs 45,979.13 crore on Monday, 25 August 2008.

Among the 30-member Sensex pack, 16 declined while the rest advanced.

Bank stocks staged a comeback from early lows. Indias second largest private sector bank by net profit HDFC Bank vaulted 3.96% to Rs 1256 on 3.20 lakh shares. It was the top gainer from Sensex pack. The stock recovered sharply from days low of Rs 1175.

ICICI Bank (up 1.46% to Rs 665.45, off days low of Rs 639), and State Bank of India (up 0.63% to Rs 1366, off days low of Rs 1333.45) also logged gains.

Most IT stocks rose as the rupee weakened to 17-month low beyond 44 per dollar. Satyam Computer Services (up 3.36% at Rs 406.50), Wipro (up 2.25% to Rs 429.10), and TCS (up 1.97% to Rs 834), rose.

A weak rupee boosts margins of IT companies as they derive a lion's share of revenue from exports to US.

However Infosys Technologies, the countrys second largest software services exporter fell 0.36% to Rs 1697. The stock moved in a range of Rs 1688 and Rs 1739.80 during the day. The company said after trading hours on Monday, 25 August 2008, it has agreed to acquire UK based SAP consulting company Axon Group plc, for 407.1 million pounds or Rs 3310 crore. Axon reported profit after taxation of 20.2 million pounds (Rs 160 crore) on revenue of 204.5 million pounds or Rs 1660 crore in the year ended 31 December 2007.

Indias largest pharma company by sales, Ranbaxy Laboratories rose 1.15% to Rs 518. As per reports on 25 August 2008, the purchase a controlling stake by Daiichi Sankyo, Japan's third-largest drugmaker, in the company, needs the approval of the Cabinet Committee on Economic Affairs because it exceeds Rs 600 crore.

Real estate heavyweights DLF (up 0.87% to Rs 499.50), and Unitech (up 0.62% to Rs 161.30), rose.

Indias largest oil exploration company by market capitalisation Oil & Natural Gas Corporation advanced 1.12% to Rs 1023.05 on reports its unit ONGC Videsh was finalising a 1.4 billion pounds bid to buy Russia-focussed oil explorer Imperial Energy. Imperial said in a statement today, 26 August 2008, that a 1,250 pence per share cash offer was being discussed and that a further announcement on the matter was expected later in the day.

Indias top power equipment maker by sales, Bharat Heavy Electricals gained 2.04% to Rs 1723 after the company said it had won a contract worth Rs 140 crore from the United Arab Emirates for two gas turbine generating units of 42 megawatt each.

Mahindra & Mahindra (up 2.05% to Rs 575), and Hindustan Unilever (up 1.89% to Rs 248.50), edged higher from the Sensex pack.

Indias largest private sector firm by market capitalization and oil refiner Reliance Industries (RIL) slumped 2.06% at Rs 2185 on 13.03 lakh shares. It was the top loser from Sensex pack. The stock recovered from session's low of Rs 2145.90. As per reports, RIL is planning to transfer 80% of its participatory interest (PI) in the D6 block in the Krishna Godavari (KG) basin to four unlisted subsidiaries. The block is reportedly valued at nearly $50 billion.

Shares of frontline telecom service providers were subdued. India's second largest listed cellular services provider by sales Reliance Communications (RCom) slipped 0.65% to Rs 406.75. The issue of RCom's interconnection with GSM operators was resolved last week.

Indias largest cellular services provider by sales Bharti Airtel declined 0.21% to Rs 812.05.

Tata Motors, the countrys top truck manufacturer by sales, fell 0.18% to Rs 433.50 even as the West Bengal Chief Minister Buddhadeb Bhattacharjee said his government may compensate farmers at Tata Motors' factory in Singur to resolve a dispute over the Nano car plant.

Jaiprakash Associates (down 1.56% to Rs 157.30), HDFC (down 1.32% to Rs 2332.30), and Tata Steel (down 1.27% to Rs 578.15) edged lower from the Sensex pack.

Reliance Industries was the top traded counter on BSE with turnover Rs 283.30 crore followed by Reliance Capital (Rs 248.20 crore), Reliance Natural Resources (Rs 173 crore), Vishal Information Systems (Rs 158.45 crore) and Infosys Technologies (Rs 116.60 crore), in that order.

Reliance Natural Resources topped volumes charts on BSE clocking volumes of 1.86 crore shares followed by Pennar Industries (1.81 crore shares), Firstsource Solutions (87.85 lakh shares), Marksans Pharma (72.50 lakh shares) and IFCI (63.26 lakh shares), in that order.

Pennar Industries slumped 4.95% to Rs 31.70 on massive volumes. The company today, 26 August 2008, said Hyderabad's JR Realtor Services had acquired 1.30 crore shares or 10.28% of its share capital through a block deal at a weighted average price of Rs 32.47 per share.

Among the side counters, Firstsource Solutions (up 24.46% to Rs 49.10), Lumax Industries (up 15.77% to Rs 189), and Usher Agro (up 20% to Rs 127.70), surged

Sasken Communication Technologies slipped 1.27% to Rs 151.15 after the company said it has filed an appeal before the Securities Appellate Tribunal to proceed with its proposed buyback of shares. The company made this announcement before trading hours today, 26 August 2008.

TTK Prestige surged 20% to Rs 158.55 after the firm said its board will meet on 1 September 2008 to consider delisting of equity shares from BSE and NSE. The company made the announcement after market hours on Monday, 25 August 2008.

Bosch soared 13.65% to Rs 4149 after the company said its board will meet on 2 September 2008 to consider a share buyback. The company made the announcement after market hours on Monday, 25 August 2008.

HCL Technologies gained 2.68% to Rs 229.60 after the company said it has acquired Control Point Solutions of United States, a leading provider of voice, data and wireless telecommunications expense management services. The company made this announcement during trading hours on Monday, 25 August 2008.

US markets plunged yesterday, 25 August 2008, led by financials as AIG tumbled to a 13- year low, while Washington Mutual led other financial companies lower. The Dow Jones industrial average slumped 241.81 points, or 2.08%, to 11,386.25. The S&P 500 index lost 25.36 points, or 1.96%, to 1,266.84, and the Nasdaq Composite index declined 49.12 points, or 2.03%, to 2,365.59.

Market Closing Session - 25th Aug

2008-08-25T06:37:00.000-07:00

Profit booking in late trade curtailed gains in key benchmark indices after a strong start. The BSE Sensex advanced 49 points. The market retreated from day's high struck in early afternoon trade as index heavyweight Reliance Industries (RIL) slipped and as banking shares pared gains. A sharp slump in the price of oil and notable gains in US stocks on Friday, 22 August 2008, had triggered firm opening. Asian markets were firm while European markets were subdued.

Shares from interest rate sensitive firms and OMCs were in demand. However metal stocks declined on selling pressure. The market breadth was mildly negative. Turnover was dull today.

As per provisional data released by the stock exchanges after trading hours, foreign funds today, 25 August 2008, bought shares worth a net Rs 62.92 crore. Domestic funds bought shares worth a net Rs 96.26 crore.

European markets, which opened after Indian markets, were subdued. Key benchmark indices in France and Germany fell 0.57% and 0.23% respectively. Stock markets in UK were closed.

Light, sweet crude for October 2008 delivery plunged $6.59, or 5.43%, to $114.59 a barrel on the New York Mercantile Exchange (NYMEX) on Friday, 22 August 2008, its biggest one-day slide since 2004 as Russian troops began a long-awaited pullback in Georgia.

The BSE 30-share Sensex rose 48.86 points or 0.34% at 14,672.69. The Sensex opened with an upward gap of 241.88 points at 14,643.37 and advanced to hit an intra-day high of 14,672.69 in mid-morning trade. At the days high, the Sensex gained 271.20 points. At the days low of 14,416.20 hit in late trade, the Sensex rose 14.71 points.

The S&P CNX Nifty rose 7.90 points or 0.18% at 4,335.35. Nifty August 2008 futures were at 4336.50, at a premium of 1.15 points as compared to spot closing. Volatility is likely to remain high ahead of the expiry of derivative contracts for the August 2008 on Thursday, 28 August 2008.

The BSE Sensex is down 5,836.64 points or 28.77% in the calendar year 2008 so far from its close of 20,286.99 on 31 December 2007. It is 6756.42 points or 31.84% away from its all-time high of 21,206.77 struck on 10 January 2008.

The BSE Mid-Cap index was rose 0.25% to 5,741.21 and the BSE Small-cap index fell 0.05% to 6,922.25.

The market breadth, which was strong throughout the day, ended negative as small-cap and mid-cap stocks succumbed to selling pressure in late trade. On BSE 1322 shares declined as compared to 1312 that advanced. 89 remained unchanged.

Turnover was dull today. The total turnover on BSE amounted to Rs 3239 crore on BSE as compared to Rs 4,066.93 crore on Friday, 22 August 2008. NSE's futures & options (F&O) segment turnover was Rs 45,979.13 crore, which was higher than Rs 44,332.45 crore on Friday, 22 August 2008.

17 shares from the 30-member Sensex pack advanced with shares from interest rate sensitive sectors dominating gainers as sharp fall in oil price eased inflation concerns.

India's largest dedicated housing finance company in terms of revenue Housing Development Finance Corporation vaulted 3.30% to Rs 2356 on 1.90 lakh shares. It was the top gainer from Sensex pack.

Banking shares retraced from their early highs. India's largest private sector bank in terms of net profit ICICI Bank was up 1.47% to Rs 654, off days high of Rs 674.80. HDFC Bank, the country's second largest private sector bank in terms of net profit was up 1.21% to Rs 1209.20, off days high of Rs 1245. India's largest state-run bank by net profit State Bank of India was up 0.81% to Rs 1357.10, off days high of Rs 1391.35.

State-run banks rose. Canara Bank (up 1.35% to Rs 203.40), Bank of Baroda (up 3.60% to Rs 263.25), and Union Bank of India (up 2.25% to Rs 132), rose.

Indias largest private sector firm by market capitalization and oil refiner Reliance Industries slipped 1.05% at Rs 2222 on 5.28 lakh shares. The stock eased from days high of Rs 2284.

Frontline real estate developers DLF (up 2.06% to Rs 493.90) and Unitech (up 0.80% to Rs 160), advanced.

Indias top truck maker by sales, Tata Motors advanced 2.21% to Rs 435 despite protest by Trinamool Congress, demanding 400 acres of land taken for the Nano small-car project in Singur in Orissa to be returned to farmers.

Shares of frontline telecom service providers gained. India's second largest listed cellular services provider by sales Reliance Communications (RCom) gained 0.37% to Rs 407.25. The issue of RCom's interconnection with GSM operators was resolved last week.

Indias largest cellular services provider by sales Bharti Airtel gained 1% to Rs 814.90.

Oil exploration heavyweights declined. Indias largest state-run oil exploration firm Oil & natural Gas Corporation (ONGC) fell 0.67% to Rs 1009. As per reports, ONGC may not be able to acquire Russia-focused Imperial Energy Oil as the Indian firm has already exhausted its investment limit. Cairn India, a private sector oil exploration firm, lost 1.19% to Rs 244

Majority of IT pivotals gained after the rupee eased against the dollar today, 25 August 2008. Infosys Technologies (up 0.59% to Rs 1705), Satyam Computer Services (up 1.42% to Rs 391.90), and Wipro (up 0.14% to Rs 418.15), edged higher. However Indias largest software services exporter TCS fell 0.23% to Rs 816.50.

Weak rupee boosts margins of IT companies which derive a lions share of revenue from exports to US.

Grasim (up 1.35% to Rs 1955.05), ITC (up 0.93% to Rs 183.80), and ACC (up 0.22% to Rs 560), edged higher from the Sensex pack.

Indias largest dam builder by sales Jaiprakash Associates lost 3.44% to Rs 158.65 on 39.19 lakh shares. It was the top loser from Sensex pack.

Metal stocks declined on selling pressure. Tata Steel (down 2.25% to Rs 581), Sterlite Industries (down 1.64% to Rs 616.50), and Hindalco Industries (down 0.22% to Rs 134.25), declined.

Indias largest pharma company by sales, Ranbaxy Laboratories, fell 2.26% to Rs 511 on reports the purchase a controlling stake by Daiichi Sankyo, Japan's third-largest drugmaker, in the company, needs the approval of the Cabinet Committee on Economic Affairs because it exceeds Rs 600 crore.

Tata Power (down 2.89% to Rs 1020.35), Maruti Suzuki India (down 1.70% to Rs 621.10), and Bharat Heavy Electricals (down 1.34% to Rs 1693), edged lower from the Sensex pack.

Shares of state-run oil marketing companies rose boosted by the sharp fall in oil price on Friday, 22 August 2008. Hindustan Petroleum Corporation (up 3.48% to Rs 206.50), Bharat Petroleum Corporation (up 1.25% to Rs 296), and India Oil Corporation (up 1.75% to Rs 403.50), rose.

Vishal Information Technologies topped the turnover chart on BSE with turnover of Rs 196.90 crore followed by Reliance Capital (Rs 146.70 crore), Reliance Industries (Rs 119 crore), Reliance Natural Resources (Rs 114.70 crore) and Tata Steel (Rs 90.10 crore), in that order.

Reliance Natural Resources was the most traded counter on BSE clocking volumes of 1.20 crore shares followed by Vishal Information Technologies (62.60 lakh shares), Kashyap Technologies (59 lakh shares), Chambal Fertilisers (51.80 lakh shares) and Ispat Industries (50.80 lakh shares), in that order.

MM Forgings surged 6.91% to Rs 184 after the company said it has fixed 30 September 2008 as the record date for its 1:1 bonus issue. The company announced the record date during trading hours today, 25 August 2008.

Himalya International spurted 20% to Rs 26.30 after the company said it has formed an alliance with Bharti Wal-Mart retail chain as well as with its parent company Wal-Mart for selling food products in India. The company made this announcement after trading hours on Friday, 22 August 2008.

Gujarat Apollo Industries galloped 4.04% to Rs 182.90 after the company said its board has recommended issue of bonus shares in the ratio of 1:2. The company made this announcement during trading hours today, 25 August 2008.

Jet Airways (India) rose 1.34% to Rs 462 on reports the company is likely to merge its wholly-owned subsidiary JetLite with the company in the current fiscal.

Meanwhile, the meeting of the 45-member Nuclear Suppliers Group (NSG) on whether to lift a ban on nuclear trade with India ended inconclusively on Friday, 22 August 2008, after many countries raised conditions, leaving the future of the controversial Indo-US nuclear deal unclear. The next round of talks is now scheduled to take place in the first week of September 2008.

Asian markets, which opened before Indian markets, rebounded from a two-year low today, 25 August 2008. Key benchmark indices in China, Japan, Hong Kong, Taiwan, Singapore and South Korea were up by between 0.35% and 3.50%.

US markets surged on Friday, 22 August 2008 led by the financial sector on speculation that a purchase of Lehman Brothers would end the worst slump in financial shares since at least 1962. The Dow Jones industrial average jumped 197.85 points, or 1.73%, to 11,628.06. The Standard & Poor's 500 index rose 14.48 points, or 1.13%, to 1,292.20, and the Nasdaq Composite index rose 34.33 points, or 1.44%, to 2,414.71.

Ratings firm Standard & Poor's (S&) today launched the S&P India Select Index aimed at providing foreign funds tradable exposure to Indian equity markets. Stocks that have reached the maximum investment limit for foreign institutional investors (FII) have been excluded from the index to reflect lack of access to those scrips for such investors, S&P said.

A minimum market capitalisation of $500 million and a six-month average daily trading volume of $2 million are the key criteria for inclusion in the index. The index would be revised every April and October.

Market Closing Session - 22nd Aug

2008-08-23T06:48:00.000-07:00

Key benchmark indices ended the week on a positive note posting decent gains today, 22 August 2008, led by rise in banking and metal stocks. The market recovered some of yesterdays (21 August 2008) steep losses. Hindalco Industries and Sterlite Industries rose more than 4% each, as metal prices rose on the London Metal Exchange (LME).

European markets were in green. Frances CAC 40, Germanys DAX and UKs FTSE 100 were up between 0.51% to 0.99%.

India's wholesale prices index rose 12.63% in the year through 9 August 2008, up from the previous week's 12.44% rise, data released by the government after trading hours on Thursday, 21 August 2008, showed.

Oil price surged. Light, sweet crude for September 2008 delivery surged $5.62 to $121.18 a barrel yesterday, 21 August 2008 on the New York Mercantile Exchange (NYMEX) on weaker dollar and worries about tightening output from OPEC countries.

Meanwhile, as per reports, nuclear supplier nations at a meeting in Vienna on Thursday, 21 August 2008, proposed conditions for lifting a global ban on fuel and technology exports to India, a step required to implement a US-India nuclear cooperation deal. A green light from the 45-nation Nuclear Suppliers Group is needed for the deal to proceed to the US Congress for final ratification.

The BSE 30-share Sensex jumped 157.76 points or 1.11% to 14,401.49. The market staged a comeback from early lows as heavyweights rebounded. A rally in crude oil prices weighed on the sentiment in opening trade.

Sensex opened 90.34 points lower at 14,153.39 and slipped further to a low of 14,136.86 in early trade. At the days low, the Sensex lost 106.87 points. At the days high of 14,428.52 points hit in late trade, the Sensex gained 184.79 points.

The S&P CNX Nifty was up 43.6 points or 1.02% to 4,327.45.

BSE clocked a turnover of Rs 4,041 crore today as compared to a turnover of Rs 4,134.96 crore on 21 August 2008.

Nifty August 2008 futures were at 4329, a marginal 1.55-point premium over spot closing of 4,327.45. NSE's futures & options (F&O) segment turnover fell to Rs 44332.45 crore from Rs 52004.66 crore on Thursday, 21 August 2008.

The market breadth was negative on BSE with 1414 shares declining as compared to 1,209 that advanced. 102 remained unchanged.

Among the 30-member Sensex pack, 24 gained while the rest of them slipped.

As per the provisional figures on BSE, the foreign institutional investors (FII)'s sold shares worth Rs 239.24 crore while domestic funds bought shares worth Rs 450.39 crore today, 22 August 2008.

The BSE Mid-Cap index was up 0.34% to 5,726.85 and the BSE Small-Cap index was down 0.16% at 6,925.85.

BSE PSU index (down 0.1% to 6,710.47), BSE Realty index was flat at 4,944.73, BSE Capital Goods index (up 0.15% to 11,925.36), BSE IT index (up 0.39% to 3,837.19), BSE HealthCare index (up 0.62% to 4,297.64), BSE Teck index ( up 0.64% to 2,997.71), BSE Power index (up 0.96% to 2,597.96), BSE Auto index (up 1.04% to 3,839.52), BSE Oil & Gas index (up 1.05% to 9,941.66), BSE FMCG index (up 1.09% to 2,163.54) underperformed Sensex.

BSE Metal index (up 1.62% to 12,363.93), BSE Bankex (up 1.18% to 6,655.76), BSE Consumer Durables index (up 1.13% to 3,798.75) outperformed Sensex.

Indias largest private sector firm by market capitalization and oil refiner Reliance Industries (RIL) rose 1.51% at Rs 2,245.65, off days low of Rs 2191. The Bombay High Court on Thursday, 21 August 2008, suggested that the warring Ambani brothers go back to their mother Kokilaben and have the dispute settled.

The division bench of Justices JN Patel and KK Tated are hearing the dispute between the Anil-Ambani controlled Reliance Natural Resources (RNRL) and Mukesh Ambanis Reliance Industries (RIL) over supply of natural gas from the later's eastern offshore Krishna-Godavari gas fields. Ram Jethmalani, counsel for RNRL, said Anil Ambani was ready to meet his elder brother any time, any place. The case hearing has been adjourned to 1 September 2008.

BSE Metal index rose 1.62% to 12,363.93 and was the top gainer from the sectoral indices on BSE. Metal shares rose tracking rally in global metal prices. Steel Authority of India (up 4.4% to Rs 150.70), Sterlite Industries (up 4.34% to Rs 626.75), Hindalco Industries (up 4.26% to Rs 134.55), Hindustan Zinc (up 1.71% to Rs 576.40), National Aluminum Company (up 1.15% to Rs 387.90), and Tata Steel (up 0.87% to Rs 594.45) edged higher.

Hindustan Unilever (up 3.73% to Rs 244.85), HDFC (up 3.22% to Rs 2280.65), Bharat Heavy Electricals (up 2.76% to Rs 1,715.95), Reliance Infrastructure (up 2.53% to Rs 978.85), Tata Power Company (up 2.65% to Rs 1,050.75), Infosys (up 1.84% to Rs 1,695.05) edged higher from the Sensex pack.

Banking shares logged decent gains as inflation came in line with market expectation. BSE Bankex rose 1.18% and was the second major gainer among the sectoral indices on BSE. BSE Bankex had fallen 5.16% ahead of the inflation data yesterday, 21 August 2008. HDFC Bank (up 2.48% to Rs 1194.70), ICICI Bank (up 0.22% to Rs 644.50), and State Bank of India Bank (up 0.3% to Rs 1,346.25), gained from the frontline banking pack.

Satyam Computer Services (down 3.18% to Rs 386.40), NTPC (down 2.54% to Rs 169.10), Grasim Industries (down 1.85% to Rs 1,929.10), Larsen & Toubro (down 0.88% to Rs 2,604.90), Wipro (down 0.93% to Rs 417.55) edged lower from the Sensex pack.

Indias second largest telecom services provider by sales Reliance Communications gained 1.86% to Rs 405.75 on reports the contentious issue of interconnection with GSM operators has been resolved. Reliance Communications (RCom) is launching its global system for mobile (GSM) services shortly. The issue of interconnection through which subscribers of one operator can talk to subscribers of another operator was reportedly resolved in a meeting between the Telecom Regulatory Authority of India (TRAI) and operators on Thursday, 21 August 2008.

Reliance Natural Resources clocked the highest volume of 1.72 crore shares on BSE. Cals Refineries (95.98 lakh shares), Triveni Engineering & Industries (89.78 lakh shares), Ispat Industries (76.79 lakh shares) and Chambal Fertilisers and Chemicals (72.57 lakh shares) were other volume toppers in that order.

Reliance Capital clocked the highest turnover of Rs 232.64 crore on BSE. Vishal Information Technologies (Rs 205.87 crore), Reliance Industries (Rs 171.01 crore), Reliance Natural Resources (Rs 163.7 crore) and ICICI Bank (Rs 141.88 crore) were the other turnover toppers in that order.

Most of the Asian markets were trading lower today, 22 August 2008. Key benchmark indices in China, Japan, Taiwan and South Korea were down by between 0.1% and 1.09%. Singapores Straits Times rose 0.03%.

US stocks finished mixed on Thursday, 21 August 2008, after investors largely shrugged off a jump in oil prices and focused instead on a bullish call on Lehman Brothers Holdings that eased worries about the financial sector. The Dow Jones industrial average gained 12.78 points, or 0.11%, to 11,430.21. The S&P 500 index advanced 3.18 points, or 0.25%, to 1,277.72, and the Nasdaq Composite index slipped 8.70 points, or 0.36%, to 2,380.38.

Back home, the BSE 30-share Sensex lost 434.50 points or 2.96% to 14,243.73 and the S&P CNX Nifty fell 131.90 points or 2.99% to 4,283.85, yesterday 21 August 2008

Sensex has lost 1,102.43 points or 7.65% from a recent high of 15503.92 hit on 11 August 2008. The barometer index is down 5,885.50 points or 29.01% in the calendar year 2008 so far from its close of 20,286.99 on 31 December 2007. It is 6,805.28 points or 32.09% away from its all-time high of 21,206.77 struck on 10 January 2008.

Market Closing Session - 20th Aug

2008-08-20T06:52:00.000-07:00

The market ended with decent gains after it had posted losses for the last five successive trading sessions. However, it came off from a intra-day high hit in late trade.

Asian stocks rebounded from a two-year low as Chinese shares surged on hopes the government will introduce a stimulus package to boost the slowing economy and aid the stock and property markets. European markets which opened after Indian market were in green.

The BSE 30-share Sensex rose 134.50 points or 0.92% to 14,678.23. At days high of 14,746.20, the index gained 202.47 points in late trade. At the days low of 14,584.03, the Sensex was up 40.30 points in mid-morning trade.

The S&P CNX Nifty rose 47.50 points or 1.09% to 4,415.75.

Sensex had lost 960.19 points or 6.6% to 14,543.73 on 19 August 2008 from a recent high of 15503.92 hit on 11 August 2008. The barometer index is down 5,608.76 points or 27.64% in the calendar year 2008 so far from its close of 20,286.99 on 31 December 2007. It is 6,528.54 points or 30.78% away from its all-time high of 21,206.77 struck on 10 January 2008.

The BSE clocked a turnover of Rs 4,233 crore today, 20 August 2008 as compares to turnover of Rs 3,972.48 crore on 19 august 2008.

Nifty August 2008 futures were at 4442.35, a sharp 26.60-point premium over the spot closing of 4,415.75. NSE's futures & options (F&O) segment turnover fell to Rs 38567.7 crore from Rs 43426.67 crore on Tuesday, 19 August 2008.

As per the provisional figures on BSE, foreign institutional investors sold shares worth Rs 447.34 crore while domestic funds bought shares worth Rs 205.60 crore today,20 August 2008.

The BSE Mid-Cap index was up 1.04% to 5,826.37 and the BSE Small-Cap index was up 0.76% at 7,066.23.

BSE Realty index (up 1.76% to 5,207.81), BSE Power index (up 1.72% to 2,660.14), BSE Capital Goods index (up 1.72% to 12,269.52), BSE Metal index (up 1.65% to 12,475.65), BSE HealthCare index (up 1.64% to 4,336.76), BSE Teck index (up 1.26% to 3,048.19), BSE PSU index (up 1.2% to 6,975.66) outperformed Sensex.

BSE FMCG index (down 0.05% to 2,161.71), BSE Auto index (up 0.23% to 3,858.27), BSE IT index (up 0.28% to 3,903.22), BSE Consumer Durables index (up 0.3% to 3,794.77), BSE Oil & Gas index (up 0.45% to 10,032.47), BSE Bankex (up 0.63% to 6,935.78) underperformed Sensex.

The market breadth was strong on BSE with 1,666 shares advancing as compared to 969 that declined. 83 shares remained unchanged.

Indias largest private sector firm by market capitalisation and oil refiner Reliance Industries rose 1.03% to Rs 2,244.15. It came off from sessions high of Rs 2,258.40

Large-cap diversified firm Grasim Industries rose 3.64% to Rs 2,028.35. It recovered from sessions low of Rs 1,955.

Indias largest electric equipment maker by sales Bharat Heavy Electricals rose 3.4% to Rs 1,734.90. It came off from sessions high of Rs 1,743 hit in late trade.

Indiaa largest engineering and construction firm by sales Larsen & Toubro rose 1.5% to Rs 2,714.65. It came off from sessions high of Rs 2,725 hit in late trade. As per reports, L&T is close to buying equity stake in coal mines in Australia and Indonesia to increase its focus on the power sector. In the next couple of years, L&T hopes to have 4,000-6,000 megawatt (MW) of power plants under development and the equity in coal mines abroad will be to feed these power plants.

India's largest listed telecom services provider by sales Bharti Airtel rose 2.99% to Rs 815.25. It recovered from the sessions low of Rs 793.

India's second largest private sector bank by net profit HDFC Bank rose 2.52% to Rs 1,237.90. It recovered from sessions low of Rs 1,202.05.

India's largest drug maker by sales Ranbaxy Laboratories rose 2.71% to Rs 505.65. It recovered from sessions low of Rs 489.

Realty stocks rose. Unitech (up 2.52% to Rs 169.15), Indiabulls Real Estate (up 1.53% to Rs 315.85), Housing Development & Infrastructure (up 0.67% to Rs 405.25) edged higher.

Indias largest real estate player by market capitalization DLF rose 1.9% to Rs 509.90. It came off from its high of Rs 514.50 hit in late trade.

Power stocks rose. Reliance Infrastructure (up 1.55% to Rs 1,009.70), Reliance Power (up 2.23% to Rs 160.60), NTPC (up 1.41% to Rs 183.95), PowerGrid Corporation of India (up 1.25% to Rs 93.35), Tata Power Company (up 0.59% to Rs 1,024.35) edged higher.

Mahindra & Mahindra (down 2.08% to Rs 549.55), ONGC (down 2.52% to Rs 1,035.85), Satyam Computer Services (down 0.74% to Rs 402.65), ICICI Bank (down 0.01% to Rs 678.30), edged lower from the Sensex pack.

Jaiprakash Associates (up 1.27% to Rs 171.40), HDFC (up 1.24% to Rs 2,311.55), Maruti Suzuki India (up 1.17% to Rs 623.40) edged higher from the Sensex pack.

Indias second largest IT exporter by sales Infosys rose 0.3% to Rs 1,698.70. The stock recovered from sessions low of Rs 1,680.10. Infosys Technologies chief executive S. Gopalakrishnan today, 20 August 2008, said the business environment remained challenging but there was no move by clients for lower prices.

Indias second largest telecom services provider by sales Reliance Communications (RCom) rose 3.76% to Rs 414.85. It had touched a high of Rs 418.20 in late trade. The company on Tuesday launched satellite television operation under the name Big TV. It will compete with Dish TV, state-owned Prasar Bharti's DD Direct, Sun TV's DTH arm and Tata Sky, a venture of the Tata Group and News Corp.

Reliance Natural Resources clocked the highest volume of 1.89 crore shares on BSE. Chambal Fertilisers and Chemicals (1.14 crore shares), Ispat Industries (93.68 lakh shares), Vishal Information Technologies (91.79 lakh shares) and Nagarjuna Fertilisers and Chemicals (76.53 lakh shares) were the other volume toppers in that order.

Vishal Information Technologies clocked the highest turnover of Rs 287.01 crore on BSE. Reliance Capital (Rs 233.66 crore), Reliance Natural Resources (Rs 187.56 crore), Reliance Industries (Rs 168.61 crore) and SEL Manufacturing Company (Rs 159.90 crore) were the other turnover toppers in that order.

European markets were in green. Frances CAC40, Germanys DAX and UKs FTSE 100 were up between 0.32% to 0.73%.

Most of the Asian markets were trading higher today, 20 August 2008. China's Shanghai Composite, Taiwan's Taiwan Weighted, Hong Kong's Hang Seng and Singapore's Straits Times rose between 0.39% to 7.63%. However, Japan's Nikkei andSouth Korea's Seoul Composite fell between 0.05% to 0.1%.

US markets declined for a second straight day yesterday, 20 August 2008, as an inflation report agitated a market already rattled by worries about the financial sector. The Dow Jones industrial average plunged 130.84 points, or 1.14%, to 11,348.55. The S&P 500 index lost 11.90 points, or 0.93%, to 1,266.70, and the Nasdaq Composite index slipped 32.62 points, or 1.35%, to 2,384.36.

Market Closing Session - 14th Aug

2008-08-16T18:07:00.000-07:00

The market extended losses for the third session in a row as a bounce back in crude oil prices stroked fears of increase in inflationary pressures. Investors were also cautious ahead of the release of the inflation data for the year through 2 August 2008 after trading hours today.

A disappointment due to no decision by the market regulator Securities & Exchange Board of India (Sebi) on participatory notes (PNs) at its board meeting yesterday, 13 August 2008, also contributed to the fall on the bourses.

Stocks of interest rate sensitive sectors suffered the most on fears that a rise inflation pressures may provoke the central bank to raise interest rates yet again. IT stocks rose as the rupee weakened against the dollar.

The government will meet its fiscal deficit target for 2008/09 despite the pay increase for government workers, Finance Minister P Chidambaram said after the government today, 14 August 2008, approved the Sixth Pay Commission recommendations. He said the wage increase had been factored in while preparing the budget for 2008-09. The Sixth Pay Commission had in March 2008 submitted its report to the government, recommending an average 28% hike for central government staff and defence personnel.

The BSE 30-share Sensex declined 368.94 points or 2.44% to 14,724.18. The index lost 406.46 points at days low of 14,686.66 hit in late trade. At days high of 15,033.28, the index lost 59.84 points at the onset of the trading session.

The S&P CNX Nifty was down 98.35 points or 2.17% to 4430.70. Nifty August 2008 futures were at 4434.90, a premium of 4.2 points as compared to spot closing.

The BSE Mid-Cap index was down 1.79% to 5,823.42 and the BSE Small-Cap index was down 1.65% at 7,110.44.

BSE clocked a turnover of Rs 4851 crore as against Rs 5,076.33 on 13 August 2008. NSEs futures & options turnover amounted to Rs 47,643.15 crore as compared to Rs 43,947.06 crore Wednesday, 13 August 2008.

The market breadth was weak on BSE with 811 shares advancing as compared to 1849 that declined. 70 shares remained unchanged.

Sensex has lost 779.74 points or 5.02% from a recent high of 15503.92 hit on 11 August 2008. The barometer index is down 5562.81 points or 27.42% in the calendar year 2008 so far from its close of 20,286.99 on 31 December 2007. It is 6482.59 points or 30.56% away from its all-time high of 21,206.77 struck on 10 January 2008.

Top Sensex losers were, DLF (down 8.66% at Rs 501.10), Jaiprakash Associates (down 7.74% at Rs 172.30), Reliance Infrastructure (up 7.72% at Rs 985.45), and HDFC (down 5.21% at Rs 2288.35).

Indias largest aluminium manufacturer in terms of sales Hindalco Industries fell 2.69% to Rs 135.80 ahead of a meeting of a committee of directors today, 14 August 2008 to determine the price and other terms and conditions of the proposed rights offering.

Banking shares witnessed major sell off on fears of further monetary tightening by the central bank. Indias largest private sector bank by market capitalisation ICICI Bank slipped 5.25% at Rs 673.25. Kotak Mahindra Bank (down 6.28% at Rs 613.25), Axis Bank (down 3.45% at Rs 700.15), HDFC Bank (down 3.45% at Rs 1,175.20), declined. The BSE Bankex underperformed the Sensex, falling 5.07% to 6,902.96.

Indias largest commercial lender State Bank of India fell 6.24% at Rs 1,458.20. The bank got approval from the finance ministry to merge associate State Bank of Saurashtra with itself.

Realty shares tumbled on major selling by funds. Indiabulls Real Estate (down 13.86% at Rs 303.95), Housing Development Infrastructure (down 7.54% at Rs 431.35), and Unitech (down 6.82% at Rs 169.35), slumped. The BSE Realty index was down 7.97% at 5,163.53.

Software stocks moved up as the rupee weakened to a four-week low against the dollar. Infosys Technologies (up 3.95% at Rs 1,689.45), Satyam Computer (up 1.39% at Rs 411.90), and TCS (down 0.41% at Rs 831.45), moved up. However, Indias third largest software exporter by sales Wipro fell 1% at Rs 429.15 after hitting an intra-day high of Rs 442.90. Strong dollar bodes well for software exporters as they derive more than half of their revenue in dollar terms.

Worlds sixth largest steel maker Tata Steel rose 0.94% at Rs 616.20 after the company said it has signed a joint venture deal with Vietnam Steel Corp and Vietnam Cement Industries to build an integrated steel plant in the country at $5 billion. The company made this announcement during trading hours yesterday, 13 August 2008 when the stock rose 0.41% to 610.45.

State-run oil refiners slipped as higher oil prices raised concerns of higher subsidy bills. Hindustan Petroleum Corporation (down 6.44% at Rs 223.10), Indian Oil Corporation (down 2.64% at Rs 440.55), and Bharat Petroleum Corporation (down 2.08% at Rs 316.15), slipped.

Indias largest private sector firm by market capitalisation and oil refiner Reliance Industries fell 2.80% at Rs 2275.30.

Private sector oil explorer Cairn India rose 1.89% at Rs 245.25 as crude oil rose to $116 a barrel. Cairn benefits from higher oil prices.

Software products maker Subex jumped 12.23% to Rs 111.50. The stock is rallying from past two sessions on market buzz that a large firm is buying shares of the company from the open market, aiming at a complete takeover. However, the promoters of Subex, in a media interview today, denied knowledge of any entity accumulating the stock from open market. The stock has gained 33.98% to Rs 99.35 on 13 August 2008 from Rs 74.15 on 11 August 2008.

Reliance Capital clocked a highest turnover of Rs 266.32 crore on BSE. Vishal Information Technologies (Rs 231.77 crore), Reliance Industries (Rs 210.33 crore), Reliance Natural Resources (Rs 186.80 crore), Larsen & Toubro (Rs 161.54 crore), were the other turnover toppers on BSE.

Reliance Natural Resources reported a highest volume of 1.87 crore shares on BSE. Vishal Information Technologies (92.35 lakh shares), Infrastructure Development Finance Corporation (84.02 lakh shares), Landmark property Development Company (80.27 lakh shares), and IFCI (77.37 lakh shares), were the other volume toppers on BSE.

There was no relaxation by Sebi on participatory notes at its board meeting yesterday, 13 August 2008. Marketmen were anticipating that Sebi may extend the period for unwinding PNs, on underlying derivatives from 18 months to 24 months. PNs are issued by foreign institutional investors registered in India to unregistered overseas investors. In October 2007, Sebi had also restricted issuance of PNs in the spot segment to 40% of assets under custody and expectation was that it might raise the cap to 45% from 40%

European shares held firm. Key indices in UK, France and Germany were up 0.41% to 1.10%. Asian stocks were mixed today, 14 August 2008. Key benchmark indices in Japan and China were down by 0.38% to 0.51%. However, key indices in Singapore, Hong Kong, Taiwan, and South Korea were up by 0.17% to 0.61%.

US stocks fell on Wednesday, 13 August 2008, as persistent concerns about the credit crisis hurt bank shares while a rebound in oil prices and weak outlooks at some retailers raised anxieties about consumer spending. The Dow Jones industrial average fell 109.51 points, or 0.94%, to 11,532.96, while the Standard & Poor's 500 Index slipped 3.76 points, or 0.29%, to 1,285.83. The Nasdaq Composite Index was down 1.99 points, or 0.08%, at 2,428.62.

The Indian stock market remains closed on Friday, 15 August 2008, on account of Independence Day

Market Closing Session - 12th Aug

2008-08-12T06:35:00.000-07:00

Key benchmark indices ended sharply lower led by heavy selling in metal, banking and IT shares. The market witnessed a bout of volatility in the last one hour of trade. European markets, which were trading sharply lower in early trade, pared losses after the Kremlin said Russian President Dmitry Medvedev had ordered an end to the military operation in Georgia.

India's industrial output rose 5.4% in June 2008 from a year earlier, above the previous month's upwardly revised 4.1%, data released by the government today, 12 August 2008, afternoon showed. Manufacturing production rose 5.9% in June 2008 from a year earlier

The BSE 30-share Sensex fell 291.79 points or 1.88% to 15,212.13. At the days low of 15,124.91, the Sensex lost 379.01 in afternoon trade. The index rose 75.86 points at days high of 15,579.78 at the onset of trading session.

The S&P CNX Nifty fell 68.15 points or 1.47% to 4552.25. Nifty August 2008 futures were at 4570.50, a premium of 18.25 points as compared to spot closing.

As per provisional data released by the stock exchanges after trading hours, foreign funds today, 12 August 2008, sold shares worth a net Rs 687.19 crore. Domestic funds sold shares worth a net Rs 7.65 crore.

The BSE Mid-Cap index was down 0.79% to 5,935.53 and the BSE Small-Cap index was down 0.70% to 7,220.42.

The market breadth was weak on BSE with 1100 shares advancing as compared to 1556 that declined. 73 shares remained unchanged.

BSE clocked a turnover of Rs 5761 crore as against Rs 5,497.23 crore on Monday, 11 August 2008. NSEs futures & options turnover amounted to Rs 52461.81 crore as compared to Rs 39699.28 crore Monday, 11 August 2008.

The market had surged in the past few days. From a recent low of 14577.87 on 4 August 2008, the BSE Sensex rose 926.05 points or 6.35% to 15,503.92 on Monday, 11 August 2008. The barometer index Sensex is down 5074.86 points or 25.01% in the calendar year 2008 so far from its close of 20,286.99 on 31 December 2007. It is 5994.64 points or 28.26% away from its all-time high of 21,206.77 struck on 10 January 2008.

Maruti Suzuki (down 5.23% at Rs 678.05), Jaiprakash Associates (down 4.58% at Rs 188.55), HDFC (down 4.03% at Rs 2466.60), and Tata Power (down 3.68% at Rs 1037.25), were the major losers from the Sensex pack.

Indias largest private sector firm by market capitalisation and oil refiner Reliance Industries rose 0.70% at Rs 2342.25.

Metal shares declined sharply. Tata Steel (down 5.71% at Rs 607.95), Jindal Steel & Power (down 5.11% at Rs 1993.60), Sterlite Industries (down 4.46% at Rs 597.05), and Steel Authority of India (down 2.18% at Rs 143.70), slipped. The BSE Metal index underperformed the Sensex, falling 3.62% at 12,660.73.

Banking shares tumbled. Indias largest private sector bank by market capitlisation fell 4.20% at Rs 738.20. Axis Bank (down 5.03% at Rs 721.55), HDFC Bank (down 3.42% at Rs 1263.90), and State Bank of India (down 2.20% at Rs 1557.55), fell. The BSE Bankex index underperformed the Sensex, falling 3.44% at 7,437.27.

IT shares declined. India's second largest software exporter by sales Infosys Technologies fell 3.98% at Rs 1603.70. Wipro (down 2.06% at Rs 433.30), TCS (down 1.85% at Rs 818.20), and Satyam Computer (down 1.90% at Rs 402.75), slipped. The BSE IT index underperformed the Sensex, falling 2.84% to 3,771.98.

FMCG shares bucked weak market trend. GlaxoSmithkline Consumer Healthcare (up 1.70% at Rs 650), United Spirits (up 1.60% at Rs 1369.20), REI Agro (up 1.42% at Rs 1107), ITC (up 1.19% at Rs 195.50), and Hindustan Unilever (up 0.60% at Rs 242.95), moved up. The BSE FMCG index outperformed the Sensex, rising 0.69% to 2,222.15.

Biotechnology firm Biocon rose 5.18% to Rs 403.05 after the company said its board has fixed 12 September 2008 as the record date for issue of bonus shares in the ratio of 1:1.

Plumping systems maker Astral Poly Technik surged 13.91% to Rs 177.30 after the company said it has formed a joint venture company with a Kenyan firm in which Astral will hold 26% stake.

Lifestyle retail chain operator Trent surged 10% to Rs 545.85 after the company said its subsidiary Trent Hypermarket has entered into a franchise agreement with Tesco Plc of UK to drive its Star Bazaar hypermarket business. Tesco is one of the world's leading international retailers.

Drug maker Panacea Biotech spurted 1.63% at Rs 308.85 on reports the company bagged a $35-million drug supply order from UNICEF to supply pentavalent vaccines, the first Indian company to get such a contract. Pentavalent combines four vaccines - Diptheria, Tetanus, Pertussis, Hepatatis B and HIB (whopping cough).

Reliance Industries clocked a highest turnover of Rs 296.48 crore on BSE. Reliance Capital (Rs 252.33 crore), Infosys Technologies (Rs 185.83 crore), Reliance Natural Resources (Rs 176.16 crore), and Larsen & Toubro (Rs 166.59 crore), were the other turnover toppers on BSE in that order.

Landmark Property reported a highest volume of 2.53 crore shares on BSE. Reliance Natural Resources (1.70 crore shares), Chambal Fertiliser & Chemicals (1.60 crore shares), Nagarjuna Fertiliser & Chemical (1.20 crore shares), Kashyap Technologies (93.12 lakh shares), were the other volume toppers on BSE in that order.

In Europe, key benchmark indices in UK, Germany and France were up 0.04% to 0.25%. Asian indices were trading lower. Key benchmark indices in China, Japan, South Korea, Hong Kong, Singapore and Taiwan were down by between 0.25% to 1%.

US stocks rose on Monday, 11 August 2008, as oil prices closed lower for a sixth day, improving prospects for consumer and business spending. The Dow Jones industrial average rose 48.03 points, or 0.41%, to 11,782.35 on Monday, 11 August 2008. The Standard & Poor's 500 Index gained 9.00 points, or 0.69%, to 1,305.32. The Nasdaq Composite Index jumped 25.85 points, or 1.07%, to 2,439.95.

The Indian government on Monday, 11 August 2008, approved 10 road projects to be build with the help of private firms at a cost of Rs 10507 crore. The projects, spread over eight states, are part a plan to significantly improve infrastructure in the country.

The board of market regulator Securities & Exchange Board of India will review the regulatory framework governing participatory notes (PNs), at its meeting on Wednesday, 13 August 2008.

Market Closing Session - 11th Aug

2008-08-11T07:21:00.000-07:00

Renewed buying in interest rate sensitive stocks banking and realty shares pushed the market higher for the fifth consecutive day. Positive global cues and further decline in crude oil prices boosted investor sentiments.

Buying was broad based, yet, software shares remained subdued throughout the session. Construction and multiplex shares soared on fresh buying interest.

As per provisional data released by the stock exchanges after trading hours, foreign funds today, 11 August 2008, bought shares worth a net Rs 280.61 crore. Domestic funds bought shares worth a net Rs 505.30 crore.

The BSE 30-share Sensex rose 336.10 points or 2.22% to 15,503.92. The index rose 352.89 points at days high of 15,520.71 hit in mid-afternoon trade. The Sensex rose 200.15 at day's low of 15,367.97, hit in afternoon trade.

The S&P CNX Nifty rose 90.90 points or 2.01% to 4620.40. Nifty August 2008 futures were at 4631.20, a premium of 10.8 points as compared to spot closing.

The BSE Mid-Cap index rose 1.63% to 5,982.68 and the BSE Small-Cap index rose 1.25% to 7,271.35. Both the indices underperformed the Sensex.

The market breadth was strong on BSE with 1738 shares advancing as compared to 970 that declined. 68 shares remained unchanged.

BSE clocked a turnover of Rs 5237 crore as against Rs 5,432.28 crore on Friday, 8 August 2008. NSEs futures & options turnover amounted to Rs 39699.28 crore as compared to Rs 47120.45 crore Friday, 8 August 2008.

The BSE Sensex is down 4783.07 points or 23.57% in the calendar year 2008 so far from its close of 20,286.99 on 31 December 2007. It is 5702.85 points or 26.89% away from its all-time high of 21,206.77 struck on 10 January 2008.

Jaiprakash Associates (up 7.68% at Rs 197.60), Reliance Infrastructure (up 6.86% at Rs 1102.40), and Maruti Suzuki (up 5.27% at Rs 715.50), were the major gainers from the Sensex pack.

Sterlite Industries (down 2.24% at Rs 624.90), TCS (down 1.06% at Rs 833.60), and Tata Steel (down 0.98% at Rs 644.80), were the leading losers from the Sensex pack.

Indias largest private sector firm by market capitalisation and oil refiner Reliance Industries rose 3.36% at Rs 2,326.

Banking shares spurted on hopes that decline in crude oil prices may reduce interest rates. Indias largest private sector bank by market capitalisation ICICI Bank rose 5.74% at Rs 770.75. Canara Bank (up 7.39% at Rs 231.90), State Bank of India (up 4.65% at Rs 1592.60), and HDFC Bank (up 2.23% at Rs 1308.70), flared up. The BSE Bankex outperformed the Sensex, rising 4.16% to 7,702.35.

Realty shares soared. The BSE Realty index outperformed the Sensex, rising 5.27% to 5,799.37. Indiabulls Real Estate (up 13.73% at Rs 357.75), Unitech (up 6.27% at Rs 187.20), and DLF (up 3.57% at Rs 568.05), soared.

Construction shares rose. Hindustan Construction Company (up 8.67% at Rs 109), Gammon India (up 8.39% at Rs 233.10), Nagarjuna Construction Company (up 8.17% at Rs 142.30), Pratibha Industries (up 5.04% at Rs 228.20), and IVRCL Infrastructure (up 4.68% at Rs 330.10), soared.

Shares of multiplex cinema operators spurted on reports the Akshay Kumar and Katrina Kaif starrer 'Singh is Kinng' is this years biggest blockbuster- making record opening collections at the box office on Friday, 8 August 2008. Adlabs FIlms (up 0.97% at Rs 564.90), Pyramid Saimira (up 4.59% at Rs 165.15), PVR (up 14.83% at Rs 201.65), and Inox Leisure (up 19.23% at Rs 102.30), soared. The movie collections totaled Rs 8 crore on day one and the weekend collections are projected to be anywhere between Rs 28 to Rs 30 crore.

Low cost airliner SpiceJet soared 5.58% to Rs 30.25 on reports steel tycoon Lakshmi Mittal has evinced interest in acquiring the company.

Construction firm SAAG RR Infra was locked at upper limit if 5% at Rs 54.65 after the company bagged a Rs 280 crore order from Oil & Natural Gas Corporation for maintenance of its rigs.

Edible oil maker Sanwaria Agro Oils Infra was locked at upper limit if 10% at Rs 103.55 after the company said its board has recommended a liberal bonus issue in the ratio of 1:1.

IT stocks ended in negative terrain. The BSE IT index underperformed the Sensex, falling 0.10% to 3,882.07. TCS (down 1.06% at Rs 833.60), and Infosys Technologies (down 0.58% at Rs 1670.10), slipped. However, Wipro (up 1.07% at Rs 442.40), and Satyam Computer (up 0.38% at Rs 410.55), rose.

Reliance Natural Resources clocked a highest volume of 1.72 crore shares on BSE. Vishal Information Technologies (1.17 crore shares), Kashyap Technologies (1.05 crore shares), IFCI (99.20 lakh shares), and Cals Refineries (73.09 lakh shares), were the other volume toppers on BSE in that order.

Reliance Communication reported a highest turnover of Rs 239.52 crore on BSE. Reliance Industries (Rs 238.59 crore), Reliance Capital (Rs 221.21 crore), Vishal Information Technologies (Rs 216.79 crore) and Reliance Natural Resources (Rs 181.28 crore), were the other turnover toppers on BSE in that order.

European markets, which opened after Indian market, were trading firm. Key indices in UK, France and Germany were up 0.37% to 0.82%.

Asian market, which were mostly in green earlier, turned mixed as the session progressed. The key benchmark indices in Japan, Singapore, South Korea and Taiwan were up by between 0.64% to 1.99%. However, key indices in China, and Hong Kong were down by 0.12% to 5.21%.

US front-month crude oil settled on Friday, 8 August 2008, at $115.20 a barrel, down $4.82 for the day on the New York Mercantile Exchange. In post-settlement trading, crude tumbled more than $5 to $114.62 a barrel -- more than 20% below its NYMEX record high above $147 set in July 2008.

The Securities & Exchange Board of India (Sebi) will hold a board meeting on Wednesday, 13 August 2008 to review FII regulations, where it may revisit the norms relating to participatory notes and securities lending and borrowing mechanism.

The government will tomorrow, 12 August 2008, release industrial production data for June 2008. Industrial production grew at the slowest pace in more than six years in May 2008, at 3.8%, as against 10.6% in the same month of 2007, with manufacturing showing signs of acute deceleration.

Market Closing Session - 8th Aug

2008-08-08T05:37:00.000-07:00

Key benchmark indices staged a late comeback after struggling in the red for a major part of the day, boosted by fall in crude oil prices and higher US stock futures. Banking and auto shares recovered sharply from early lows. Volatility was high throughout the day. The barometer index BSE Sensex saw wild swings above and below the 15,000 mark. The market breadth was negative. European shares edged higher while Asian markets were trading mixed.

US stock futures hinted higher opening on Wall Street. The Dow Jones futures are up 0.3% while Nasdaq futures are up 0.4%. US light crude slumped $2.06 to $117.96 a barrel today, 8 August 2008, as supply concerns eased after an indication that a key oil pipeline through Turkey, still burning after an explosion, may come back on line earlier than some previous expectations.

India's inflation, represented by the wholesale price index (WPI), rose 12.01% in the year to 26 July 2008, slightly above the previous weeks 11.98% rise. The reading was the highest in the last 13 years. The figure was released after market hours yesterday, 7 August 2008.

Science and Technology Minister Kapil Sibal today, 8 August 2008, said the June-September monsoon rains have revived across the country and are expected to be normal.

The BSE 30-share Sensex was up 50.57 points or 0.33% at 15,167.82. It opened 80.68 points lower at 15,036.57 and slipped further to hit an intra-day low of 14,888.12 in early afternoon trade. At the days low, the Sensex lost 229.13 points. At the days high of 15,228.82 struck in mid-afternoon trade, the Sensex 111.57 gained points.

The S&P CNX Nifty was up 5.65 points or 0.12% at 4529.50. Nifty August 2008 futures were at 4549, at a premium of 19.50 points as compared to spot closing.

The BSE Sensex is down 5,119.17 points or 25.23% in the calendar year 2008 so far from its close of 20,286.99 on 31 December 2007. It is 6038.95 points or 28.47% away from its all-time high of 21,206.77 struck on 10 January 2008.

Sentiment may remain cautious in the forthcoming week, as the market regulator Securities & Exchange Board of India (Sebi) meets on 13 August 2008 to review the rules relating to issuance of Participatory Notes (PNs) by foreign portfolio investors, which it had revised in October 2007. A review of securities lending & borrowing mechanism, know your client (KYC) norms for FIIs and status on launch of currency futures are likely to be discussed in the meeting.

The market breadth was negative on BSE with 1409 shares declining as compared to 1306 that advanced. 67 remained unchanged.

The BSE Mid-Cap index was up 0.09% to 5,886.97 and the BSE Small-Cap index was up 0.21% to 7,181.74.

The total turnover on BSE amounted to Rs 5375 crore as compared to Rs 5691 crore yesterday, 7 August 2008. NSEs futures & options turnover amounted to Rs 47,120.45 crore as compared to Rs 49,917.63 crore yesterday, 7 August 2008.

Among the 30-member Sensex pack, 17 declined while the rest advanced.

Banking and auto shares rebounded sharply from early lows. ICICI Bank (up 2.80% to Rs 728.35, off days low of Rs 683.10), and HDFC Bank (up 1.54% to Rs 1273, off days low of Rs 1225), advanced.

Indias largest state-run bank in terms of net profit State Bank of India fell marginally by 0.07% to Rs 1523. The stock came sharply off the days low of Rs 1477.40.

Fall in crude oil prices fuelled rally in auto stocks from days low. India's top truck maker by sales, Tata Motors recovered from day's low of Rs 427. It ended 0.21% lower at Rs 443.25. Mahindra & Mahindra, the nation's top tractor maker by sales ended 0.68% lower at Rs 572.05 after hitting day's low of Rs 551.10.

Indias top small car maker by sales Maruti Suzuki India rose 1.26% to Rs 677, after sliding to days days low of Rs 655.05.

Oil and Natural Gas Corporation (ONGC), the countrys largest oil exploration company by market capitalisation surged 4.21% to Rs 1066.20. It was the top gainer from the Sensex pack. The company reportedly plans to scale up its gas production in Tripura and has revised the project cost to Rs 4376 crore from Rs 1817 crore.

Indias third largest pharma company by sales, Cipla advanced 3.19% to Rs 234.70. As per reports the hearing in the Delhi High Court between Cipla and Swiss drug maker Roche has been adjourned to 11 August 2008. Roche had dragged Cipla to court due to patent infringement of Roches HIV/AIDS drug Valcyte by Cipla.

Capital goods heavyweights, Larsen & Toubro (up 3.02% to Rs 2841.05), and Bharat Heavy Electricals (up 0.30% to Rs 1780), gained.

India's largest private sector steelmaker by sales, Tata Steel gained 1.16% to Rs 650.25 after three straight days of fall. Top steel producers have decided not to raise steel prices even as the three month moratorium with the government on price freeze ended on 7 August 2008

Hindalco (up 2.04% to Rs 144.90), HDFC (up 1.35% to Rs 2510), and NTPC (up 0.60% to Rs 184.55), edged higher from Sensex pack.

India's largest private sector firm by market capitalization and oil refiner Reliance Industries (RIL) was down 1.29% at Rs 2242 on 9.34 lakh shares. The stock recovered from days low of Rs 2230. Reliance Natural Resources (RNRL) gained 3.82% to Rs 104.75.

As per reports, the Bombay High Court (HC) has once again postponed hearing on the RIL-RNRL case till 12 August 2008. The court will decide in its next hearing whether the government can intervene in this case at this stage. The government had filed a petition in the HC to become a party to the case, supporting RIL.

Cement counters slipped on selling pressure. North Indias largest cement producer Ambuja Cements lost 3.66% to Rs 86.85 on 4.77 lakh shares. It was the top loser from the Sensex pack.

Other cement counters, Grasim (down 2.65% to Rs 2034), and ACC (down 1.89% to Rs 627), declined.

Indias largest cigarette maker in terms of sales ITC was down 0.63% to Rs 190.50 on reports the company may hike prices of some of its premium brands by end-August 2008.

Frontline telecom shares slipped. Bharti Airtel, the nations top mobile operator by revenue lost 1.18% to Rs 840.15. The company yesterday, 6 August 2008, said it would launch Apple Inc's third-generation iPhone in India on 22 August 2008.

Indias number two cellular services provider in terms of market capitalisation Reliance Communications (RCom) was down 0.07% to Rs 438.25. According to recent reports, the company is all set to float a $500-million tender for GSM 3G networks. At present, RCom is predominantly a CDMA-based operator which is now looking at 3G services only in the GSM space.

IT pivotals were under selling pressure. Wipro (down 2.68% to Rs 436.50), TCS (down 1.10% to Rs 842.05), Satyam Computer Services (down 2.03% to Rs 408.10), and Infosys (down 2.78% to Rs 1673.55), edged lower.

Interest rate sensitive realty shares declined. DLF (down 0.91% to Rs 549.80), Parsvnath Developers (down 1.49% to Rs 126.50), Unitech (down 1.39% to Rs 176.90), fell from the realty space.

Ranbaxy (down 0.14% to Rs 503.25), and Jaiprakash Associates (down 2% to Rs 183.65), and edged lower from the Sensex pack.

Reliance Capital topped turnover charts on BSE notching turnover of Rs 346.35 crore followed by Reliance Natural Resources (Rs 293.50 crore), Reliance Industries (Rs 211 crore), ICICI Bank (Rs 193.80 crore) and Larsen & Toubro (Rs 178.40 crore), in that order.

Reliance Natural Resources was the volume topper clocking volumes of 2.90 crore shares followed by Chambal Fertilisers & Chemicals (1.62 crore shares), Nagarjuna Fertilisers (1.35 crore shares), Ispat Industries (1.05 crore shares) and IFCI (88.70 lakh shares), in that order.

Fertilizer shares edged higher on reports the government approved the investment policy for urea, linking cost of production to the import parity price, a key demand of the industry.

National Fertilizer (up 5% at Rs 60.45), Rastriya Chemical & Fertilizer (up 2.08% at Rs 68.70), Nagarjuna Fertilizers & Chemicals (up 3.22% at Rs 41.65), Chambal Fertilizers & Chemicals (up 2.65% at Rs 81.50), and Tata Chemicals (up 7.46% at Rs 350), spurted.

Among side counters, Noida Toll Bridge (up 14.40% to Rs 42.90), Zuari Industries (up 20% to Rs 327.70), and MRO Teck (up 20% to Rs 61), surged.

Josts Engineering (down 11.40% to Rs 264.90), Hester Pharma (down 10.26% to Rs 105), and Man Aluminium (down 9.88% to Rs 34.20), slipped.

Shares of state-run oil marketing companies slipped. Hindustan Petroleum Corporation (down 3.5% to Rs 229.60), Bharat Petroleum Corporation (down 3.25% to Rs 318.30), and Indian Oil Corporation (down 2.32% to Rs 432.50), slipped.

Financial Technologies (India) jumped 2.53% to Rs 1405 on reports its subsidiary, the Multi Commodity Exchange, has sought regulatory nod for trading in currency futures. Financial Technologies holds 32% in the Multi Commodity Exchange (MCX).

SEL Manufacturing Company plunged 20% to Rs 500.90 even as the company received an export order for supplying 1.1 million pieces of readymade garments to a Russian customer. The company made this announcement during trading hours today, 8 August 2008.

Cairn India slipped 5.31% to Rs 232.50 on reports the government could impose a special tax on oil firms' incremental revenues beyond $75 per barrel as part of the subsidy-sharing regime of the oil sector.

Shanthi Gears surged 9.27% to Rs 73.65 on reports Suzlon Energy, through its Belgium-based unit, is planning to buy 50% and 100% stake in Shanthi Gears at around a 30% premium to the market price.

Housing Development & Infrastructure rose 2.84% to Rs 495.40 after the Reserve Bank of India on Thursday, 7 August 2008, raised foreign institutional investors limit in the company to 100%.

European markets, which opened after Indian market, edged higher. Key benchmark indices in France, UK and Germany were up by between 0.13% and 0.58%.

Asian markets were trading mixed today, 8 August 2008. Key benchmark indices in Taiwan, Japan, and South Korea were up by between 0.30% and 2.63%. However indices in China, Hong Kong and Singapore were down 0.69% and 4.47% respectively.

US stocks declined yesterday, 7 August 2008, after American International Group (AIG) posted its third consecutive quarterly loss of more than $5 billion, which fueled fears of more fallout from the credit crisis. Wal-Mart's cautious sales forecast added to concerns about consumer spending.

The Dow Jones Industrial Average slumped 224.64 points, or 1.93% to 11,431.43, the Standard & Poor's 500 index fell 23.11 points, or 1.79% to 1,266.08, while the Nasdaq Composite index dropped 22.64 points, or 0.95% to 2,355.73.

The European Central Bank and the Bank of England both left their benchmark interest rates unchanged at 4.25% and 5% respectively in a meeting yesterday, 7 August 2008, as they ponder how best to steer their economies between the shoals of mounting inflation and slowing growth.

Market Closing Session - 7th Aug

2008-08-07T07:51:00.000-07:00

Key benchmark indices ended with marginal gains after swinging wildly. The market breadth was just about positive. Turnover on BSE remained dull. European markets recovered after weak start. Asian markets were trading mixed.

The Bank of England left interest rate unchanged at 5% at its meeting today, 7 August 2008. The European Central Bank which also meets today is expected to hold interest rates at 4.25%.

The Indian government will release the weekly inflation data today, 7 August 2008, evening. Inflation measured by wholesale price index is forecast to have risen 12.02% in the 12 months to 26 July 2008, up from previous weeks rise of 11.98%.

Foreign institutional investors were net equity sellers worth Rs 223.19 crore while mutual funds purchased shares worth Rs 24.10 crore today, 7 August 2008, according to provisional data on NSE.

The BSE 30-share Sensex rose 43.71 points or 0.29% at 15,117.25. At the days high of 15,280.06 struck in mid-afternoon trade, the Sensex gained 206.52 points. Sensex opened 41.68 points lower at 15,031.86 and slipped further to hit an intra-day low of 14,992.97 in early trade. At the days low, the Sensex lost 80.57 points.

The S&P CNX Nifty was up 6.30 points or 0.14% at 4523.85. Nifty August 2008 futures were at 4530.75, a premium of 6.9 points over spot closing.

The BSE Sensex is down 5,169.74 points or 25.48% in the calendar year 2008 so far from its close of 20,286.99 on 31 December 2007. It is 6,089.52 points or 28.71% away from its all-time high of 21,206.77 struck on 10 January 2008.

The market breadth was just about positive on BSE with 1381 shares advancing as compared to 1262 that declined. 84 remained unchanged.

The BSE Mid-Cap index was up 0.45% to 5,881.60 and the BSE Small-Cap index gained 0.32% to 7,166.99. Both these indices outperformed the Sensex.

Turnover was dull today. The total turnover on BSE amounted to Rs 5,641 crore as compared to Rs 7,203 crore yesterday, 6 August 2008.

Sectoral indices on BSE displayed mixed trend. The BSE auto index (up 1.21% at 3967.03), BSE IT index (up 0.80% at 3954.87), BSE Realty index (up 0.69% at 5580.88), Bankex (up 0.66% at 7283.15), BSE FMCG index (up 0.53% at 2191.05), BSE Oil & Gas index (down 0.34% at 10153.07), BSE Consumer Durables (up 2.86% to 3,977.97), outperformed the Sensex.

The BSE Metal index (up 0.21% at 12885.97), BSE Healthcare (up 0.28% at 4269.87), BSE Capital goods (down 0.70% at 12394.90), BSE Power index (down 0.47% at 2686.46), BSE TecK (down 0.10% to 3,123.98), BSE PSU (down 0.36% to 7,025.66), underperformed the Sensex.

Among the 30-member Sensex pack, 20 advanced while the rest slipped.

Auto shares advanced for the third straight day and dominated Sensex gainers. Indias top truck maker in terms of sales, Tata Motors surged 4.28% to Rs 445 on 2.84 lakh shares. It was the top gainer from the Sensex pack.

Maruti Suzuki India (up 2.33% to Rs 668), and Mahindra & Mahindra (up 2.14% to Rs 574.05), also logged gains from auto pack.

Frontline banking shares were firm ahead of inflation data. HDFC Bank (up 3.25% to Rs 1256.25), State Bank of India (up 0.10% to Rs 1525), and ICICI Bank (up 0.74% to Rs 712), gained.

Cement shares rose despite recent reports that they could find it difficult to raise prices when the moratorium on price freeze ends on 14 August 2008. Ambuja Cements (up 1.93% to Rs 90), Grasim (up 1.52% to Rs 2069.60), and ACC (up 0.09% to Rs 638.20), edged higher from the cement pack. In May 2008, cement firms had agreed to hold prices for three months to help the government contain skyrocketing inflation.

Indias largest dedicated housing finance company in terms of revenue Housing Development Finance Corporation vaulted 3.36% to Rs 2476.40 on reports the company is in talks with GE Money to buy the latter's Indian home loan business.

Real estate stocks advanced on fresh buying. DLF (up 2.28% to Rs 557), Parsvnath Developers (up 3.78% to Rs 129.20), Omaxe (up 3.51% to Rs 138.60), and Unitech (up 1.27% to Rs 179.40), logged gains from the realty space.

IT pivotals were mixed. Wipro (down 1.63% to Rs 446.20), and TCS (down 1.56% to Rs 845.05), slipped.

Indias fourth largest software services exporter Satyam Computer Services advanced 2.23% to Rs 416.50. As per recent reports, the company is pursuing 15-20 deals of over $50 million each and is eyeing buyouts in the Asia Pacific, US, and European continents.

Indias second largest software services exporter Infosys gained 1.29% to Rs 1720.20

Oil and Natural Gas Corporation (ONGC), the countrys largest oil exploration company by market capitalisation gained 0.40% to Rs 1020. The company reportedly plans to scale up its gas production in Tripura and has revised the project cost to Rs 4376 crore from Rs 1817 crore.

NTPC (up 1.66% to Rs 183.25), and Jaiprakash Associates (up 1.55% to Rs 188), edged higher from the Sensex pack.

Indias largest power equipment maker by sales, Bharat Heavy Electricals lost 3.53% to Rs 1763 on reports the government blamed the company for delaying the projects causing acute shortage of electricity in various parts of the country.

Indias largest pharma company in terms of sales Ranbaxy Laboratories fell 1.28% to Rs 506. The government gave its approval to Daiichi Sankyos proposed acquisition of shares in the company. It was the top loser from Sensex pack.

Frontline telecom shares slipped. Bharti Airtel, the nations top mobile operator by revenue lost 1.46% to Rs 857. The company yesterday, 6 August 2008, said it would launch Apple Inc's third-generation iPhone in India on 22 August 2008.

Indias number two cellular services provider in terms of market capitalisation Reliance Communications (RCom) was down 1.71% to Rs 438.65. According to recent reports, the company is all set to float a $500-million tender for GSM 3G networks. At present, RCom is predominantly a CDMA-based operator which is now looking at 3G services only in the GSM space.

India's largest private sector firm by market capitalization and oil refiner Reliance Industries (RIL) was down 1.45% at Rs 2262.50 on 10.30 lakh shares. The stock moved in a range of Rs 2315.25 and Rs 2248.60 so in the day. However, Reliance Natural Resources (RNRL) was up 0.70% to Rs 100.95.

As per reports, the Bombay High Court (HC) has once again postponed hearing on the RIL-RNRL case till 12 August 2008. The court will decide in its next hearing whether the government can intervene in this case at this stage. The government had filed a petition in the HC to become a party to the case, supporting RIL.

Indias largest private sector steelmaker by sales, Tata Steel fell 0.54% to Rs 642.15 on reports top steel producers have decided not to raise steel prices even as the three month moratorium with the government on price freeze ends today, 7 August 2008.

Hindustan Unilever (down 1.45% to Rs 242.15), and Larsen & Toubro (down 0.34% to Rs 2754), edged lower from the Sensex pack.

Reliance Capital topped turnover charts on BSE clocking turnover of Rs 342.50 crore followed by Reliance Natural Resources (Rs 296 crore), Reliance Industries (Rs 235.80 crore), SEL Manufacturing (Rs 228 crore) and ONGC (Rs 137.80 crore) in that order.

Reliance Natural Resources topped volumes chart on BSE notching volumes of 2.92 crore shares followed by Ispat Industries (1.41 crore shares), Tata Teleservices (Maharashtra) (1.19 crore shares), Kashyap Technologies (88.30 lakh shares) and Chambal Fertilisers & Chemicals (86 lakh shares).

SEL Manufacturing saw heightened activity on high volumes. From the days low of Rs 530, the stock galloped to strike a days high of Rs 627.80. The stock settled with gain of 6.55% to Rs 609.70 on high volumes of 38.56 lakh shares.

Shiv Vani Oil & Gas Exploration Services jumped 5.16% to Rs 576 after the company said secured a contract worth Rs 1610 crore from Oil & Natural Gas Corporation to deploy eight onshore deep drilling rigs. The company made this announcement during trading hours today, 7 August 2008.

Dr Reddys Laboratories surged 4.02% to Rs 606.10 after the company said Dr Reddys Laboratories Holdings, a promoter group firm, acquired 1.95 lakh equity shares from

Elecon Engineering Company soared 9.76% to Rs 117.55 after the company said Emtici Engineering, a promoter, purchased 1.07 lakh equity shares on 16 July 2008 from open market. The company made this announcement after trading hours on Wednesday, 6 August 2008.

Ansal Properties & Infrastructure spurted 15.85% to Rs 105.60 after 9.8 lakh shares or 0.86% of the companys equity changed hands in a block deal on BSE at Rs 92 each. open market for Rs 11.36 crore.

US crude rose 26 cents to $118.84 a barrel today, 7 August 2008. The contract is almost 20% off the record of $147.27 a barrel hit on 11 July 2008.

European markets, which opened after Indian market, edged higher. Key benchmark indices in UK, Germany and France were up by between 0.48% and 0.98%.

Asian markets, which opened before Indian market, were trading mixed today, 7 August 2008. Key benchmark indices in Japan, Taiwan Singapore, and South Korea were down by between 0.02% and 1.80%. However Hong Kong's Hang Seng index and Chinas Shanghai Composite were up 0.70% and 0.30% respectively.

US stocks rose on Wednesday, building on the previous day's big gains, as a further drop in oil prices and a reassuring outlook from Cisco Systems overshadowed persistent credit concerns. The Dow Jones industrial average added 40.30 points, or 0.35%, to 11,656.07. The Nasdaq Composite index rose 28.54 points, or 1.21%, to 2,378.37.

Market Closing Session - 6th Aug

2008-08-06T06:26:00.000-07:00

Stocks ended volatile session slightly higher extending gains for the second straight day. Strong global cues triggered a solid rally in first half of the days trading session. However profit booking at higher levels in second half capped gains. Volatility was high towards later part of the day.

As per provisional data released by BSE after trading hours, foreign funds today, 6 August 2008, bought shares worth a net Rs 1815.74 crore. Domestic funds sold shares worth a net Rs 804.36 crore.

Shares of state-run banks slipped. The market breadth turned negative in late trade in contrast to a strong breadth earlier in the day. BSE turnover crossed Rs 7,000 crore mark.

The US Federal Reserve at a meeting held after Indian market hours yesterday, 5 August 2008, held key interest rate at 2%. The Federal Open Market Committee said that inflation has been high but insisted that price rises will eventually moderate. Though it expressed concerns about economic growth and inflation, it indicated it is in no rush to push borrowing costs higher.

The BSE 30-share Sensex rose 112.47 points or 0.75% to 15,073.54 after oscillating in a band of 387.22 points. At the days low of 15,035.60 touched in late trade, the Sensex gained 74.53 points. The market opened with an upward gap of 302.58 points at 15,263.65 and surged further to strike an intra-day high of 15,422.82 in early trade. At the days high, the Sensex advanced 461.75 points.

The BSE Sensex is down 5,213.45 points or 25.69% in the calendar year 2008 so far from its close of 20,286.99 on 31 December 2007. It is 6,133.23 points or 28.92% away from its all-time high of 21,206.77 struck on 10 January 2008.

The S&P CNX Nifty rose 14.70 points or 0.33% to 4,517.55. Nifty August 2008 futures were at 4518.90, a slight premium of 1.35 points as compared to spot closing.

The market opened with an upward gap boosted by the Fed decision. A further slump in crude oil prices also boosted the sentiment. The BSE Sensex surged past the 15,000 mark in opening trade.

The market breadth, which was strong throughout the day, turned negative in late trade. On BSE, 1466 shares declined as compared to 1245 that rose. 78 remained unchanged.

The BSE Mid-Cap index was up 0.20% to 5,855.42. However the BSE Small-Cap index declined 0.68% to 7,144.13. Both these indices underperformed the Sensex.

The total turnover on BSE amounted to Rs 7,178 crore as compared Rs 6976 crore yesterday, 5 August 2008.

Sectoral indices on BSE displayed mixed trend. The BSE Realty index (down 0.58% at 5,542.67), BSE Oil & Gas index (up 0.28% to 10,187.69), BSE PSU index (down 1.23% to 7,050.97), BSE Consumer Durables index (up 0.49% to 3,867.31), BSE Health Care index (down 0.42% at 4,258.15), BSE Power (down 0.79% to 2,699.03), BSE Metal index (down 3.06% to 12,859.19), BSE Bankex (up 0.24% at 7,235.38), underperformed the Sensex.

The BSE Capital Goods index (up 1.65% at 12,482.88), BSE Auto (up 2.63% at 3,919.64), BSE TecK index (up 1.52% to 3,126.99), BSE FMCG index (up 0.89% to 2,179.58), and BSE IT index (up 1.17% to 3,923.67), outperformed the Sensex.

Among the 30-member Sensex pack, 19 advanced while the rest declined.

Auto counters were in demand throughout the day. Steady fall in crude oil prices, which slumped to 3-month low, propelled auto counters. Indias top small car maker in terms of sales, Maruti Suzuki India surged 5.63% to Rs 649 on 5.15 lakh shares. It was the top gainer from the Sensex pack.

Tata Motors (up 4.02% to Rs 425.50), and Mahindra & Mahindra (up 3.10% to Rs 565), also logged gains from auto pack.

Banking shares were mixed. HDFC Bank (up 3.94% to Rs 1231), and ICICI Bank (up 1.43% to Rs 703.20), gained. However Indias largest state-run ban in terms of net profit State Bank of India Bank lost 3.79% to Rs 1519.

Shares of state-run banks overturned after strong start. Vijaya Bank (down 3.66% to Rs 38.20), Andhra Bank (down 4.45% to Rs 59), Bank of India (down 2.96% to Rs 298.30), Bank of Baroda (down 5.94% to Rs 281), and Allahabad Bank (down 1.69% to Rs 64.10), declined.

Frontline telecom shares advanced. Bharti Airtel, the nations top mobile operator by revenue gained 3.62% to Rs 870. The company today, 6 August 2008, said it would launch Apple Inc's third-generation iPhone in India on 22 August 2008.

Indias number two cellular services provider in terms of market capitalisation Reliance Communications (RCom) was up 0.83% to Rs 445.90. According to recent reports, the company is all set to float a $500-million tender for GSM 3G networks. At present, RCom is predominantly a CDMA-based operator which is now looking at 3G services only in the GSM space.

Indias largest private sector firm by market capitalization and oil refiner Reliance Industries (RIL) advanced 0.66% at Rs 2291 on 14.07 lakh shares. The stock moved in a range of Rs 2348 and Rs 2282 so far during the day.

Oil and Natural Gas Corporation (ONGC), the countrys largest oil exploration company by market capitalisation gained 1.57% to Rs 1018.10. The company reportedly plans to scale up its gas production in Tripura and has revised the project cost to Rs 4376 crore from Rs 1817 crore.

Bharat Heavy Electricals jumped 2.97% to Rs 1822.90 after the company won first ever contract for supplying 800 mega watts supercritical boilers worth Rs 2,500 crore from Andhra Pradesh Power Development Company.

Larsen & Toubro, the countrys largest engineering and construction company in terms of sales, gained 2.11% to Rs 2756. The stock is trading 1:1 cum bonus.

Cement shares rose despite reports that they could find it difficult to raise prices when the moratorium on price freeze ends on 14 August 2008. Ambuja Cements (up 1.26% to Rs 88.50), Grasim (up 1.36% to Rs 2046), and ACC (up 3.82% to Rs 639.90), edged higher from the cement pack. In May 2008, cement firms had agreed to hold prices for three months to help the government contain skyrocketing inflation.

Indias fourth largest software services exporter Satyam Computer Services advanced 1.63% to Rs 406.15. As per reports, the company is pursuing 15-20 deals of over $50 million each and is eyeing buyouts in the Asia Pacific, US, and European continents.

TCS (up 2.91% to Rs 855), Hindustan Unilever (up 2.73% to Rs 246.60), and Wipro (up 1.63% to Rs 454.90) edged higher from Sensex pack.

Steel stocks declined for the second straight day on fears that the steel ministry would not allow steel producers to raise prices after an agreed 3-month freeze lapses on 8 August 2008.

Indias largest private sector steelmaker by sales, Tata Steel plunged 4.43% to Rs 646 on 21.68 lakh shares and was the top loser from the Sensex pack. The stock moved in a range of Rs 694.95 and Rs 642 during the day.

JSW Steel (down 4.93% at Rs 795.50), Bhushan Steel (down 3.32% at Rs 895) and Steel Authority of India (down 3.87% at Rs 145.50), slipped.

Indias third largest pharma company in terms of sales Cipla fell 1.11% to Rs 223.70 on reports Swiss drug major F Hoffmann-La Roche may move the Madras High Court against patent infringement of its HIV/AIDS drug Valcyte by Cipla. This would be a second suit by Roche against Cipla.

Indias largest power generation company in terms of revenue NTPC fell 1.10% to Rs 180.20. As per reports the company along with four international players would invest Rs 2500 crore in the next three years to generate 500 megawatts of power from renewable energy sources.

Reliance Infrastructure (down 3.19% to Rs 1010.15), and DLF (down 1.83% to Rs 543), edged lower from the Sensex pack.

HDFC, the countrys dedicated housing finance company in terms of revenue slipped 1.43% to Rs 2430. The stock came off sharply from days high of Rs 2585.

Reliance Natural Resources topped the turnover charts on BSE with turnover of Rs 374 crore followed by Reliance Capital (Rs 353 crore), Reliance Industries (Rs 327 crore), Larsen & Toubro (Rs 289.50 crore) and ICICI Bank (Rs 206.35 crore), in that order.

Reliance Natural Resources led the volumes chart on BSE clocking volumes of 3.60 crore shares followed by Ispat Industries (1.42 crore shares), Kashyap Technologies (1.28 crore shares), IFCI (1.10 crore shares) and IDFC (87.80 lakh shares), in that order.

Stocks of the sugar companies advanced on reports the government fixed lower-than-expected free sale sugar quota in August 2008 at 9 lakh tonnes. Triveni Engineering & Industries (up 13.25% to Rs 115), Sakthi Sugars (up 0.55% to Rs 110), Balrampur Chini (up 2.07% at Rs 93.60), Bajaj Hindustan (up 5.16% at Rs 181.50), and Shree Renuka Sugars (up 1.77% to Rs 135.40) spurted.

This move is likely to reduce the supply of sugar in the market, which will in turn drive up the price of sugar, ahead of the festival demand. Reports suggest that sugar prices in Maharashtra may spike in the first half of next year as output in the year ending September 2009 may fall by over 37%.

Shares of state-run oil marketing companies were mixed. Hindustan Petroleum Corporation (up 0.77% to Rs 236), and Indian Oil Corporation (up 1.59% to Rs 440.15), gained. However Bharat Petroleum Corporation lost 0.88% to Rs 333.30

Elecon Engineering Company jumped 6.38% to Rs 108.45 after the company said it has bagged five new orders aggregating to Rs 524.20 crore. The company made this announcement during trading hours today, 6 August 2008.

Geometric spurted 2.21% to Rs 55.50 after the company said it has signed a contract with Ford Motor Company to provide application management services for its engineering applications. The company made this announcement during trading hours today, 6 August 2008.

Hindustan Construction Company slipped 3.16% to Rs 99.60 even as the company said its joint venture has bagged an irrigation order worth Rs 1398.50 crore in Andhra Pradesh. The company made this announcement during trading hours today, 6 August 2008.

Phoenix Mills rose 2.28% at Rs 206.30 on reports its promoters are looking at divesting 15%-20% stake in the holding company to a strategic investor. The company management has already initiated talks with potential partners, including DLF, Reliance Capital and Indiabulls.

GMR Infrastructure fell 4.21% to Rs 101.15. As per reports the company is in the race for Russia's third-largest airport, Pulkovo Airport in St Petersburg, which has been put up by the Russian government for privatisation.

Meanwhile in a move that could boost stock markets, the ministry of finance is seriously looking at a proposal to make private provident funds, superannuation funds and gratuity funds that manage savings of employees of a number of corporate houses to appoint an asset management company or investment advisor to ensure that they deploy the savings of their employees efficiently. Guidelines on the same are expected soon.

The ministry also suggested doubling their exposure to the capital market from 5% and reducing their exposure to government securities from 40% to 35%.

US crude slumped $2.24 to $119.17 yesterday, 5 August 2008, after Tropical Storm Edouard hit the Texas coast without causing any major disruption to US energy operations.

European markets, which opened after Indian market, were trading higher. Key benchmark indices in UK, Germany and France were up by between 0.18% and 0.66%.

Asian markets, which opened before Indian market, edged higher today, 6 August 2008. Key benchmark indices in China, Taiwan, Singapore, South Korea, and Japan, were up by between 0.92% and 3.12%.

US stocks surged yesterday, 5 August 2008 after the Federal Reserve left interest rates unchanged and eased some of the market`s fears about the economy. The Dow Jones industrial average rose 331.62 points, or 2.94%, to 11,615.77. The Nasdaq Composite added 64.27 points, or 2.81%, to 2,349.83.

Market Closing Session - 5th Aug

2008-08-05T06:50:00.001-07:00

Frenzied buying in index pivotals tracking the US crude oil prices which slumped to 3-month low and firm European markets triggered a solid rally on the bourses despite a shaky start. The BSE Sensex almost kissed 15,000 mark in late trade. The S&P CNX Nifty surged past the 4,500 mark in late trade.

Interest rate sensitive sectors like realty, auto and banking shares were in forefront. Volatility was high throughout the day. The market breadth was strong. Total turnover on the bourses surged.

US crude oil dropped to a low of $118 per barrel in Asian trades today, a lowest level since 5 May 2008. US crude futures tumbled yesterday, 4 August 2008, as OPEC output rose for the third month in a row in July, outweighing concerns about Tropical Storm Edouard. On the New York Mercantile Exchange, September crude settled down $3.69 at $121.41 a barrel.

The BSE 30-share Sensex advanced 383.20 points or 2.63% to 14,961.07. It had opened 15.19 points lower at 14,562.68. At the days low of 14,529.21 hit in early afternoon trade, the Sensex lost 48.66 points. At the days high of 14,986.63 hit in late trade, the Sensex gained 408.76 points.

The S&P CNX Nifty surged 107.5 points or 2.45% at 4,502.85. It moved in a range of 4515.15 and 4376 during the day. Nifty August 2008 futures were at 4533.10, a premium of 30.25 points as compared to spot closing.

Total turnover on the bourses surged. NSE's futures & options (F&O) segment turnover was Rs 52,692.78 crore, which was higher than Rs 43,364.62 crore on Monday, 5 August 2008. Turnover on BSE amounted to Rs 6941 crore on BSE as compared to Rs 6,008.96 crore on Monday, 5 August 2008.

The market breadth was strong on BSE with 1764 shares advancing as compared to 940 that declined. 64 remained unchanged.

Among the 30-member Sensex pack, 28 advanced while only 2 of them slipped.

Auto stocks surged after crude oil prices hit $118 per barrel in Asian trades today, a lowest level since 5 May 2008.. Indias top small car maker in terms of sales Maruti Suzuki India galloped 8.36% to Rs 620 on 2.98 lakh shares. It was the top gainer from the Sensex pack.

Other auto shares Tata Motors (up 3.71% to Rs 410.95), Hero Honda Motors (up 4.12% to Rs 828), Ashok Leyland (up 10.69% to Rs 32.10), Bajaj Auto (up 10.68% to Rs 379.95), and Mahindra & Mahindra (up 5.26% to Rs 547), advanced.

Banking shares vaulted on intense buying in anticipation of reforms in the financial sector post the UPA Government winning the trust vote late last month. HDFC Bank (up 6.44% to Rs 1180), ICICI Bank (up 8.06% to Rs 692.10), and State Bank of India Bank (up 4.69% to Rs 1579.90), surged from the frontline banking pack.

Realty shares surged on fresh buying. DLF (up 7.94% to Rs 554.60), Parsvnath Developers (up 4.70% to Rs 127.05), HDIL (up 6.18% to Rs 507.50), and Indiabulls Real Estate (up 2.80% to Rs 312.05), also logged gains from the realty space.

Cement shares also joined the rally despite agreeing to maintain status quo on low monsoon demand, capacity addition. Cement companies, which agreed in May to hold prices for three months to help the government contain inflation, could find it difficult to raise rates when the moratorium ends on 14 August 2008.

Ambuja Cements (up 5.24% to Rs 87.30), Grasim (up 7.21% to Rs 2031), and ACC (up 5.50% to Rs 618), were the other gainers from cement pack.

National Thermal Power Corporation (NTPC), the countrys biggest power utility soared 4.03% to Rs 182.20 on reports that the firm has readied a $3-billion war chest for global buyouts.

Indias largest power equipment maker by sales, Bharat Heavy Electricals gained 3.55% to Rs 1755 after the company bagged an order worth Rs 2500 crore to supply 800-megawatt generators for a power plant in south India.

Indias number two cellular services provider in terms of market capitalisation Reliance Communications was up 0.67% to Rs 442.30. According to reports, the company is all set to float a $500-million tender for GSM 3G networks. At present, RCOM is predominantly a CDMA-based operator which is now looking at 3G services only in the GSM space.

IT pivotals made a comeback after yesterdays fall. TCS (up 2.17% to Rs 834), Infosys (up 1.28% to Rs 1677), Satyam Computer (up 1.11% to Rs 400.05), and Wipro (up 3.60% to Rs 446.30), edged higher.

Jaiprakash Associates (up 7.02% to Rs 186.75), HDFC (up 3.89% to Rs 2465), and Reliance Infrastructure (up 4.43% to Rs 1043) edged higher from Sensex pack.

Indias largest private sector firm by market capitalization and oil refiner Reliance Industries recovered from days low of Rs 2206.70. It was up 1.49% at Rs 2276 on 16.86 lakh shares.

Tata Steel, Indias largest private sector steelmaker by sales slumped 2.59% to Rs 673.80 on 27.03 lakh shares. The stock moved in a range of Rs 693 and Rs 655.50 during the day. It was the top loser from the Sensex pack. As per reports, the company has consolidated all its overseas assets including Corus under a new holding company, Tata Steel Global, to raise funds for its overseas expansion including future acquisitions. Tata Steel Global, based in Singapore with over $13 billion enterprise value, will raise funds for international acquisitions of smaller steel makers and mines.

Indias largest bulk drug market in terms of sales Ranbaxy slipped 2.07% to Rs 513.15. The company today, 5 August 2008, said that the open offer by the Japanese drug maker Daiichi Sankyo for acquiring an additional 20% stake in it will commence on 16 August 2008 from the earlier schedule of 8 August 2008. The offer would now expire on 4 September 2008, instead of the previously scheduled 27 August 2008.

Reliance Industries topped the turnover chart on BSE with a turnover of Rs 380 crore followed by Reliance Capital (Rs 360 crore), Reliance Natural Resources (Rs 288.50 crore), ICICI Bank (Rs 220 crore) and Essar Oil (Rs 203.65 crore), in that order.

Reliance Natural Resources led the volumes chart on BSE with volumes of 2.75 crore shares followed by Ispat Industries (2.07 crore shares), IFCI (1.27 crore shares), Reliance Petroleum (1.02 crore shares) and Kashyap Technologies (92.40 lakh shares) in that order.

State-run oil marketing companies advanced after crude oil prices hit $118 per barrel in Asian trades today, a lowest level since 5 May 2008. Hindustan Petroleum Corporation (up 3.65% to Rs 235.10), Bharat Petroleum Corporation (up 2.87% to Rs 337), and Indian Oil Corporation (up 1.77% to Rs 433.60), gained.

Stocks of the sugar companies advanced on reports the government fixed lower free sale sugar quota in August 2008 at 900,000 tonnes. Reports also suggested that sugar prices in Maharashtra may spike to over-two-year highs in the first half of next year as output in the year ending September 2009 may fall by over 37%.

Sakthi Sugars (up 2.44% to Rs 109.20), Balrampur Chini (up 1.89% at Rs 91.75), and Bajaj Hindustan (up 1.87% at Rs 172), spurted on the back of such reports.

Among the side counters, XL Telecom (up 20% to Rs 211.65), Sujana Industries (up 19.95% to Rs 14.49), and Rama Paper (up 19.94% to Rs 20.75), surged.

Moschip Semiconductor (down 8.79% to Rs 17.65), Jai Balaji (down 9.35% to Rs 308), and Trigyn Tech (down 8.36% to Rs 20.50), slumped.

Thermax jumped 4.18% to Rs 470, extending previous day's gain after the company bagged an order worth Rs 415 crore for setting up a captive power plant for a leading steel making company. The company made this announcement during trading hours on Monday, 4 August 2008 when the stock settled 3.33% higher at Rs 451.15.

i-flex Solutions rose 2.37% to Rs 1450 after the company said China-based Taizhou City Commercial Bank has selected its banking suit Flexcube for internet banking platform. The company made this announcement before trading hours on Tuesday, 5 August 2008.

Sesa Goa plunged 6% to Rs 3335 on reports the Centre is considering a proposal to bring iron ore under price control in an attempt to check steel prices.

European markets, which opened after Indian markets, extended early gains. Key benchmark indices in UK, France and Germany were up by between 1.24% and 2.01%. In a crucial event, the US Federal Reserve meets after Indian market hours today to decide on interest rates.

Asian markets, which opened before Indian market, settled lower today, 5 August 2008. Key benchmark indices in China, Hong Kong, Japan, Taiwan, Singapore, and South Korea were down by between 0.49% and 2.51%.

US stocks fell yesterday, 4 August 2008, as shares of energy and commodity-related companies tumbled on falling oil and metals prices and investors worried the housing slump could fuel further losses at financial companies. The Dow Jones Industrial Average fell 42.17 points, or 0.37%, to 11,284.15, the Standard & Poor's 500 Index slid 11.30 points, or 0.9% to 1,249.01, while the Nasdaq Composite Index dropped 25.40 points, or 1.10%, to 2,285.56.

Back home, key indices ended lower in a turbulent session yesterday, 4 August 2008. The BSE Sensex slipped 78.82 points or 0.54% to 14,577.87 and the NSE Nifty shed 18 points or 0.41% to 4395.35.

Meanwhile, international credit rating agency Moodys Corporation has cautioned that they might be looking at revising Indias rating downward. This is the second rating agency other than S&P that has given out a red flag on Indias economic fundamentals.

Market Closing Session - 1st Aug

2008-08-01T07:25:00.000-07:00

The market extended a recovery witnessed recently, with the Sensex surging 865.15 points in the last three trading sessions. The market, which had opened weak on subdued global cues completely changed the course, ending near the day's high today. The rally gathered steam in late trade after United Nations nuclear watchdog chief Mohamed ElBaradei today said a basic inspection plan for India met all safeguards standards. Members of International Atomic Energy Agency's (IAEA) board of governors will be voting on the India-specific nuclear safeguard agreement, a key step in operationalisation of the Indo-US nuclear deal.

Index heavyweight Reliance Industries surged. Oil & gas, capital goods, power stocks gained. Jaipraksh Associates gained more than 8.5%. State Bank of India and HDFC jumped more than 5.5% each. Bharat Heavy Electricals and Reliance Infrastructure surged more than 4.5% each.

Reliance Communications (RCom) dipped more than 12% on disappointing Q1 results. The market breadth turned positive from earlier weak breadth.

Finance Minister P Chidambaram today said interest rates may moderate in six to 12 months. A number of public sector and private sector banks have raised lending rates and deposit rates after the Reserve Bank of India, early this week, raised repo rate by 50 basis points to 9% and cash reserve ratio by 25 basis points to 9%, at its quarterly policy review.

Telecom minister A Raja today said the government will hold a global auction for high-speed third-generation (3G) mobile services and have five operators initially. India has 60 MHz of 3G spectrum available, and will allow both GSM and CDMA 3G services, he said.

The 30-share BSE Sensex jumped 300.94 points or 2.1% at 14,656.69. Sensex rose 326.58 points at the day's high of 14,682.33 hit in late trade. At the days low of 14,032.87, the Sensex lost 322.88 points in early trade. The initial sharp fall was due to weak global cues.

The barometer index BSE Sensex is down 5,630.3 points or 27.75% in the calendar year 2008 so far from its close of 20,286.99 on 31 December 2007. It is 6,550.08 points or 30.88% away from its all-time high of 21,206.77 struck on 10 January 2008.

The broader based S&P CNX Nifty was up 80.6 points or 1.86% at 4,413.55. Nifty August 2008 futures were at 4435, at a premium of 21.45 points as compared to spot closing of 4413.55.

The BSE clocked the turnover of Rs 6725 crore today as compared to Rs 5,091.04 crore on Thursday, 31 July 2008. NSE's futures & options (F&O) segment turnover was Rs 48,778.01 crore, which was lower than Rs 64,640.25 crore on Thursday, 31 July 2008.

The market breadth turned positive compared to weak breadth earlier in the day. 1,551 shares advanced on BSE as compared to 1108 that declined. 73 remained unchanged.

Among the 30-member Sensex pack, 22 gained while the rest declined.

As per the provisional figures on BSE, the foreign institutional investors sold shares worth Rs 587.28 crore and domestic funds bought shares worth Rs 396.34 crore today.

The BSE Mid-Cap index rose 1.35% to 5,642.74 and BSE Small-Cap index rose 0.97% to 6,980.10. Both these indices underperformed Sensex.

BSE Capital Goods index (up 3.84% to 12,132), Power index (up 3.4% to 2,661.75), BSE PSU index (up 3.27% to 6,925.52), BSE Oil & Gas (up 3.26% to 10,047.86), BSE Bankex (up 3.26% to 6,728.56), BSE IT index (up 2.99% to 3,800.06), BSE Metal index (up 2.62% to 13,250.31), BSE BSE Realty index (up 2.37% to 5,199.20) outperformed Sensex.

BSE FMCG index (down 0.8% to 2,121.96), BSE Auto index (down 0.63% to 3,656.49), BSE Teck index (up 0.63% to 3,019.32), BSE HealthCare (up 0.69% to 4,190.84), BSE Consumer Durables index (up 0.71% to 3,712.19), underperformed Sensex.

Indias largest private sector firm by market capitalization and oil refiner Reliance Industries (RIL) rose 4.24% to Rs 2,299.75. It recovered from sessions low of Rs 2,160.

PSU banks rose. Indian Bank (up 8.39% to Rs 104.05), Bank of Baroda (up 7.98% to Rs 275.90), State Bank of India (up 6.05% to Rs 1,500.30), Punjab National Bank (up 7.16% to Rs 483.55), IDBI Bank (up 5.27% to Rs 78.90), Bank of India (up 6.17% to Rs 288.25), Canara Bank (up 7.07% to Rs 196.75) edged higher.

Union finance minister P Chidambaram on Thursday said the government will carry out all reform measures that do not require parliamentary approval. At the same time, he asserted that the three overarching bills for financial sector reformsthe Banking Regulation (Amendment) Bill, 2005; the Insurance Bill seeking to raise the foreign direct investment (FDI) cap from 26% to 49% and the Pension Fund Regulatory and Development Authority Bill, 2005would be passed by Parliament within the governments term.

Capital goods stocks rose. Larsen & Toubro (up 3.45% to Rs 2,692.40) , Bharat Heavy Electricals (up 4.61% to Rs 1,756.50) and Suzlon Energy (up 7.14% to Rs 238.70) edged higher.

Power stocks rose ahead of the IAEA meet. Reliance Infrastructure (up 4.71% to Rs 1,010.60), PowerGrid Corporation of India (up 2.85% to Rs 97.45), NTPC (up 3.67% to Rs 176.70), Reliance Power (up 2.78% to Rs 169.90) edged higher.

OiI & gas stocks rose. BPCL (up 2.28% to Rs 334.75), HPCL (up 2.05% to Rs 224.45), Indian Oil Corporation (up 3.38% to Rs 416.90), Reliance Petroleum (up 2.58% to Rs 168.95), ONGC (up 0.08% to Rs 996.85) edged higher. On Thursday, 31 July 2008, the front-month US crude oil contract settled at $124.08, down $2.69 for the day and off sharply from a record above $147 a barrel on 11 July 2008.

The worlds sixth largest steel maker Tata Steel rose 3.92% to Rs 680.65. It recovered from its lows of Rs 635. On the back of higher prices and strong volume growth, Tata Steel on Thursday reported 22% growth in net profit to Rs 1488 crore on 46% growth in net sales to Rs 6165 crore in Q1 June 2008 over Q1 June 2007. The company said the profitability was impacted by an exchange loss of Rs 303.40 crore on its overseas bonds due to fall in rupee against the dollar.

India's largest-listed realty firm, DLF declined 2.13% to Rs 520.15. It recovered from sessions lows of Rs 480. On Thursday it reported 23% growth in consolidated net profit to Rs 1864 crore on 23.2% growth in total revenue to Rs 3846 crore in Q1 June 2008 over Q1 June 2007. Unitech (down 0.64% to Rs 162.50) and Indiabulls Real Estate (down 1.24% to Rs 282.50) edged lower.

Indias largest car maker by sales Maruti Suzuki India fell 2.5% to Rs 560.50 on reporting 1.09% rise in vehicle sales to 58,543 units in July 2008 over July 2007.

Indias largest private secor bank by net profit ICICI Bank rose 1.14% to Rs 642.10. It recovered from session's low of Rs 610. ICICI Bank on Thursday said it has hiked lending and deposit rates.

Indias largest dedicated mortgage firm by operating income HDFC rose 5.51% to Rs 2,402.50. It recovered from sessions lows of Rs 2,195.On Thursday, 31 July 2008, HDFC said it has hiked its floating interest rates on home loans for both existing and new customers with effect from Friday, 1 August 2008.

Indias second largest telecom services provider by sales Reliance Communications fell 12.65% to Rs 436.80. On Thursday it reported 23.9% growth in consolidated net profit to Rs 1512 crore on 23.7% growth in revenue to Rs 5322 crore in Q1 June 2008 over Q1 June 2007. This is the slowest profit growth for the company in nine quarters.

Tata Power Company (down 3.76% to Rs 1,116.50), Hindustan Unilever (down 1.9% to Rs 235.15), ACC (down 1.33% to Rs 576.50), ITC (down 0.05% to Rs 187.70), edged lower from the Sensex pack.

Jaiprakash Associates (up 8.67% to Rs 170.45), Wipro (up 3.99% to Rs 432.60), Infosys (up 3.59% to Rs 1,640.10), Satyam Computer Services (up 2.85% to Rs 391.15) edged higher form Sensex pack.

Reliance Natural Resources clocked the highest volume of 3.78 crore shares on BSE. IFCI (2.28 crore shares), Ispat Industries (2.04 crore shares), Cybermat Infotek (2.02 crore shares) and Reliance Communications (1.44 crore shares) were the other volume toppers in that order.

Reliance Communications clocked the highest turnover of Rs 631.04 crore on BSE. Reliance Natural Resources (Rs 375.37 crore), Reliance Capital (Rs 347.75 crore), Reliance Industries (Rs 297.09 crore) and Larsen & Toubro (Rs 186.91 crore) were the other turnover toppers in that order.

The wholesale price index rose 11.98% in the 12 months to 19 July 2008, above the previous week's reading of 11.89%, data released after market hours yesterday, 31 July 2008 showed.

European markets opened weak Frances CAC 40, Germanys DAX and UKs FTSE 100 fell between 0.34% to 0.94%.

Asian markets were trading mixed after weak start today, 1 August 2008. Japan's Nikkei, Taiwan's Taiwan Weighted, Singapore's Straits Times, and South Korea's Seoul Composite fell between 0.31% to 2.11%. China's Shanghai Composite rose 1.33% while Hong Kong's Hang Seng rose 0.58%.

US markets tumbled yesterday, 31 July 2008 after disappointing economic data dampened sentiment. Federal Reserve Chairman Alan Greenspan's statement that a slowing global economy may push the United States into recession and that US housing market crisis is nowhere near the bottom added to the bearish mood. The Dow plunged 205.67 points, or 1.78%, to 11,378.02. The Standard & Poor's 500 index declined 16.88 points, or 1.31%, to 1,267.38, while the Nasdaq lost 4.17 points, or 0.18%, to 2,325.55.

Market Closing Session - 31st July

2008-07-31T08:10:00.000-07:00

The key benchmark indices extended yesterday (30 July 2008)s sharp gains ending marginally higher amidst volatility as futures & options contracts for July 2008 series expired today. However, the market breadth turned negative from earlier strong breadth. Crude oil surged by more than $4 a barrel yesterday, 30 July 2008. Tata Power Company and Tata Steel rose close to 4%.

Banking shares were mixed ahead of the inflation data for 12 months to 19 July 2008 to be released after trading hours today, 31 July 2008. Metal stocks gained. Healthcare and IT stocks fell.

The 30-share BSE Sensex rose 68.54 points or 0.48% at 14,355.75. At the days low of 14,161.76, the Sensex lost 125.45 points in afternoon trade. Sensex hit a high of 14,369.59 in late trade. At the day's high, the Sensex rose 82.38 points.

The broader based S&P CNX Nifty was up 19.40 points or 0.45% to 4,332.95. Nifty August 2008 futures were at 4337, at a premium of 4.05 points as compared to spot closing of 4332.95.

The BSE clocked the turnover of Rs 5,047 crore as compared to Rs 5,353.99 crore on 30 July 2008. NSE's futures & options (F&O) segment turnover was Rs 64,640.25 crore, which was higher than Rs 58,543.91 crore on Wednesday, 30 July 2008.

The barometer index BSE Sensex is down 5,931.24 points or 29.23% in the calendar year 2008 so far from its close of 20,286.99 on 31 December 2007. It is 6,851.02 points or 32.3% away from its all-time high of 21,206.77 struck on 10 January 2008.

The market breadth turned negative from earlier strong breadth with 1,296 shares advancing as compared to 1,326 that declined on BSE. 75 remained unchanged.

Among the 30-member Sensex pack, 16 gained while the rest declined.

The BSE Mid-Cap index fell 0.24% to 5,567.37 and BSE Small-Cap index declined 0.21% to 6,912.79. Both these indices underperformed Sensex.

BSE Metal index (up 1.68% to 12,912.61), BSE Oil & Gas (up 1.27% to 9,729.48), BSE Power index (up 0.78% to 2,574.27), BSE Realty index (up 0.74% to 5,079.01), BSE Consumer Durables index (up 0.73% to 3,685.84), BSE Capital Goods index (up 0.48% to 11,683.80) outperformed Sensex.

BSE HealthCare (down 1.09% to 4,162.03), BSE Teck index (down 0.99% to 3,000.41), BSE IT index (down 0.87% to 3,689.57), BSE Bankex (down 0.1% to 6,516.41), BSE Auto index (up 0.18% to 3,679.51), BSE FMCG index (up 0.28% to 2,139.18), BSE PSU index (up 0.44% to 6,706.14), underperformed Sensex.

As per the provisional figures on BSE, foreign institutional investors (FII)'s bought shares worth Rs 494.87 crore and domestic funds bought shares worth Rs 320.57 crore today, 31 July 2008.

Indias largest private sector firm by market capitalization and oil refiner Reliance Industries (RIL) rose 1.99% to Rs 2,206.20.

IT stocks fell. Infosys (down 1.2% to Rs 1,583.30), Tata Consultancy Services (down 0.72% to Rs 832.55) and Wipro (down 1.53% to Rs 416) edged lower. Indias third largest IT exporter by sales Satyam Computer Services was flat at Rs 380.30.

Healthcare stocks fell. Cipla (down 0.61% to Rs 218.70), Dr Reddys Laboratories (down 2.78% to Rs 569.20), Wochardt (down 2.48% to Rs 186.85) edged lower. Indias largest drugmaker by sales Ranbaxy rose 1.29% to Rs 439.10.

Metal stocks rose. Hindalco Industries (up 0.68% to Rs 141.10), Steel Authority of India (up 3.42% to Rs 140.70), Sterlite Industries (up 1.5% to Rs 631.80) and Tata Steel (up 3.95% to Rs 654.95) edged higher.

Banking shares were mixed ahead of the weekly inflation data, to be released after market hours today, 31 July 2008. Indias largest private sector bank by net profit ICICI Bank declined 0.07% to Rs 634.85. Indias largest commercial bank State Bank of India rose 2.03% to Rs 1,414.75.

HDFC Bank, India's second largest private sector bank in terms of operating income, rose 0.25% to Rs 1,095.25.

Grasim Industries (down 2.78% to Rs 1,800.45), Bharti Airtel (down 2.46% to Rs 790), Maruti Suzuki India (down 2.36% to Rs 574.90), edged lower from Sensex pack.

Tata Power Company (up 4% to Rs 1,160.10), DLF (up 3.79% to Rs 509.30), Mahindra & Mahindra (up 1.37% to Rs 520.55), NTPC (up 0.79% to Rs 172.25), Ranbaxy Laboratories (up 1.29% to Rs 499.10), edged higher from Sensex pack.

Tata Motors, the countrys top truck manufacturer in terms of sales lost 3.13% to Rs 403.25 after the company reported 30.10% fall in net profit to Rs 326.11 crore on 14.40% rise in net sales to Rs 6928.44 crore in Q1 June 2008 over Q1 June 2007. The company announced the results during trading hours yeserday, 30 July 2008, when the stock had risen 4.91% to Rs 416.30.

Indias largest cigarette maker in terms of sales ITC was flat at Rs 187.80. After market hours yesterday, 30 July 2008, the company reported 4% drop in net profit at Rs 748.67 crore on 18% growth in net turnover to Rs 3,900 crore in Q1 June 2008 over Q1 June 2007. The drop in net profit was attributed to the increase in excise duties on non-filter cigarettes in the Union Budget 2008, steep rise in commodity prices and store rentals.

Reliance Natural Resources clocked the highest volume of 3.72 crore shares on BSE. Birla Cotsyn (1.79 crore shares), Iapat Industries (1.3 crore shares), Kashyap Technologies (88.35 lakh shares) and Chambal Fertilisers and Chemicals (83.17 lakh shares) were the other volume toppers in that order.

Reliance Natural Resources clocked the hoghest turnover of Rs 370.34 crore on BSE. Reliance Capital (Rs 344.41 crore), Reliance Industries (Rs 182.77 crore), Tata Steel (Rs 163.03 crore) and SEL Manufacturing (Rs 151.18 crore) were the other turnover toppers in that order.

On the New York Mercantile Exchange, September 2008 crude surged $4.58, or 3.75%, to $126.77 a barrel yesterday, 30 July 2008 after data showed a surprise drawdown in gasoline stocks last week.

US markets surged yesterday, 30 July 2008 after encouraging jobs data and the central bank's attempts at boosting liquidity in the financial markets offset a surge in oil prices. The Dow Jones jumped 186.13 points, or 1.63%, to 11,583.69. The Standard & Poor's 500 index rose 21.06 points, or 1.67%, to 1,284.26, and the Nasdaq Composite index advanced 10.10 points, or 0.44%, to 2,329.72.

European markets which opened after Indian market were positive. Frances CAC 40, Germanys DAX and UKs FTSE 100 were down by between 0.64% to 1.11%.

Asian markets were trading mixed today, 31 July 2008. Key benchmark indices in China and Taiwan were down by between 0.65% and 1.25%. However, indices in Hong Kong, Japan Singapore and South Korea were up by between 0.07% and 1.08%.

Back home, rally in global equities and fall in oil prices aided a rebound on the domestic bourses yesterday, 30 July 2008. The 30-share BSE Sensex jumped 495.67 points or 3.59% at 14,287.21 and the broader based S&P CNX Nifty jumped 123.70 points or 2.95% at 4,313.55, on that day.

Market Closing Session - 28th July

2008-07-28T07:03:00.001-07:00

The key benchmark indices snapped Friday (25 July 2008)s heavy fall to score marginal gains. However, trade was cautious ahead of the Reserve Banks monetary policy review scheduled tomorrow, 29 July 2008.

Reliance Industries (RIL) recovered after weak start. Banking stocks were mixed ahead of the monetary policy review by the central bank. Capital goods and oil & gas stocks edged higher. Asian markets, which opened before Indian market, were mostly in green. European markets, which opened after Indian market, were trading in red.

The 30-share BSE Sensex gained 74.17 points or 0.52% higher at 14,349.11. Sensex gained 145.66 points at days high of 14,420.60 hit in early afternoon trade.

The market had opened lower dampened by serial blasts in Bangalore and Ahmedabad, which rocked the nation late last week. Sensex lost 55.56 points at the days low of 14,219.38, hit in early trade.

The broader based S&P CNX Nifty rose 20.25 points or 0.47% at 4,332.10.

The barometer index BSE Sensex is down 5,937.88 points or 29.26% in the calendar year 2008 so far from its close of 20,286.99 on 31 December 2007. It is 6,857.66 points or 32.33% away from its all-time high of 21,206.77 struck on 10 January 2008.

Nifty July 2008 futures were at 4338.50, at a premium of 6.40 points as compared to spot closing of 4332.10.

The BSE clocked a turnover of Rs 4596 crore today, 28 July 2008 as compared to a turnover of Rs 5,866.95 on Friday, 25 July 2008.

NSE's futures & options (F&O) segment turnover was Rs 45,000.90 crore, which was lower than Rs 53,163.45 crore on Friday, 25 July 2008.

The BSE Mid-Cap index was up 1.04% to 5,630.78 and the BSE Small-Cap index was up 1.98% to 6,912.98.

The market breadth was positive on BSE with 1,767 shares advancing as compared to 848 that declined. 77 remained unchanged.

As per the provisional figures on BSE, the foreign institutional investors (FII)'s sold shares worth Rs 721.90 crore while domestic funds bought shares worth Rs 456.67 crore today,28 July 2008.

BSE Oil & Gas (up 1.56% to 9,652.90), BSE Capital Goods index (up 1.44% to 11,906.81), BSE Consumer Durables index (up 1.02% to 3,660.72), BSE Realty index (up 1% to 5,079.12), BSE PSU index (up 0.75% to 6,724.42) outperformed Sensex.

BSE Metal index (down 1% to 12,366.6.72), BSE Power index (down 0.29% to 2,579.81), BSE IT index (down 0.12% to 3,606.81), BSE Auto index (down 0.06% to 3,723.80), BSE Bankex (up 0.15% to 6,761.82), BSE Teck index (up 0.29% to 2,981.88), BSE HealthCare (up 0.39% to 4,202.67) and BSE FMCG (up 0.5% to 2,135.11) underperformed Sensex.

Indias largest private sector firm by market capitalization and oil refiner Reliance Industries rose 1.48% to Rs 2,179.10. The stock came off from the session's low of Rs 2,105.55. Earlier in the day, the stock had extended a sharp fall witnessed on Friday, 25 July 2008, after its Q1 June 2008 results disappointed investors.

Power stocks were mixed. Power Grid Corporation of India (down 1.06% to Rs 98.10), NTPC (down 1.44% to Rs 184.80) edged lower while Reliance Infrastructure (up 0.24% to Rs 987.05) and Reliance Power (up 0.21% to Rs 169.20) edged higher.

Metal stocks fell. Steel Authority of India (down 1.4% to Rs 137.30), National Aluminum Company (down 3.06% to Rs 428.75), Tata Steel (down 2.26% to Rs 603.95) edged lower.

Capital Goods stocks rose. Indias largest engineering and construction firm by sales Larsen & Toubro rose 3.73% to Rs 2,723.55. L&T reported 33.32% growth in net profit to Rs 502.44 crore on 50.63% rise in total income to Rs 7,103.26 crore in Q1 June 2008 over Q1 June 2007. It announced the result during the market hours today.

Indias largest wind turbine maker by sales Suzlon Energy rose 1.09% to Rs 213.75 while Indias largest electric equipment maker by sales Bharat Heavy Electricals declined 0.37% to Rs 1,665edged higher.

Oil & Gas stocks rose. BPCL (up 1.86% to Rs 325.70), HPCL (up 0.22% to Rs 230.20), Reliance Petroleum (up 1.72% to Rs 162.75) edged higher.

Banking stocks were mixed ahead of Reserve Bank of India (RBIs) monetary policy review scheduled tomorrow 29 July 2008. Indias largest private sector bank in terms of net profit ICICI Bank rose 1% to Rs 663.45. The banks net profit declined 6% to Rs 728 crore on 1.6% growth in total income to Rs 9429.98 crore in Q1 June 2008 over Q1 June 2007. Treasury losses and slower growth in advances have taken a toll on ICICI Banks profits for the first quarter of the current financial year.

Indias second largest private sector bank by sales HDFC Bank was flat at Rs 1127.05 after the bank reported 44.55% jump in net profit to Rs 464.35 crore on 59.56% spurt in total income to Rs 4215.15 crore in Q1 June 2008 over Q1 June 2007. HDFC Bank said the results were not comparable due to merger of Centurion Bank of Punjab with the bank. HDFC Bank announced the result today during the market hours.

Axis Bank (down 2.15% to Rs 697.20) and Allahabad Bank (down 0.32% to Rs 61.70) edged lower.

Indias largest commercial bank State Bank of India (SBI) declined 2.12% to Rs 1,418.05. The banks net profit rose 15% to Rs 1640.79 crore on 32.4% growth in total income to Rs 16203.07 crore in Q1 June 2008 over Q1 June 2007.

Indias largest FMCG major by sales Hindustan Unilever declined 0.56% to Rs 230.90. Net profit of Hindustan Unilever fell 0.06% to Rs 558.18 crore on 21.09% growth in sales to Rs 4215.67 crore in Q2 June 2008 over Q2 June 2007. The company announced the results at the fag end of the trading session on Friday, 25 July 2008.

Sterlite Industries declined 3.47% to Rs 582.25 and Tata Power Company rose 3.5 6% to Rs 1,051.60. Sterlite Industries and Tata Power Company will replace Ambuja Cement and Cipla in Sensex from today, 28 July 2008. Cipla declined 1.17% to Rs 222.95.

Sterlite Industries' net profit rose 77.67% to Rs 357.93 crore on 0.73% fall in total income to Rs 3,142.6 crore in Q1 June 2008 over Q1 June 2007. It announced the result during trading hours today.

Ambuja Cement fell 0.37% to Rs 81.80. Net profit of Ambuja Cements declined 32.51% to Rs 577.02 crore on 8.20% growth in sales to Rs 1569.77 crore in the quarter ended June 2008 over the quarter ended June 2007.

Ranbaxy Laboratories (up 2.6% to Rs 493.75), ACC (up 3.34% to Rs 593.45), ONGC (up 3% to Rs 1,012.50), Reliance Communications (up 1.82% to Rs 512.25), and edged higher from Sensex pack.

Reliance Natural Resources clocked the highest volume of 1.68 crore shares on BSE. Ispat Industries (1.58 crore shares), Himachal Futuristic Communications (93.93 lakh shares), IFCI (88.73 lakh shares) and Mangalore Refinery and Petrochemicals (79.93 lakh shares) were the volume toppers in that order.

Larsen & Toubro clocked the highest turnover of Rs 294.76 crore on BSE. Reliance Industries (Rs 262.66 crore), Reliance Capital (Rs 197.62 crore), Housing Development and Infrastructure (Rs 189.08 crore) and Reliance Natural Resources (Rs 161.34 crore) were other turnover toppers in that order.

Expiry of futures & options contracts for July 2008 series is on Thursday, 31 July 2008. As per reports, marketwide rollover of positions from July 2008 series to August 2008 series stood at 19%, while that of Nifty was 24%, as of Friday 25 July 2008.

In Europe, Frances CAC, UKs FTSE 100 and Germanys DAX were down by between 0.33% to 1.26%.

Asian markets were trading higher today, 28 July 2008. China's Shanghai Composite, Japan's Nikkei, South Korea's Seoul Composite, rose between 0.02% to 1.32%. Singapore's Strait Times and Hong Kong's Hang Seng fell between 0.29% to 0.44%.

US markets advanced on Friday, 25 July 2008 on better than expected economic of durables, new home sales and consumer sentiment eased concerns of economic slowdown. The Dow Jones rose 21 points at 11,370 while the Nasdaq Composite gained 30 points to 2,310. The S&P 500 index climbed 5.22 points at 1257.76.

Back home, the markets had cracked on Friday, 25 July 2008 on weak global cues and profit booking by investors after a recent sharp surge in a short span. The 30-share BSE Sensex fell 502.07 points or 3.40% at 14,274.94 and the broader based S&P CNX Nifty slipped 121.7 points or 2.74% at 4311.85, on that day.

Market Closing Session - 25th July

2008-07-26T08:24:00.000-07:00

The market slumped today after reports filtered of seven blasts in Bangalore in afternoon. Weak global cues and profit booking by investors after a recent sharp surge in a short span also weighed on the indices. Index pivotals ICICI Bank and Reliance Industries plunged.

As per provisional data released by the stock exchanges after trading hours, foreign funds today, 25 July 2008, sold shares worth a net Rs 565.73 crore. Domestic funds sold shares worth a net Rs 302.41 crore.

The 30-share BSE Sensex fell 502.07 points or 3.40% at 14,274.94. The index lost 566.38 points at the day's low of 14,210.63, hit in late trade. Sensex lost 292.62 points at the day's high of 14,484.39, hit in early trade.

The broader based S&P CNX Nifty slipped 121.7 points or 2.74% at 4311.85. Nifty July 2008 futures were at 4441.90, at a premium of 13.45 points as compared to spot closing.

US stocks declined sharply on Thursday, 24 July 2008, after a report showing yet another drop in US home sales prompted investors to take profits in financial shares, which had rallied over the past week. The Dow Jones industrial average fell 283.10 points, or 2.43%, to close at 11,349.28. The Standard & Poor's 500 Index slid 29.65 points, or 2.31%, to 1,252.54, while the Nasdaq Composite Index shed 45.77 points, or 1.97%, to 2,280.11.

One person was killed and several persons have been injured in seven blasts in the outskirts of Bangalore today afternoon. Although the police have not yet been able to ascertain the cause of the blast, reports suggest that it may be an act of terror.

Oil rose above $126 a barrel on Friday, 25 July 2008, extending a rebound a day earlier that helped stem a nearly two-week dive as buyers crept back into the market before the weekend, superceding lingering demand worries. Crude oil for September delivery was at $126.35 a barrel, up 86 cents, on the New York Mercantile Exchange (NYMEX) at 16:56 IST.

European markets, which opened after Indian market, were in red. Key benchmark indices in UK, France and Germany were down 0.90% to 1.48%. Asian markets, which opened before Indian market, dropped. Key benchmark indices in Hong Kong, Japan, South Korea, China and Singapore were down by between 1.50% to 1.97%.

The BSE Mid-Cap index fell 0.15% to 5,572.59 and the BSE Small-Cap index was down 0.25% to 6,778.78. Both these indices outperformed the Sensex.

The barometer index BSE Sensex is down 6012.05 points or 29.63% in the calendar year 2008 so far from its close of 20,286.99 on 31 December 2007. It is 6931.83 points or 32.68% away from its all-time high of 21,206.77 struck on 10 January 2008.

The market breadth was negative on BSE with 1154 shares advancing as compared to 1460 that declined. 77 remained unchanged.

BSE clocked a turnover of Rs 5834 crore as against Rs 7,445.07 on Thursday, 24 July 2008. NSE's futures & options (F&O) segment turnover was Rs 53,163.45 crore, which was lower than Rs 58129.42 crore on Thursday, 24 July 2008.

Indias largest private sector bank by assets ICICI Bank slumped 9.62% to Rs 656.85 after its American depository receipt (ADR) fell more than 10% in the US market yesterday. The stock is witnessing a major selling pressure since Thursday, 24 July 2008 after it rose nearly 42% to Rs 738.25 in just five trading session to Wednesday, 23 July 2008 from Rs 519.60 on 16 July 2008. The stock lost 1.55% on Thursday, 24 July 2008.

Indias largest private sector firm by market capitalization and oil refiner Reliance Industries slipped 6.90% to Rs 2147.35 after the company met forecasts with a 13% rise in quarterly profit, but analysts were still disappointed after four quarters of 20%-plus earnings growth. The firm posted 13.2% growth in net profit to Rs 4,110 crore on a 41% growth in turnover to Rs 41,805 crore in Q1 June 2008 over Q1 June 2007. Nearly 95% of the increase in turnover was due to increase in prices, with volume increases accounting for the rest, said a press release from the company.

Other major Sensex losers were, HDFC Bank (down 7.17% at Rs 1127.15), Housing Development Finance Corporation (down 5.66% at Rs 2221.55), Jaiprakash Associates (down 4.50% at Rs 163.45), ONGC (down 4.31% at Rs 983), and Bharat Heavy Electricals (down 4.01% at Rs 1654.90).

Top Sensex gainers were, Ranbaxy Laboratories (up 3.12% at Rs 481.25), ACC (up 2.41% at Rs 574.25), Hindustan Unilever (up 1.91% at Rs 232.20), Grasim Industries (up 0.70% at Rs 1842.95), and Satyam Computer (up 1.41% at Rs 374.55).

Banking shares dropped. Axis Bank (down 6.44% at Rs 712.50), Canara Bank (down 4.06% at Rs 183.15), Yes Bank (down 3.41% at Rs 127.35), Kotak Mahindra Bank (down 3.35% at Rs 559.65), and State Bank of India (down 2% at Rs 1448.75), slipped. The BSE Bankex underperformed the Sensex, falling 5.75% to 6,751.86.

Oil & gas stocks declined sharply after crude oil prices bounced back from recent low. Reliance Petroleum (down 4.52% at Rs 159.65), GAIL (India) (down 2.64% at Rs 366.65), Reliance Natural Resources (down 3.34% at Rs 95.50 ), Cairn India (down 1.09% at Rs 221.85), and HPCL (down 0.20% at Rs 229.70), slipped. The BSE Oil & Gas index underperformed the Sensex, falling 5.08% to 9,504.42.

Realty shares slipped. Indiabulls Real Estate (down 10.21% at Rs 294.65), Housing Development & Infrastructure (down 6.20% at Rs 473), and DLF (down 3.24% at Rs 490.75), declined. The BSE Realty index underperformed the Sensex, falling 3.84% to 5,029.06.

Mangalore Refinery & Petrochemicals jumped 16.07% to Rs 67.45 after its net profit surged 129.4% to Rs 845.39 crore on a 42.9% increase in sales to Rs 10662.46 in Q1 June 2008 over Q1 June 2007. The firm declared the results during market hours today.

Container handler Gateway Distriparks rose 0.53% to Rs 85.15 after its board approved buyback of shares at a price not exceeding Rs 110 per share for an aggregate amount of Rs 64 crore.

Media firm TV Today Network surged 12.64% to Rs 107.80 after the company said its board will meet on 31 July 2008 to consider buyback of equity shares.

Chemicals maker Balaji Amines was locked at 20% upper limit at Rs 120.20 after the company posted 67.2% rise in net profit to Rs 5.15 crore on 48.6% increase in net sales to Rs 73.08 crore in Q1 June 2008 over Q1 June 2007.

Reliance Industries clocked the highest turnover of Rs 443.93 crore on BSE. Reliance Capital (Rs 374.65 crore), Reliance Natural Resources (Rs 321.39 crore), Reliance Petroleum (Rs 195.87 crore), and Reliance Infrastructure (Rs 166.42 crore), were the other turnover toppers on BSE in that order.

Reliance Natural Resources reported the highest volume of 3.34 crore shares. Ispat Industries (1.76 crore shares), Mangalore Refinery & Petrochemicals (1.41 crore shares), Nagarjuna Fertilizers & Chemicals (1.39 crore shares), and Chambal Fertilizers & Chemicals (1.23 crore shares), were the other volume toppers on BSE in that order.

Inflation based on the wholesale price index rose 11.89% in 12 months to 12 July 2008, a tad lower than previous week's annual rise of 11.91%, government data released. Although, the annual inflation rate held just below previous weeks level the rate has not cooled enough to banish expectations of monetary tightening next week, reports suggest. The Reserve Bank of India (RBI) holds a review on Tuesday, 29 July 2008 and market expects it to raise the key lending rates to cool effects of higher fuel prices.

Market Closing Session - 15th May

2008-05-15T09:38:00.001-07:00

The market settled near days highs helped by late buying frenzy in index pivotals. Shares from real estate, software and capital goods were at the forefront of the rally. A cooling off of crude oil prices, which had soared to record high near $127 a barrel earlier in the week, and firm Asian markets, supported the market sentiment. European markets, which opened after Indian markets, recovered after shaky start and were trading flat.

As per provisional data, foreign funds bought shares worth a net Rs 706.88 crore today. Domestic funds bought shares worth a net Rs 363.11 crore.

The 30-share BSE Sensex surged 375.19 points or 2.21% at 17,353.54. It opened 137.84 points higher at 17,116.19. The barometer index hit a high of 17,366.19 in late trade. At the days high, Sensex gained 387.84 points. Sensex rose 121.03 points at days low of 17,099.38 touched in early trade.

The broader based S&P CNX Nifty gained 103.50 points or 2.07% at 5,115.25. Nifty May 2008 futures were at 5113, a discount of 2.25 points as compared to spot closing.

The barometer index BSE Sensex has risen 2544.05 points or 17.17% from recent low of 14,809.49 touched on 17 March 2008. However the Sensex is still 3853.23 points or 18.16% away from its all-time high of 21206.77 hit on 10 January 2008.

The market breadth was strong on BSE with 1737 shares advancing as compared to 941 that declined. 78 remained unchanged.

The BSE Mid-Cap index rose 1.29% to 7,079.89 while the BSE Small-Cap index gained 1.33% to 8,546.41. Both these indices underperformed the Sensex.

Turnover on BSE surged amounted to Rs 6439 crore as compared to Rs 6,219.35 crore yesterday, 14 May 2008. Turnover in NSEs futures & options segment amounted to Rs 38196.16 crore as compared to Rs 32919.78 crore yesterday, 14 May 2008.

All sectoral indices on BSE logged gains barring the BSE FMCG index which shed 0.21% to 2,494.54.

The BSE Oil & Gas index (up 2.65% to 11,205.76), BSE Bankex (up 2.44% at 8,806.01), BSE Capital Goods index (up 3.46% at 13,600.80), BSE Realty index (up 3.41% at 8,042.52), outperformed the Sensex.

The BSE TecK index (up 1.89% to 3,552.76), BSE IT index (up 1.33% to 4,486.36), The BSE PSU index (up 1.60% to 7,762.62), BSE Auto (up 0.25% at 4,730.24), BSE Health Care index (up 0.79% at 4,285.99), BSE Metal index (up 1.86% to 16,740.37), BSE Power (up 2.13% to 3,303.13), and BSE Consumer Durables index (up 0.91% to 4,548.75), underperformed the Sensex.

Among the 30-member Sensex pack, 24 advanced while the rest slipped.

Indias largest private sector engineering company Larsen & Toubro galloped 5.42% to Rs 2983.90 after French cement producer Lafarge said on Wednesday it had acquired L&T Concrete at an enterprise value of 226 million euros ($349.5 million). The deal involves L&Ts 66 concrete plants across India with an estimated volume of 41 lakh cubic meters in 2008. It was the top gainer from Sensex pack. A total of 4.06 lakh shares changed hands on the counter

Indias largest private sector company in terms of market capitalisation and oil refiner Reliance Industries (RIL) advanced 3.52% to Rs 2619 on 6.88 lakh shares. The stock moved in a range of Rs 2535 and Rs 2633.15 during the day. As per recent reports, RIL plans to convert its fuel retail outlets into malls and multiplexes, and is holding talks with its dealers in Uttar Pradesh for the same.

Shares from real estate pack advanced, on fresh buying. DLF (up 3.23% to Rs 643.10), Unitech (up 4.63% to Rs 287), Omaxe (up 6.44% to Rs 228), and Parsvnath Developers (up 4.46% to Rs 219.90), surged on fresh buying.

Indias second largest cellular services provider Reliance Communications (RCom) jumped 5.40% to Rs 589.50 on reports its infrastructure arm Reliance Infratel has recieved Securities & exchange board of India (Sebi)s approval for public issue.

IT pivotals advanced on fresh buying as the rupee held near 13-month lows against the dollar. Indias second largest software services exporter Infosys Technologies gained 3.46% to Rs 1889.40 after striking an intra-day high of Rs 1908. Infosys has 7.63% weightage in Sensex and 3.46% weightage in Nifty.

Other IT pivotals, Wipro (up 0.91% to Rs 508.20), and TCS (up 2.02% to Rs 989.55), also logged gains. The partially convertible rupee was at 42.35/36 per dollar, stronger than yesterday's close of 42.45/46.

A depreciating rupee augurs well for IT companies as they derive over 50% of their revenues from exports to US.

However, Indias fourth largest software services exporter Satyam Computer Services, recovered from early low of Rs 465.10, to settle 3.61% lower at Rs 483. The counter clocked high volumes of 32.90 lakh shares. It was the top loser from Sensex pack. As per reports Satyam Computer Services could have to pay penalties in excess of $1 billion if it loses a case to one of its former customers, Upaid Systems, in the US federal Court in Texas.

ICICI Bank (up 3.93% to Rs 931.50), Hindalco Industries (up 5.30% to Rs 202.50) and Maruti Suzuki India (up 3.05% to Rs 821.50) edged higher from Sensex pack.

Tata Motors (down 1.14% to Rs 664.90), Hindustan Unilever (down 1.05% to Rs 240.55), and Tata Steel (down 0.49% to Rs 882.05) edged lower from Sensex pack.

Recently listed Aishwarya Telecom was up 0.28% to Rs 124.80 after seeing volatile swings between days low and high of Rs 118.20 and Rs 135.50 respectively. The counter clocked high volumes of 7.02 crore shares.

Other volume toppers were IFCI (2.19 crore shares), Ispat Industries (1.09 crore shares), Cybermate Infotec (1.08 crore shares) and Reliance Natural Resources (1.03 crore shares) in that order.

Aishwarya Telecom was also the top traded counter on BSE with turnover of Rs 883.06 crore followed by Reliance Communications (Rs 258.56 crore), Reliance Industries (Rs 178.51 crore), Reliance Petroleum (Rs 161.90 crore), and Satyam Computer Services (Rs 158.28 crore) in that order.

Among the side counters, Jhagadia Copper (up 20% to Rs 12.14), National Oxygen (up 20% to Rs 57.70), Lumax Industries (up 16.09% to Rs 188), Alfa Transformer (up 10% to Rs 62), and Indag Rubber (up 14.78% to Rs 80), surged

However, Smruti Organics (down 10.87% to Rs 61.50), JMA Industries (down 10.09% to Rs 196), and Jumbo Bag (down 9.87% to Rs 30.15), slipped.

Shares of oil marketing firms were mixed following recent reports that the Union government will issue bonds worth Rs 15000 crore to state oil refiners for the quarter ended on March 2008. Bharat Petroleum Corporation slipped down 0.59% to Rs 337. Hindustan Petroleum Corporation (up 0.57% to Rs 238.90) and Indian Oil Corporation (up 0.72% to Rs 400) rose.

The oil bonds will be issued to oil marketing firms so as to compensate half the revenue loss incurred for selling fuel at state-set low prices. During 2006/07, the government had compensated 42.7% of the revenue losses of state oil refiners

Industrial and power systems company Crompton Greaves jumped 8.44% to Rs 246 on reports that the company is expected to take over the distribution and billing rights for electricity supply to Nagpur city by end July 2008. The contract has been awarded to the company for a period of 15 years by the Maharashtra Electricity Regulatory Commission (MERC).

Kinetic Motor Company hit 5% upper circuit at Rs 29.30 on BSE despite the company terming recent media reports of Mahindra & Mahindra planning to acquire the company, as speculative.

Kirloskar Brothers surged 4.20% to Rs 250.30 after the company said its joint venture firm has received an order worth Rs 933.76 crore from the Andhra Pradesh state government's Irrigation & CAD Department for building a pump house. The company made this announcement after trading hours on Wednesday, 14 May 2008.

Syndicate Bank rose 3.38% to Rs 77.55 after reporting 21% growth in net profit to Rs 126.26 crore on 22.85% growth in operating income to Rs 2134 crore in Q4 March 2008 over Q4 March 2007. The bank announced the result after market hours on 14 May 2008.

Power Finance Corporation was down 0.30% to Rs 155.50 after the company said it has signed a loan agreement with Exim Bank of US for $800 million under the latter's India infrastructure facility.

Mercator Lines soared 14.69% to Rs 115.15 after posting 351.7% surge in net profit to Rs 74.04 crore on 31% growth in net sales to Rs 265.67 in Q4 March 2008 over Q4 March 2007. The company announced the results after trading hours on Wednesday, 14 May 2008.

i-flex Solutions dropped 1.80% to Rs 1360 even as the company said Kotak Mahindra Bank has selected i-flexs wealth management solution - Flexcube Private Banking to manage relationships with high net worth individuals. The company made this announcement during trading hours today, 15 May 2008.

Lanco Infratech rose 0.23% to Rs 515 after the company said on Wednesday its consortium with Malaysia's Pembinan Radzai had won rights to build the Vizhinjam Container Port project in Kerala, estimated to cost Rs 8000 crore. The company made this announcement after trading hours on Wednesday, 14 May 2008.

BASF India rose 1.22% to Rs 245 after its promoter BASF SE announced a voluntary open offer to the shareholders of BASF India to purchase up to 62.9 lakh shares at Rs 274 each. The company made the announcement before market hours today, 15 May 2008.

Neyveli Lignite Corporation rose 4.45% to Rs 142.10 after the Union government gave approval to the company for development of 1000 megawatt coal based thermal power project at Tuticorin in Tamil Nadu. The company made this announcement during market hours today 15 May 2008.

The South-West monsoon is likely to hit Kerala on 29 May 2008, the Indian Meteorological Department (IMD), yesterday, 14 May 2008, said. Initial forecast by the Indian Meteorological Department (IMD) suggest that the crucial South-West monsoon (June-September) this year will be near normal. Now IMD's second forecast in June 2008 which may also indicate spatial rainfall distribution in the main sowing season of July 2008, is crucial.

A well distributed monsoon will bolster food production which in turn will help rein in inflation which is currently ruling at a three-year high. Surging global food prices has been a key driver of soaring inflation in India in recent weeks. Agricultural output in India depends on good rains.

European markets, which opened after Indian markets, staged a comeback after a shaky start and were trading with little change. Key benchmark indices in United Kingdom (down 0.01% to 6,215.60), Germany (down 0.13% to 7,074.26) and France (down 0.01% to 5,055.10) declined.

Most Asian markets were trading higher today, 15 May 2008, led by technology companies, after Sony and NEC Electronics forecast higher profit than expected. Nikkei 225 Average (up 0.94% at 14,251.74), Straits Times (up 0.36% at 3,212.15), Seoul Composite (up 2.28% at 1,885.71), Taiwan Weighted (up 1.54% at 9,157.18) edged higher.

However Hong Kongs Hang Seng index (down 0.08% at 25,513.71) and Shanghai Composite (down 0.54% at 3,637.32), declined

US stocks climbed on Wednesday, 14 May 2008, after a better-than-expected report on consumer prices eased some of the market`s concerns about inflation. The Dow Jones industrial average rose 66.20 points, or 0.51, to 12,898.38. The Nasdaq Composite index rose 1.58 points, or 0.06%, to 2,496.70.

Back home, frenzied buying in software and metal stocks in late trade propelled market higher after a nervous start yesterday, 14 May 2008. The 30-share BSE Sensex surged 225.49 points or 1.36% at 16,978.35 while the broader based S&P CNX Nifty gained 53.95 points or 1.09% at 5,011.75, on that day.

Meanwhile, excise duty collection by the government fell by 3.9% to Rs 6,410 crore in the April 2008 against Rs 6,673 crore in April 2007. However, customs duty collection grew 24.9% to Rs 9,018 crore in April 2008 as against Rs 7,221 crore in April 2007, because of high growth in imports.

US light crude for June 2008 delivery was down 48 cents a barrel at $123.74 today, 15 May 2008, as rising U.S. distillates stocks and Iran's reassurances that it would not cut crude exports added to a strengthening U.S. dollar to limit the upside

Market Closing Session - 14th May

2008-05-14T10:16:00.000-07:00

Frenzied buying in software and metal stocks in late trade propelled market higher after a nervous start. Asian markets, which opened before Indian market, saw steady recovery throughout the day after a shaky start. European markets, which opened after Indian market, were mixed. IT pivotals gained as rupee weakened to 13-month low against the dollar. Metal stocks gained on fresh buying. The S&P CNX Nifty settled above physcological level of 5,000. However the BSE Sensex failed to close above 17,000 level.

The 30-share BSE Sensex surged 225.49 points or 1.36% at 16,978.35. Sensex advanced 262.08 points at days high of 17,014.94 in mid-afternoon trade. The barometer index had opened 61.56 points lower at 16,691.30 and slipped further to touch a low of 16,626.35 in early trade. At the days low, Sensex had lost 126.51 points.

The broader based S&P CNX Nifty gained 53.95 points or 1.09% at 5,011.75. Nifty May 2008 futures were at 5011.80, near the spot price.

As per provisional data, foreign funds purchased shares worth a net Rs 85.12 crore today, 14 May 2008. Domestic funds bought shares worth a net Rs 310.41 crore today.

The market breadth was positive on BSE, with 1393 shares advancing as compared to 1269 that declined. 85 remained unchanged.

The BSE Mid-Cap index rose 0.41% to 6,989.81 while the BSE Small-Cap index gained 0.44% to 8,434.49. Both these indices underperformed the Sensex.

The total turnover on BSE amounted to Rs 6164 crore as compared to Rs 6,623.42 crore yesterday, 13 May 2008. Turnover in NSEs futures & options segment amounted to Rs 32919.78 crore as compared to Rs 38107.72 crore yesterday, 13 May 2008

Among the 30-member Sensex pack, 21 advanced while the rest slipped.

Hindalco Industries, the countrys largest private sector aluminium company in terms of sales, galloped 7.59% to Rs 193.60 on 17.22 lakh shares. It was the top gainer from Sensex pack.

Other metal counters, Tata Steel (up 4.52% to Rs 889.80), Hindustan Zinc (up 17.93% to Rs 738.80), Sterlite Industries (up 4.77% to Rs 857.25), JSW Steel (up 4.23% to Rs 1000.10), advanced.

IT stocks rallied as rupee weakened to 13-month low above 42 against the dollar. TCS (up 7.07% to Rs 969.70), Infosys Technologies (up 4.73% to Rs 1829.90), and Wipro (up 1.61% to Rs 502.15), surged. A depreciating rupee augurs well for IT companies as they derive over 50% of their revenues from exports to US.

However Indias fourth largest software services exporter Satyam Computer Services tumbled from days high of Rs 515.75 hit in late trade to settle 1.15% lower at Rs 490.25.

Indias largest private sector company in terms of market capitalisation and oil refiner Reliance Industries (RIL) rebounded from early low of Rs 2484 to settle 1.02% higher at Rs 2527. 5.44 lakh shares were traded on the counter on BSE.

Bharti Airtel, the countrys top cellular services provider in terms of market capitalisation advanced 3.50% to Rs 850. Bharti Airtel on Tuesday, 13 May 2008, said its talks for South Africa's MTN were still exploratory and it has not made any bid.

The Asian Wall Street Journal said on Monday, 12 May 2008, that Bharti was considering raising its offer to around 175 South African rand ($22.84) a share for control of MTN. It said an official bid could come this week. MTN's market value has risen to $38.8 billion, after an 8.8% increase in its share prices since 2 May 2008, the trading day before the company said it was in talks with Bharti.

Reliance Infrastructure (up 3.96% to Rs 1436), Jaiprakash Associates (up 2.63% to Rs 259.90), and Maruti Suzuki India (up 3.46% to Rs 796.80), edged higher from Sensex pack.

Oil & Natural Gas Corporation, the countrys largest state run oil exploration company in terms of sales, slumped 6.13% to Rs 936 on 10.13 lakh shares, on fears the company may forced to offer higher discounts to state-run refiners as crude hit a record high. It was the top loser from Sensex pack

Shares of cement producers declined following reports that they are reducing prices despite increase in input costs, mainly due to higher supply on account of new installed capacities and the governments ban on export. Ambuja Cement (down 2.20% to Rs 109.10) and ACC (down 2.32% to Rs 667.15) declined.

Mahindra & Mahindra (down 1.60% to Rs 656), and HDFC Bank (down 1.23% to Rs 1464), edged lower from the Sensex pack.

Recently listed Aishwarya Telecom jumped 14.82% to Rs 123.95 on huge volumes of 7.85 crore shares. Other volume toppers on BSE were IFCI (1.72 crore shares), Idea Cellular (1.53 crore shares), Ispat Industries (1.49 crore shares), and Reliance Petroleum (1.32 crore shares).

Aishwarya Telecom was the top traded counter on BSE with turnover of Rs 929.97 crore followed by Reliance Petroleum (Rs 238.27 crore), Reliance Capital (Rs 168.58 crore), Tata Steel (Rs 167.74 crore) and Idea Cellular (Rs 161.68 crore), in that order.

Shares of oil marketing firms were mixed following reports that the Union government will issue bonds worth Rs 15000 crore to state oil refiners for the quarter ended on March 2008. Bharat Petroleum Corporation (down 2.73% to Rs 339), and Indian Oil Corporation (down 4.85% to Rs 398.10), declined. However Hindustan Petroleum Corporation rose 0.47% to Rs 236.10.

Omnitech InfoSolutions jumped 18.35% to Rs 193.50 after its board approved raising funds upto $35 million by way of qualified institutional placement, American or global depository receipts or foreign currency convertible bonds. The company made this announcement after market hours on 13 May 2008.

Shanthi Gears surged 5.87% to Rs 70.35 after posting 5.37% rise in net profit to Rs 11.89 crore on 7.22% increase in total income to Rs 67.80 crore in Q4 March 2008 over Q4 March 2007. The company announced the results during trading hours today, 14 May 2008.

BEML gained 2.37% to Rs 1146.1 after the company said it has entered into a memorandum of understanding with Steel Authority of India for supply of earth moving equipments and spares. The company made this announcement after trading hours on Tuesday, 13 May 2008.

KEC International slipped 2.27% to Rs 582.10 even as the company said it has secured a contract worth Rs 111.41 crore from Power Grid Corporation of India for supply and construction of 400 kilovolt transmission lines. The company made this announcement during trading hours on Tuesday, 13 May 2008,

Lloyd Electric & Engineering rose 5.64% to Rs 119.85 after it announced acquisition of Luvata Czech s.r.o. in Prague, Czech republic through its special purpose vehicle Lioyd Coils Czech s.r.o. The company made this announcement before market hours today, 14 May 2008.

Wockhardt declined 1.38% to Rs 303.10 on reports the Securities Appellate Tribunal has upheld the Securities & Exchange Board of India order against the chief financial officer of Wockhardt and relatives guilty of insider trading

European markets, which opened after Indian market, were mixed. Key benchmark indices in United Kingdom (up 0.03% to 6,213.70), and France (up 0.45% to 5,021.50) advanced. However Germanys DAX index was down 0.18% to 7,047.57

Asian markets were off early lows, still trading mixed today, 14 May 2008. Shanghai Composite (up 2.73% at 3,657.23), Seoul Composite (up 0.05% at 1,843.75), Nikkei 225 Average (up 1.18% at 14,118.55), Taiwan Weighted (up 0.32% at 9,018.42), advanced. However, Hang Seng (down 0.08% at 25,533.88) and Straits Times (down 0.15% at 3,198.51) edged lower.

US markets settled mixed yesterday, 13 May 2008 as investors juggled a mixed bag of news. A tepid outlook from Yahoo, HP's bid for EDS and a surprising resilience in retail sales led to mixed reactions. The Dow Jones fell 44.13 points, or 0.34%, to 12,832.18. The Nasdaq Composite index rose 6.63 points, or 0.27%, to 2,495.12.

On 13 May 2008, Indian equities reversed early gains in choppy trade to settle lower closely mirroring European markets. The 30-share BSE Sensex slipped 108.04 points or 0.64% at 16,752.86 and the broader based S&P CNX Nifty shed 54.85 points or 1.09% at 4,957.80, on that day.

Meanwhile, the board of the Securities and Exchange Board of India (SEBI) in its meeting held yesterday, 13 May 2008, gave an in principle approval to the concept of marking lien on bank account as an alternative mode of payment in public and rights issues. The concept will enable the application money to remain in the bank account of the applicant till such time the allotment is finalized and thus eliminate the refund process.

Market Closing Session - 13th May

2008-05-13T09:08:00.000-07:00

Indian equities reversed early gains in choppy trade to settle lower closely mirroring European markets which opened after Indian market. Latest data showing higher than expected UK inflation figures pulled European markets lower after firm start. The S&P CNX Nifty slipped below 5,000 mark.

The market had opened higher tracking firm global markets with the Sensex surging past 17,000 mark in opening trade. It failed to sustain higher levels. The market breadth was just about positive, after staying strong throughout the day.

The 30-share BSE Sensex slipped 108.04 points or 0.64% at 16,752.86. Sensex lost 163.43 points at days low of 16,697.47 touched in late trade. Sensex had opened 147.13 points higher at 17,008.03. The barometer index hit a high of 17,085.63 in early afternoon trade. At the days high, Sensex gained 224.73 points.

The broader based S&P CNX Nifty shed 54.85 points or 1.09% at 4,957.80. Nifty May 2008 futures were at 4954, a discount of 3.80 points as compared to spot closing

As per provisional data, foreign funds bought shares worth a net Rs 73.93 crore today. Domestic funds bought shares worth a net Rs 266.50 crore.

The market breadth was just about positive, after staying strong throughout the day. On BSE 1366 shares advanced as compared to 1341 that declined. 76 remained unchanged.

The BSE Mid-Cap index was up 0.16% to 6,956.81 while the BSE Small-Cap index declined 0.07% to 8,397.71. Both these indices outperformed the Sensex.

The total turnover on BSE amounted to Rs 6596 crore as compared to Rs 6,007.51 crore yesterday, 12 May 2008. Turnover in NSEs futures & options segment amounted to Rs 38107.72 crore as compared to Rs 41000.8 crore yesterday, 12 May 2008.

Sectoral indices on BSE displayed mixed trend. The BSE FMCG index (up 0.57% to 2,500.33), BSE PSU index (down 0.32% to 7,713.53), BSE Bankex (up 0.43% at 8,601.84), BSE Auto (down 0.39% at 4,669.95), BSE Health Care index (up 0.02% at 4,178.25), BSE Metal index (up 0.64% to 15,747.88), BSE Realty index (up 0.13% at 7,747.12), BSE Power (down 0.18% to 3,213.24), BSE Capital Goods index (down 0.46% at 13,060.97), and BSE Consumer Durables index (up 1.39% to 4,401.45), outperformed the Sensex.

The BSE Oil & Gas index (down 2.56% at 10,907.37), BSE TecK index (down 0.88% to 3,379.07), BSE IT index (down 0.76% to 4,265.14), underperformed the Sensex.

Among the 30-member Sensex pack, 21 declined while the rest advanced.

Metal stocks gained on renewed buying. Indias largest private sector aluminium company in terms of sales Hindalco Industries advanced 2.97% to Rs 180.20 on 8.84 lakh shares. It was the top gainer from Sensex pack.

Tata Steel (up 1.21% to Rs 853), JSW Steel (up 3.46% to Rs 959.90) and National Aluminium Company (up 7.26% to Rs 487) advanced.

Indias largest private sector company in terms of market capitalisation and oil refiner Reliance Industries (RIL) slumped 2.13% to Rs 2500.05 on 7.52 lakh shares.

Jaiprakash Associates (up 1.97% to Rs 251.25), and ICICI Bank (up 0.42% to Rs 882), edged higher from Sensex pack.

IT stocks pared gains. Indias fourth largest software services exporter Satyam Computer Services rose 1.22% to Rs 495.50, off session's high of Rs 505.70.

Indias largest software services exporter TCS slumped 3.16% to Rs 898, off sharply from days high of Rs 945. It was the top loser from Sensex pack.

Infosys Technologies (down 1.83% to Rs 1740, off days high of Rs 1813) and Wipro (down 3.08% to Rs 492.05, off days high of Rs 510.95), dropped.

Indias largest commercial bank in terms of total assets State Bank of India rose 0.40% to Rs 1670 after is signed a memorandum of understanding with Insurance Australia Group for a general insurance venture to tap the fast-growing Indian market.

Oil exploration heavyweights corrected today, as soaring crude oil prices took a pause after recent rally. Oil & Natural Gas Corporation, the countrys largest state run oil exploration company in terms of sales, slipped 2.60% to Rs 1002.

Cairn India, the countrys largest private sector oil exploration company tumbled 8.90% to Rs 276 on high volumes of 86.38 lakh shares.

Bharti Airtel, the countrys largest telecom services provider in terms of market capitalisation shed 2.05% to Rs 821.10. UAE's Emirates Telecommunications Corp said on Monday, 12 May 2008, it was evaluating a bid for South African telecom firm MTN. This may compel Bharti Airtel to raise its indicative offer, which media reports said valued MTN at about $37 billion.

Engineering heavyweights Bharat Heavy Electricals (down 0.58% to Rs 1738), and Larsen & Toubro (down 1.69% to Rs 2787), declined

DLF, the countrys largest real estate developer in terms of market capitalisation shed 1.25% to Rs 614.10. As per reports, the company will file papers for $2 billion real estate investment trust (REIT) with the Singapore authorities next month.

Reliance Communications, the countrys second largest telecom services provider in terms of market capitalisation lost 0.90% to Rs 545. The company has formed a joint venture with French-US equipment firm Alcatel-Lucent to offer managed network services to domestic as well as international telecom operators.

Tata Motors (down 2.48% to Rs 652), Ranbaxy Laboratories (down 2.06% to Rs 484) and ACC (down 2.94% to Rs 681), edged lower from Sensex pack.

Recently listed Aishwarya Telecom jumped 5.81% to Rs 104.80. It was the top traded counter on BSE with turnover of Rs 592.02 crore. Cairn India (Rs 247.16 crore), Reliance Petroleum (Rs 216.72 crore), IFCI (Rs 212.81 crore) and Reliance Industries (Rs 190.77 crore) were the other turnover toppers.

Aishwarya Telecom, also, topped the volume chart clocking volumes of 7.26 crore shares on BSE followed by IFCI (3.50 crore shares), Ispat Industries (1.47 crore shares), Reliance Petroleum (1.19 crore shares) and Reliance Natural Resources (1.17 crore shares), in that order

Among the other side counters, Rallis India plunged 6.19% to Rs 422.25 after it went Rs 16 per share ex-dividend from today.

MphasiS jumped 8.32% to Rs 239 on reports Hewlett-Packard was in talks to buy outsourcing firm Electronic Data Systems, which owns a majority stake in the Indian software firm. If the deal fructifies, it will trigger the mandatory open offer for 20% stake in Mphasis, as per the Securities & Exchange Board of India (Sebi) takeover regulation. EDS holds 60.89% stake in MphasiS.

Thermax shed 1.13% to Rs 459 despite reports the company plans to invest over Rs 200 crore in this financial year for expansion purpose.

GAIL India dropped 2.20% to Rs 406 after posting a marginal 6.12% rise in net profit to Rs 722.38 crore on 25.99% increase in total income to Rs 5034.95 crore in Q4 March 2008 over Q4 March 2007. The company announced the results during trading hours today, 13 May 2008.

Phillips Carbon Black fell 3.84% to Rs 181.35. The company said on Monday, 12 May 2008, it has signed a joint venture agreement with subsidiaries of Vietnam National Chemical Corp to set up a carbon black facility in Vietnam.

Indiabulls Real Estate surged 3.30% to Rs 535 after reporting 362.9% surge in net profit to Rs 27.82 crore on 765.20% increase in net sales to Rs 28.81 crore in Q4 March 2008 over Q4 March 2007. The company announced the results after trading hours on Monday, 12 May 2008.

Bajaj Holdings & Investments slipped 0.90% to Rs 676. As per reports Bajaj Auto plans to sign a joint venture with European car maker Renault and Japanese giant Nissan to manufacture a small car in India with a price tag of $2500.

European markets, which opened after Indian markets, reversed early gains after UKs consumer price inflation rose to an annual rate of 3% in April 2008, which dampened expectations of near-term interest rate cuts. Key benchmark indices in Germany (down 0.30% to 7,015.05), France (down 0.41% to 4,955.47), and United Kingdom (down 0.79% to 6,171.50) edged lower.

Asian markets were trading higher barring Chinas Shanghai Composite which fell 1.84% at 3,560.62 led on uncertainty following a deadly earthquake in southwest China on Monday, 12 May 2008 and the central bank's announcement of the fourth bank reserve ratio hike this year.

Hang Seng (up 1.95% at 25,552.77), Nikkei 225 Average (up 1.53% at 13,953.73), Straits Times (up 0.73% at 3,203.42), Seoul Composite (up 1.05% at 1,842.80), Taiwan Weighted (up 1.81% at 8,989.15) advanced.

US markets rallied yesterday, 12 May 2008 led by financials and technology stocks after the world's largest bond insurer MBIA said it has enough cash to cover claims. Also the drop in oil prices helped ease investors worries about inflation's impact on consumer spending. The Dow Jones industrial average rose 130.43 points, or 1.02%, to 12,876.31. The Nasdaq Composite index rose 42.97 points, or 1.76%, to 2,488.49.

Back home, frenzied buying in late trade helped market snap its five-day slide yesterday, 12 May 2008. The 30-share BSE Sensex rose 123.83 points or 0.74% to 16,860.90 and the broader based S&P CNX Nifty was up 30.05 points or 0.60% at 5,012.65, on that day.

India's industrial production growth dropped sharply to 3% in March 2008, slowing from the previous month's unrevised 8.6%, government data showed on Monday, 12 May 2008. It was the slowest annual growth since a 2.4% rise in February 2002.

Manufacturing production rose 2.9% in March 2008 from a year earlier, compared with 8.6% growth in February 2008. Industrial output rose 8.1% in 2007/08 compared with 11.6% in 2006/07.

New York's main oil futures contract, light sweet crude for June delivery, was 73 cents lower at $123.50 as profit taking helped cool a red-hot market.

Market Closing Session - 12th May

2008-05-12T06:50:00.000-07:00

Frenzied buying in late trade helped market snap its five-day slide. The market, which had opened lower tracking weak US markets on Friday, 9 May 2008, accentuated fall in afternoon trade triggered by dismal industrial production data. It bounced back in late trade in what was a highly volatile trading session today.

Firm European and Asian markets triggered the rebound. The S&P CNX Nifty galloped past the 5,000 mark.

India's industrial production growth dropped sharply to 3% in March 2008, slowing from the previous month's unrevised 8.6%, government data showed on Monday, 12 May 2008. It was the slowest annual growth since a 2.4% rise in February 2002.

Manufacturing production rose 2.9% in March 2008 from a year earlier, compared with 8.6% growth in February 2008. Industrial output rose 8.1% in 2007/08 compared with 11.6% in 2006/07.

In Europe, the key benchmark indices in UK, France and Germany were up by 0.6% to 1%. Asian markets reversed early losses to post gains today, 12 May 2008. Nikkei 225 Average (up 0.64% at 13,743.36), Straits Times index (up 0.70% at 3,184.19), Taiwan Weighted index (up 0.43% at 8,830) and Sanghai Composite index (up 0.37% at 3,626.98) advanced.

The 30-share BSE Sensex rose 123.83 points or 0.74% to 16,860.90. Sensex gained 160.29 points at the day's high of 16,897.36 hit in late trade. Sensex hit a low of 16,546.55 in early-afternoon trade. At the days low, Sensex lost 190.52 points. It oscillated in a band of 350.81 points during the day

The broader based S&P CNX Nifty was up 30.05 points or 0.60% at 5,012.65. Nifty May 2008 futures were at 5026.90, a premium of 14.25 points as compared to spot closing.

The Sensex had plunged 863.05 points or 4.9% in five straight trading sessions to 16,737.07 on 9 May 2008 from 17,600.12 on 2 May 2008 as the bears kept hammering stocks cutting across sectors.

Despite the rally in key benchmark indices, the market breadth was weak today. On BSE, 1746 shares declined as compared to 951 that advanced. 51 remained unchanged.

The BSE Mid-Cap index was down 0.67% to 6,945.91 while the BSE Small-Cap index shed 1.20% to 8,403.56. Both these indices underperformed the Sensex

The total turnover on BSE amounted to Rs 5971 crore as compared to Rs 6,594.69 crore on Friday, 9 May 2008. Turnover in NSEs futures & options segment amounted to Rs 41000.80, higher than Rs 34951 crore on Friday, 9 May 2008

Sectoral indices on BSE displayed mixed trend. The BSE TecK index (up 1.03% to 3,409.13), BSE IT index (up 1.48% to 4,297.84), BSE FMCG index (up 1.11% at 2,486.04), BSE Oil & Gas index (up 1.02% to 11,193.69), outperformed the Sensex.

The BSE PSU index (down 0.07% to 7,738.54), BSE Bankex (up 0.63% at 8,565.13), BSE Auto (down 0.75% at 4,688.31), BSE Health Care index (up 0.59% at 4,177.31), BSE Metal index (up 0.23% to 15,647.31), BSE Realty index (down 1.95% at 7,736.91), the BSE Power (up 0.62% to 3,219.05), BSE Capital Goods index (up 0.10% at 13,121.82), and BSE Consumer Durables index (down 0.12% to 4,341.13), underperformed the Sensex.

Among the 30-member Sensex pack, 22 gained while the rest slipped.

Indias largest pharma company in terms of sales, Ranbaxy Laboratories surged 5.44% to Rs 495 on 6.10 lakh shares. It was the top gainer from Sensex pack. Ranbaxy Laboratories signed a deal to develop new anti-infective drugs for US-based Merck & Co Inc. As per the deal, Ranbaxy will carry out drug discovery and clinical development through Phase II clinical trials, while Merck will be responsible for the development and commercialisation.

IT stocks advanced on fresh buying as the rupee fell below 42 level against the dollar, at its lowest in almost 13 months. Satyam Computer Services (up 3.72% to Rs 491), TCS (up 1.08% to Rs 927.40), Wipro (up 1.60% to Rs 509.20), and Infosys Technologies (up 1% to Rs 1768), advanced.

A depreciating rupee augurs well for IT companies as they derive over 50% of their revenues from exports to US.

Indias largest private sector company in terms of market capitalisation and oil refiner Reliance Industries (RIL) recovered from days low of Rs 2480 and settled 1.08% higher to Rs 2555 on 8.44 lakh shares. Earlier last week RIL had shut all of its 1,432 petrol pumps in the country after sales dropped to almost nil as it could not match the subsidised price offered by public sector competition.

Indias largest state run engineering company in terms of outstanding order book position Bharat Heavy Electricals gained 1.77% to Rs 1755 after the company said it has signed a memorandum of understanding with Andhra Pradesh Power Generation Corp for setting up a 125 megawatt coal-based power plant.

Banking stocks staged smart recovery from lower levels. India's biggest commercial bank, State bank of India settled 1% lower at Rs 1659, off days low of Rs 1620. India's biggest private sector bank in terms of net profit, ICICI Bank rose 0.22% to Rs 876, off days low of Rs 861.15. Indias second largest private sector bank in terms of net profit HDFC Bank rose 1.72% to Rs 1476.90 recovering from session's low of Rs 1430.

Indias largest power generation company in terms of sales, NTPC gained 0.34% to Rs 192.50 after its board decided setting up a research and development fund for undertaking activities leading to development of sustainable energy. The company will allocate 0.5% of distributable profit annually for sustainable energy initiative.

Diversified company Grasim lost 3.76% to Rs 2252 on 44,431 shares. It was the top loser from Sensex pack.

Jaiprakash Associates (down 1.77% to Rs 246.85, off days low of Rs 235), ACC (down 1.26% to Rs 703, off days low of Rs 690), and Hindustan Unilever (down 1.40% to Rs 246.95, off days low of Rs 242.25), though in the red were off their days low.

Indias top tractor maker Mahindra & Mahindra (M&M) slipped 0.48% to Rs 669. The company said on Friday, 9 May 2008, it is hiking vehicle prices in the range of 1.5% to 2.5% due to rise in input costs. The price hikes will come into effect from 19 May 2008.

Shares of state-run oil marketing companies (OMC) declined as US light crude for June delivery was hovering near $126.14 a barrel today, 12 May 2008 after soaring to a record high of $126.27 in late trade on Friday, 9 May 2008. Bharat Petroleum Corporation (down 4.51% to Rs 358), Hindustan Petroleum Corporation (down 2.08% to Rs 237.25), and Indian Oil Corporation (down 4.71% to Rs 421.80), declined.

The sharp spurt in crude prices is putting further pressure on fuel retailers as they continue to sell products below the cost price. OMCs currently sell petrol at a loss of Rs 13.97 a litre and diesel at a discount of Rs 20.97 per litre.

However oil exploration company Cairn India galloped 11.63% to Rs 305.80, an all-time high buoyed by anticipation that higher crude oil prices will boost realisations.

Reliance Petroleum was the top traded counter on BSE with a turnover of Rs 316.97 crore followed by Cairn India (Rs 260.68 crore), Reliance Capital (Rs 258.47 crore), Reliance Industries (Rs 214.02 crore) and Reliance Natural Resources (Rs 182.1 crore) in that order.

Recently listed Aishwarya Telecom spurted 13.79% to Rs 98.20 on momentum buying. It was the top traded counter on BSE clocking huge volumes of 6.07 crore shares. Reliance Petroleum (1.78 crore shares), Reliance Natural Resources (1.75 crore shares), IFCI (1.34 crore shares), and Cairn Indian (89.5 lakh shares) were the other volume toppers in that order.

Among the side counters, Kabra Extrusion Technik (up 15.27% to Rs 141.15), Bombay Paints (up 14.43% to Rs 91.60), and BASF India (up 12.44% to Rs 254.50), surged

However JK Sugar (down 12.13% to Rs 26.80), Hatsun Agro (down 12.10% to Rs 430), and Aro Granite (down 10% to Rs 100.90), slipped

Power Finance Corporation declined 3.69% to Rs 157.80 on reporting 19.9% fall in net profit to Rs 295.4 crore on 10.39% increase in net sales to Rs 1366.86 crore in Q4 March 2008 over Q4 March 2007. The company announced the results on Saturday, 10 May 2008.

Arvind Mills jumped 3.80% to Rs 51.85 despite posting 0.6% decline in net profit to Rs 5.37 crore on 35.4% rise in sales to Rs 658.37 crore in Q4 March 2008 over Q4 March 2007. The company announced the results on Saturday 10 May 2008.

SEL Manufacturing Company rose 7.83% to Rs 489 on reporting net profit of Rs 12.45 crore on total income of Rs 144.21 crore in Q4 March 2008. Figures for the corresponding previous year period were not available.

Blue Star shed 1.69% to Rs 442.50 despite posting 107% surge in net profit to Rs 70.36 crore on 35.97% increase in total income to Rs 744.19 crore in Q4 March 2008 over Q4 March 2007. The company announced the results during trading hours today, 12 May 2008.

Indiabulls Real Estate slumped 3.04% to Rs 524 despite reports that the company is planning to invest Rs 1000 crore to expand its retail business in the next 2- years.

Tata Metaliks declined 3.88% to Rs 168.50 following reports the company is planning to invest Rs 1000 crore to build a 0.8 million tonnes plant for manufacturing long products in the state Karnataka.

Mysore Cements rose 2.60% to Rs 37.55 after the companys board gave its approval to amalgamation of Indorama Cement and Heidelberg Cement India with the company. The company announced this after market hours on Friday 9 May 2008.

Asian Paints slipped 1.57% to Rs 1200 despite posting 22.8% rise in net profit to Rs 84.84 crore on 18.84% increase in total income to Rs 879.71 crore in Q4 March 2008 over Q4 March 2007. The company announced the results after trading hours on Friday, 9 May 2008.

Novartis India declined 1.71% to Rs 302.05 on reporting 10% fall in net profit to Rs 21.53 crore on 5.4% growth in net sales to Rs 130.56 crore in Q4 March 2008 over Q4 March 2007. The company announced the results during after trading hours on Friday, 9 May 2008.

The spiraling inflation has been a major cause of concern for Indian equities market. The wholesale price index rose 7.61% in the 12 months to 26 April 2008, marginally higher than previous week's annual rise of 7.57%, government data showed on Friday, 9 May 2008. The rate was the highest since an annual reading of 7.68% on 13 November 2004. The WPI remained above the 7%-mark (significantly above RBI's revised target of 5.5% for the year) for the past four weeks.

Meanwhile, the Left parties may reportedly issue another warning soon to the ruling United Progressive Alliance (UPA) government following the failure of the government to stem burgeoning prices and its efforts to operationalise the Indo-US nuclear deal. The Left parties are slated to meet on 23 May 2008, six days ahead of their ninth round of deliberations with the UPA on the nuclear issue.

US light crude for June delivery rose 18 cents to $126.14 a barrel today, 12 May 2008, as violence in the Middle East heightened worries of supply disruptions in the world's largest crude producing region. It had struck a record high of $126.27 in late trade on Friday, 9 May 2008.

US markets slumped on Friday, 9 May 2008, as American International Group Inc (AIG), the world's largest insurer, reported huge losses while crude oil surged to a new high. The Dow Jones industrial average slipped 120.90 points at 12745.88 and the Nasdaq Composite declined 5.72 points at 2445.52. The S&P 500 index shed 9.40 points to 1,388.28.

Market Closing Session - 9th May

2008-05-09T09:19:00.000-07:00

The market tumbled today hit by a series of bad news on the domestic and global front. India's inflation surged to more than 3-year high, global markets declined and crude oil hit yet another record high near $125 a barrel.

All the sectoral indices on BSE, barring FMCG index, were in red. Oil & gas, realty and banking stocks declined sharply.

Inflation based on wholesale prices rose 7.61% in the 12 months to 26 April 2008, marginally higher than previous week's annual rise of 7.5%, government data released in early afternoon trade showed.

European markets, which open after Indian markets, were trading sharply lower. Key indices in UK, France and Germay were down by 1.52% to 2.48%. Asian markets, which opened before Indian market, were trading lower. Key indices in China, Hong Kong, Japan, Singapore, South Korea and Taiwan were down by 0.84% to 2.06%.

US stock futures were in the red indicating weak opening on the Wall Street today after the world's largest insurer, American International Group, posted record quarterly losses, and as the oil price hit new high. Dow futures were down 77 points and S&P 500 futures were down 8 points.

The 30-share BSE Sensex lost 343.58 points or 2.01% at 16,737.07. The index shed 401.71 points at day's low of 16,678.94, hit at the fag end of the trading session. Sensex rose 45.3 points at the day's high of 17,125.95, hit in early trade.

The broader based S&P CNX Nifty lost 99.10 points or 1.95% at 4982.60. Nifty May 2008 futures were at 4978, a discount of 4.6 points as compared to spot closing.

As per provisional data, foreign funds sold shares worth a net Rs 619.34 crore today. Domestic funds bought shares worth a net Rs 180.16 crore.

The Sensex declined 863.05 points or 4.90% this week, from 17,600.12 on 2 May 2008.

The market breadth was weak on BSE with 704 shares advancing as compared to 2019 stocks that declined. 61 stocks remained unchanged.

The BSE Mid-Cap index fell 2.25% to 6,992.66 and BSE Small-Cap index fell 2.11% to 8,505.64. Both the indices underperformed the Sensex.

BSE clocked a turnover of Rs 6561 crore as against Rs 5,965.87 crore on Thursday, 8 May 2008. The NSE's futures & options (F&O) segment turnover was Rs 34,951 crore, which was higher than Rs 28,943.79 crore on Wednesday, 7 May 2008.

Top Sensex gainers were, ITC (up 1.51% at Rs 218.30), Wipro (up 0.81% at Rs 501.20), Satyam Computer (up 0.49% at Rs 473.40), Grasim Industries (up 0.35% at Rs 2340), and ONGC (up 0.04% at Rs 1028.80).

Indias biggest cellular service provider by market share Bharti Airtel gained 1.76% to Rs 842.20. Some reports suggested Bharti Airtel may make an offer to acquire MTN Group next week.

Top Sensex losers were, Jaiprakash Associates (down 6.60% at Rs 251.30), Reliance Infrastructure (down 4.45% at Rs 1332.05), ACC (down 4.20% at Rs 712), and Hindalco Industries (down 3.61% at Rs 173.55).

India's largest private sector firm by market capitalisation and oil refiner Reliance Industries (RIL) fell 5.19% at Rs 2527.65.

The BSE Bankex underperformed the Sensex, falling 2.78% to 8,511.65. Indias largest private sector bank by assets ICICI Bank fell 1.94% to Rs 874.05. HDFC Bank (down 3.74% at Rs 1451.95), State Bank of India (down 3.13% at Rs 1675.70) and Housing Development Finance Corporation (down 2.79% at Rs 2644.70), declined.

Private sector lender Kotak Mahindra Bank fell 5.78% to Rs 737.15. Global investment firm Credit Suisse has cut its rating on the stock by 20% to Rs 708 a share.

The BSE Oil & Gas index underperformed the Sensex, falling 4.71% at 11,080.88. Essar Oil (down 10% at Rs 257.15), Reliance Petroleum (down 8.03% at Rs 181.05), Reliance Natural Resources (down 5.86% at Rs 106.80), BPCL (down 2.51% at Rs 374.90), HPCL (down 1.56% at Rs 242.30), and Indian Oil Corporation (down 1.59% at Rs 442.65), slumped.

The BSE Realty index underperformed the Sensex, falling 2.95% to 7,891.10. Housing Development & Infrastructure (down 7.63% at Rs 725.90), Omaxe (down 5.04% at Rs 216.50), Unitech (down 4.59% at Rs 286.55), and DLF (down 2.08% at Rs 630.40), tumbled.

Among the side counters, Spice Communication (down 8.60% at Rs 40.40), Lanco Infratech (down 8.39% at Rs 463.70), Bombay Dyeing (down 7.83% at Rs 906.35), Chennai Petroleum (down 7.79% at Rs 350.80), and Reliance Capital (down 7.04% at Rs 1,287.40), slumped.

Electronic display units maker MIC Electronics rose 0.28% to Rs 905.10 after the firm said its board will meet on 19 May 2008 to consider splitting each share into five.

Train wagon maker Texmaco jumped 4.14% to Rs 1510.55 after the firm said its board would meet on 16 May 2008 to consider a stock split

Indias largest dry cell battery manufacturer by sales Eveready Industries India gained 0.90% to Rs 45.05 after the company reported lower net loss of Rs 8.16 crore in Q4 March 2008 compared to net loss of Rs 26.45 crore in Q4 March 2007. Sales rose 10.40% to Rs 193.20 crore in Q4 March 2008 over Q4 March 2007.

IT firm 3i Infotech fell 0.94% to Rs 125.80. The firm said on Thursday it has acquired 26% stake in Hyderabad-based IT infrastructure services firm Locuz Enterprise Solutions, for an undisclosed sum.

Aishwarya Telecom clocked the highest turnover of Rs 502.20 crore on BSE. Reliance Petroleum (Rs 291.21 crore), Reliance Capital (Rs 283.57 crore), Reliance Industries (down 268.66 crore) and IFCI (Rs 173 crore), were the other turnover toppers on BSE in that order.

Aishwarya Telecom reported the highest volume of 5.37 crore shares on BSE. IFCI (2.81 crore shares), Ispay Industries (1.56 crore shares), Reliance Petroleum (1.5 crore shares) and Reliance Natural Resources (1.21 crore shares), were the other volume toppers on BSE in that order.

US markets rebounded from early lows on Thursday, 8 May 2008, led by technology stocks. Retailers' monthly sales reports also helped ease concerns about an economic downturn. The Dow Jones industrial average rose 52.43 points, or 0.41%, to 12,866.78. The Standard & Poor's 500 index gained 5.11 points, or 0.37%, to 1,397.68, and the Nasdaq Composite index advanced 12.75 points, or 0.52%, to 2,451.24.

Market Closing Session - 8th May

2008-05-08T09:43:00.000-07:00

The market succumbed to selling pressure today as weak global equities and soaring crude oil prices worried investors. All the sectoral indices on BSE, barring the BSE Metal index, were in the red. Software and banking shares were worst hit in today's fall.

European markets, which opened after Indian markets, were trading lower. Key indices in UK, France and Germany were down by 0.36% to 0.52%.

Asian markets, which opened before Indian market, were trading mostly in red today, 8 May 2008. Key indices in Hong Kong, Japan, Singapore, South Korea and Taiwan were down by 0.32% to 1.13%. However, Chinas Shanghai Composite was up 2.17%.

US markets suffered sharp losses on Wednesday, 7 May 2008, on worries about inflation and higher interest rates as oil jumped to a record. Financials stocks took a beating on concerns that new disclosure requirements for investment banks will limit their profits. The Dow Jones industrial average slumped 206.48 points, or 1.59%, to 12,814.35. The Nasdaq Composite index fell 44.82 points, or 1.80%, to 2,438.49. The S&P 500 shed 26 points at 1,393.

Oil prices for June 2008 delivery fell 6 cents to $123.47 a barrel in electronic trading on the New York Mercantile Exchange today, 8 May 2008, in Asia after jumping to a record of $123.93 a barrel yesterday, 7 May 2008.

The 30-share BSE Sensex fell 258.66 points or 1.49% at 17,080.65. The index lost 301.28 points at days low of 17,038.03, hit in the early afternoon trade. Sensex lost 126.7 points at day's high of 17,212.61 hit in early trade.

The broader based S&P CNX Nifty fell 53.8 points or 1.05% at 5081.70. Nifty May 2008 futures were at 5093, a premium of 11.3 points as compared to spot closing.

The market breadth was weak on BSE with 1102 shares advancing as compared to 1593 stocks that declined. 51 stocks remained unchanged.

The BSE Mid-Cap index was down 0.67% at 7,153.43 and the BSE Small-Cap index was down 0.44% at 8,689.04. Both the indices outperformed the Sensex.

BSE clocked a turnover of Rs 5904 crore as against Rs 6,622.02 crore on Wednesday, 7 May 2008. The NSE's futures & options (F&O) segment turnover was Rs 28,943.79 crore, which was lower than Rs 33,563.9 crore on Wednesday, 7 May 2008.

India's biggest private sector firm by market capitalisation and oil refiner Reliance Industries fell 0.79% to Rs 2661.05.

India's biggest cigarette maker by revenue ITC slumped 5.24% to Rs 215.05.

The BSE IT index underperformed the Sensex, falling 2.69% to 4,294.46. Mphasis (down 3.96% at Rs 219.65), Satyam Computer (down 3.72% at Rs 471.10), TCS (up 2.33% at Rs 943.70), HCL Technologies (down 1.82% at Rs 288.05) and Wipro (down 0.40% at Rs 0.40% at Rs 497.15), slipped.

India's second largest software exporter by sales Infosys Technologies fell 3.44% at Rs 1,779.80.

The BSE Bankex index underperformed the Sensex, falling 2.90% to 8,755.48. Kotak Mahindra bank (down 6.41% at Rs 782.40), Bank of Baroda (down 5.51% at Rs 300.05), Axis Bank (down 4.83% at Rs 863.35), HDFC Bank (down 2.24% at Rs 1,508.40), and State Bank of India (down 2.17% at Rs 1,729.80), tumbled.

India's biggest private sector lender by assets ICICI Bank fell 3% to Rs 891.30.

The BSE Metal index outperformed the Sensex, gaining 0.19% to 15,843.27. Tata Steel (up 2.51% at Rs 845.65), Welspun Gujarat Stahl Rohren (up 1.89% at Rs 409.60), Bhushan Steel (up 0.93% at Rs 790), Sesa Goa (up 0.89% at Rs 4,028.20), and Hindalco Industries (up 0.17% at Rs 180.05), moved higher.

Among the side counter, Moser Baer (up 8.08% at Rs 191.30), United Phosphorus (up 5.19% at Rs 349.35), Aban Offshore (up 5.03% at Rs 3,811.10), Great Offshore (up 5.03% at Rs 708.65) and IFCI (up 3.57% at Rs 60.85), soared.

Stocks from the side counters that declined were, Sintex Industries (down 6% at Rs 435), Indiabulls Financial Services (down 5.98% at Rs 491), Reliance Industrial Infrastructure (down 5% at Rs 1,465.90), and Lanco Infratech (down 5% at Rs 506.15).

Tata Communications rose 3.07% to Rs 502.50 on reports the government is planning to divest its residual 26.12% stake in the company.

India's third largest listed cellular services provider by sales Idea Cellular rose 2.41% to Rs 106.40. The firm slashed its long-distance call rates and roaming charges.

Mid-day Multimedia, which publishes a tabloid, gained 2.10% to Rs 34. The firm reported net profit of Rs 0.23 crore in the Q4 March 2008 as compared to net loss of Rs 2.88 crore in Q4 March 2007. Sales declined 2.19% to Rs 27.24 crore in Q4 March 2008 over Q4 March 2007.

Aishwarya Telecom clocked the highest turnover of Rs 722.21 crore on BSE. Reliance Power (Rs 250.45 crore), Reliance Capital (Rs 171.71 crore), Tata Steel (Rs 160.78 crore) and Cairn India (Rs 155.39 crore), were the other turnover toppers on BSE in that order.

Aishwarya Telecom reported the highest volume of 7.71 crore shares on BSE. IFCI (1.42 crore shares), Ispat Industries (1.14 crore shares), Kashyap Technologies (87.10 lakh shares) and Reliance Natural Resources (83.40 lakh shares), were the other volume toppers on BSE in that order.

Market Closing Session - 7th May

2008-05-07T09:18:00.000-07:00

The key indices ended in the negative territory. Weakness in Asian markets and a surge in crude oil prices spoiled the investor sentiments today. IT and oil & gas stocks were the front-runners. Capital goods stocks and the shares of PSU firms suffered the most.

European markets, which open after Indian markets, were trading higher. In Europe, key indices in UK, France and Germany were up 0.64% to 0.88%.

Asian markets ended lower today. Key indices in China, Hong Kong, Japan, Singapore and South Korea were down by 0.27% to 4.13%. However, Taiwans Taiwan Weighted Index was up 0.78%.

US crude was steady at $121.79 a barrel, just off a record high at $122.73 in New York with prices doubling in the past year. Foreign brokerage house Goldman Sachs, which had predicted that oil would hit $100 a barrel now forecasts a potential spike to $200 a barrel.

The 30-share BSE Sensex fell 33.70 points or 0.19% at 17,339.31. The index lost 143.03 points at days low of 17,229.98, hit in the afternoon trade. Sensex gained 40.80 points at days high of 17,413.81, hit in the early afternooon.

The broader based S&P CNX Nifty fell 9.15 points or 0.18% at 5135.50. Nifty May 2008 futures were at 5157.10, a premium of 21.6 points as compared to spot closing.

The market breadth was weak on BSE with 1163 shares advancing as compared to 1538 stocks that declined. 64 stocks remained unchanged.

The BSE Mid-Cap index fell 0.40% to 7,201.57 and BSE Small-Cap index fell 0.25% to 8,727.17. Both the indices underperformed the Sensex.

BSE clocked a turnover of Rs 5886 crore as against Rs 6,741.54 crore on Tuesday, 6 May 2008.

The NSE's futures & options (F&O) segment turnover was Rs 33,563.90 crore, which was higher than Rs 32,856.62 crore on Tuesday, 3 May 2008.

IT stocks moved up after rupee touched a 8-month low on Tuesday, 6 may 2008 as oil refiners stepped up dollar buying after oil hit a record high, adding to concerns of a widening trade deficit and slowing capital inflows. The BSE IT index outperformed the Sensex, gaining 0.68% to 4,413.30.

TCS (up 3.02% at Rs 966.20), Mphasis (up 2.51% at Rs 228.70), Infosys Technologies (up 1.26% at Rs 1,843.20), Wipro (up 0.14% at Rs 499.15), and Tech Mahindra (up 0.93% at Rs 952.20), rose.

The BSE Oil & Gas index outperformed the Sensex, rising 0.68% to 11,723.46. Reliance Industries (up 1.05% at Rs 2,682.35), Aban Offshore (up 1.05% at Rs 2,682.35) and Essar Oil (up 0.74% at Rs 287.05), rose.

Oil refiner Cairn India jumped 7.47% to Rs 278.45 in anticipation that the spiraling crude oil prices, which soared to a record high of $122.73 yesterday, will lead to higher price realization. Earlier in the day, the stock had touched an all time high of Rs 283.50.

However, state-run oil firms declined. HPCL (down 3.96% at Rs 244.05), Indian Oil Corporation (down 3.68% at Rs 459.15), BPCL (up 3.14% at Rs 382.85), slipped.

The BSE Capital Goods index underperformed the Sensex, falling 2.24% to 13,641.62. Bharat Electronics (down 6.11% at Rs 1,229.90), Bharat Heavy Electricals (down 4.12% at Rs 1,783.75), BEML (down 2.52% at Rs 1,137.05), Larsen & Toubro (down 2.44% at Rs 2,986.50) and Punj Lloyd (down 2.06% at Rs 354.45), tumbled.

The BSE Bankex underperformed the Sensex, falling 0.79% to 9,016.91. Axis Bank (down 4.29% at Rs 907.15), Bank of India (down 4.17% at Rs 338.85), Kotak Mahindra Bank (down 2.60% at Rs 836), Bank of Baroda (down 2.40% at Rs 317.55) and ICICI Bank (down 0.99% at Rs 918.85), slipped.

Plastic materials maker Uflex jumped 1.63% to Rs 149.60 after posting 60.6% surge in net profit to Rs 24.84 crore on 13.9% rise in net sales to Rs 362.42 crore in Q4 March 2008 over Q4 March 2007.

Information technology firm Mastek soared 8.34% to Rs 368.20 on reports that the company is betting on transport and healthcare sectors for fuelling its future revenue.

Marine transportation services provider Mercator Lines vaulted 3.38% to Rs 107.20 after its wholly owned subsidiary Mercator Lines (Singapore) reported three-fold jump in net profit to $52.2 million in the year ended March 2008 over the year ended March 2007.

Ethanol maker Dollex Industries was locked at upper limit of 5% at Rs 43.45 on setting 20 May 2008 as the record date for a 2-for-1 stock split.

Apparel maker and exporter Gokaldas Exports surged 12.32% at Rs 232.90 on reports that major stakeholder Blackstone Group was considering delisting the company this year.

Film maker Pritish Nandy Communications was locked at upper limit of 10% at Rs 64.20 after it said on Tuesday, 6 May 2008 it has signed a three-film deal with US-based Sony Pictures.

Ethanol maker Praj Industries gained 1.92% to Rs 199.05 after the company reported 77.44% surge in net profit to Rs 153.54 crore on 20.10% increase in total income to Rs 740.31 crore in the year ended March 2008 over the year ended March 2007.

Aishwarya Telecom settled at Rs 90.85 on BSE, a sharp premium of 159.57% over its issue price of Rs 35. The stock debuted at Rs 50.10 on BSE, a premium of 43.14% over its issue price.

Debutant Aishwarya Telecom clocked the highest turnover of Rs 697.52 crore on BSE. Reliance Capital (Rs 240.15 crore), Idea Cellular (Rs 205.62 crore), Cairn India (Rs 204.54 crore) and Bharti Airtel (Rs 172.08 crore), were the other turnover toppers on BSE in that order.

Aishwarya Telecom reported the highest volume of 8.27 crore shares on BSE. Idea Cellular (2.03 crore shares), Ispat Industries (1.80 crore shares), IFCI (1.23 crore shares) and Cybermate Infotek (1.03 crore shares), were the other volume toppers on BSE in that order.

US markets rose to a four month high yesterday, 6 May 2008 as Financial and energy shares sparked the positive moves on the US indices. US largest mortgage financing company Fannie Mae surged after its officials said they were cautiously optimistic that the worst of the credit crisis had passed even after posting a $2.5 billion quarterly loss. The Dow Jones industrial average rose 51.29 points or 0.40% to 13,020.83. The Nasdaq Composite index rose 19.19 points, or 0.78%, to 2,483.31. The S&P 500 advanced 11 points to 1,418.

Market Closing Session - 6th May

2008-05-06T09:05:00.001-07:00

The key benchmark indices ended lower as investors resorted to profit booking due to lack of positive triggers in the market. Selling pressure was seen in mid-caps and small-caps counters with their barometers underperforming the Sensex.

Realty and power stocks were the worst hit, whereas FMCG and metal stocks were on the positive side. IT pivotals recovered at the fag end of the session after rupee slipped to eight-month low against the dollar.

European markets, which were mostly positive in early trade, slipped later led by Swiss bank UBS after it unveiled big job cuts. Key indices in Germany, France and UK were down 0.16% to 0.42%. UBS said it will slash 5,500 jobs or almost 7% of its workforce, and has a preliminary deal with US asset manager BlackRock Inc to sell a $15 billion portfolio of subprime mortgages. It also reported a sharp slowdown in new money entrusted to it by wealthy clients.

In contrast, most of the Asian markets recovered after trading negative in early trades. Key indices in Singapore, South Korea, Hong Kong and Taiwan were up 0.23% to 0.58%. However, China's Shanghai Composite was down 0.73%. Japanese markets are closed today on account of holiday.

The 30-share BSE Sensex fell 117.89 points or 0.67% at 17,373.01. The index lost 253.22 points at days low of 17,237.68, hit in mid-afternoon trade. Sensex gained 11.25 points at days high of 17,502.15, hit at the onset of trading session.

The broader based S&P CNX Nifty fell 47.6 points or 0.92% at 5144.65. Nifty May 2008 futures were at 5174.50, a premium of 29.85 points as compared to spot closing.

As per provisional data, foreign funds sold shares worth a net Rs 815.61 crore today. Domestic funds bought shares worth a net Rs 295.35 crore.

The market breadth was negative on BSE with 965 shares advancing as compared to 1722 stocks that declined. 68 stocks remained unchanged.

The BSE Mid-Cap index fell 0.94% to 7,230.31 and BSE Small-Cap index fell 1.09% to 8,749.24. Both the indices underperformed the Sensex.

BSE clocked a turnover of Rs 6691 crore as against Rs 6,393.68 on Monday, 5 May 2008. The NSE's futures & options (F&O) segment turnover was Rs 32856.62 crore, which was lower than Rs 32972.85 crore on Monday, 2 May 2008.

IT stocks moved up after rupee touched a 8-month low as oil refiners stepped up dollar buying after oil hit a record high, adding to concerns of a widening trade deficit and slowing capital inflows. The BSE IT index outperformed the Sensex, gaining 1.53% to 4,383.36.

Tech Mahindra (up 2.49% at Rs 943.40), Satyam Computer (up 1.96% at Rs 497.05), Infosys Technologies (up 1.84% at Rs 1,820.30), Wipro (up 1.70% at Rs 498.45) and TCS (up 1.44% at Rs 937.85), rose. The partially convertible rupee was at 40.85 per dollar, its lowest since 6 September 2007.

Indias largest private sector firm by market capitalisation and oil refiner Reliance Industries rose 0.42% at Rs 2654.40.

Indias top listed cellular service provider by market share Bharti Airtel slipped 5.29% to Rs 846.60. Bharti Airtel has reportedly bid for 51% of South African telecommunications group MTN. According to reports, Bharti had tabled a bid for MTN at 165 rand per share and had secured $12 billion from banks to finance the deal, which would make Bharti a top player in emerging markets telecoms.

The BSE Realty index underperformed the Sensex, sliding 4.63% to 8,337.03. Unitech (down 7.21% at Rs 307.05), Housing Development & Infrastructure Corporation (down 6.15% at Rs 781.70), Omaxe (up 5.48% at Rs 232), and Indiabulls Real Estate (down 1.44% at Rs 556.35), slipped.

India's largest real estate developer by market capitalisation DLF fell 5.26% to Rs 667.95.

The BSE Power index underperformed the Sensex, falling 2.15% to 3,315.61. Reliance Infrastructure (down 4.92% at Rs 1,442.30), Tata Power (down 4.49% at Rs 1,331.75), Torrent Power (down 2.23% at Rs 135.80), NTPC (down 1.28% at Rs 195.95) and Power Grid Corporation of India (down 0.80% at Rs 105.15), tumbled.

The BSE Bankex outperformed the Sensex, falling 0.46% to 9,088.70. Bank of India (down 2.47% at Rs 353.60), Yes Bank (down 2.46% at Rs 174.45), State bank of India (down 1.29% at Rs 1,756.20), and Kotak Mahindra Bank (down 1.28% at Rs 858.30), declined from the Bankex pack.

Union Bank of India (up 2.07% at Rs 172.25), Bank of Baroda (up 1.66% at Rs 325.35), HDFC Bank (up 0.66% to Rs 1,539.90) and Axis Bank (up 0.10% at Rs 947.85), moved higher from the Bankex pack.

India's largest private sector bank by assets ICICI Bank fell 0.55% to Rs 928.05.

Oil refiner Cairn India rose 1.67% to Rs 259.10 after the Goldman Sachs Group Inc raised its estimate on the stocks by 14% to Rs 325 a share.

PVC pipes maker Finolex Industries soared 6.73% to Rs 76.95 on repors the firm has decided to sell off its plot at Chinchwad near Pune. It is close to signing a deal with a US-based developer to sell the land for between Rs 350 crore and Rs 400 crore.

Dairy products maker Anik Industries was locked at upper limit of 5% to Rs 57.75 after posting 76.4% surge in net profit to Rs 8.96 crore on 58.1% increase in total income to Rs 333.27 crore in Q4 March 2008 over Q4 March 2007.

State-run lender UCO Bank jumped 1.99% to Rs 51.20 on reports the bank would raise Rs 325 crore through an equity issue in June 2008, and convert government equity worth Rs 300 crore into preference shares. The stock touched a high of Rs 54.20 earlier in the session.

Civil construction firm Patel Engineering rose 1.88% to Rs 607 after its unit's joint venture in the United States received a dam reconstruction contract worth $280 million. The stock had earlier touched a high of Rs 632.

Textiles manufacturer Mohit Industries spurted 10% to Rs 24 after posting 180.13% surge in net profit to Rs 0.42 crore on 1.93% fall in total income to Rs 29.71 crore in Q4 March 2008 over Q4 March 2007.

Steel maker JSW Steel fell 2.12% to Rs 879.60 on reports the firm will moderate any price hike this year and raise capacity to offset pressure on margins.

Polyester filament yarn maker Century Enka plunged 5.38% to Rs 121.40 after the company reported net loss of Rs 0.89 crore in Q4 March 2008 as compared to net profit of Rs 1.38 crore in Q4 March 2007. Total income rose 31.50% to Rs 326 crore in Q4 March 2008 over Q4 March 2007.

Titagarh Wagon clocked the highest turnover of Rs 263.39 crore. Reliance Capital (Rs 236.40 crore), Reliance Natural Resources (Rs 210.91), Reliance Petroleum (Rs 204.49 crore) and Reliance Infrastructure (Rs 177.87 crore), were the other turnover toppers on BSE in that order.

Reliance Natural Resources reported the highest volume of 1.74 crore shares on BSE. IFCI (1.73 crore shares), Ispat Industries (1.50 crore shares), Tata Teleservices (Maharastra) (1.19 crore shares) and Reliance Petroleum (1.01 crore shares), were the other volume toppers on BSE in that order.

US markets declined yesterday, 5 May 2008, with financial shares facing the maximum brunt on fears of Bank of America Corp likely to abandon its deal to buy Countrywide Financial Corp. However, Bank of America said after the closing bell that it remained committed to acquiring Countrywide.

The Dow Jones industrial average fell 88.66 points, or 0.68%, to 12,969.54 on Monday, 5 May 2008. The Nasdaq Composite index fell 12.87 points, or 0.52%, to 2,464.12. The S&P 500 fell 6 points to 1,407.

Meanwhile, in a move that will help stock market investors and brokers use their margin funds efficiently, the Securities and Exchange Board of India (Sebi) on Monday, 5 May 2008, approved cross-margining across cash and derivatives segments. The Sebi circular also said that near-month stock futures positions would not be considered for cross-margin benefit three days prior to expiry (the last Thursday of every month).

The asset base of the Indian mutual fund industry increased by 7.32% during the month of April 2008. The mutual fund industry now has Rs 5,67,601.98 crore of assets under management.

High inflation remains the biggest concern for the Indian stock market. The measures taken by the Union government to control inflation have also added to uncertainty on corporate profit. Finance Minister P Chidambaram on Tuesday, 29 April 2008, said government will impose export tax on basmati rice and some steel products, and cut import duties on key inputs like ferro alloys and metallurgical coke. He said the measures were being taken to improve domestic supplies and to moderate prices. The government has already banned export of cement and non-basmati rice.

Given that parliamentary elections are scheduled next year (in May 2009), the government may leave no stone unturned in its attempt to rein in inflation. This is bad news for commodity scrips like cement, steel etc.

In a bid to rein in inflation, the Reserve Bank of India, on Tuesday, 29 April 2008, raised cash reserve ratio (CRR) by 25 basis points to 8.25%, to suck out excess liquidity in the banking system, in its annual monetary policy review. While the central bank has mentioned price stability as its key priority, the overall undertone of the policy is not as hawkish as market had feared. The RBI governor Y V Reddy expects inflation to moderate in the next 2-3 months.

Good Q4 results March 2008 results and firm global markets, triggered a solid rebound in the Indian market over the past few days. Buying by domestic institutions has supported the market. From a recent low of 14,809.49 on 17 March 2008, the Sensex climbed 2,790.63 points or 18.84% to 17,600.12 on 2 May 2008.

The structural growth drivers of the Indian economy remain intact Indias economy is expected to witness a decent-to-strong growth for a long period of time due to favourable demographics. Acceleration in infrastructure creation will be another driver of strong growth in Indias economy. Rating agency CRISIL in its latest outlook for Indian economy for the year through March 2009 has stated that the overall growth scenario is expected to remain strong with investment as the main driver.

Another pointer to the fact that the long term India growth story remains intact is the outcome of the latest 2008 US-India Business Council (USIBC) survey, according to which, India is, and will continue to be, a premier destination for investment by US firms, with a large number of respondents rating future economic growth in India as highly sustainable.

Market Closing Session - 5th May

2008-05-05T08:57:00.000-07:00

After trading within a narrow range earlier in the day, the market declined in late trading as US stock futures indicated lower opening on the Wall Street on Monday, 5 May 2008. Dow futures were down 105 points and S&P 500 futures were down 6.80 points.

Realty and healthcare stocks outperformed the market. Consumer durables and IT stocks dropped. Small-cap and mid-cap counters were active throughout the session with their barometer indices outperforming the Sensex.

European markets, which opened after Indian market, were mixed. Frances CAC 40 was down 0.29% whereas Germanys DAX was up 0.02%. The stock market in UK was closed for a holiday.

Asian markets, which opened before Indian market, were mostly in green. Key indices in China, and Singapore were up 0.37% to 1.84%. However, Taiwans Taiwan Weighted Index was down 1.41% and Hong Kongs Hang Seng was down 0.22%. Markets in Japan, and South Korea were closed for holiday.

The 30-share BSE Sensex fell 109.22 points or 0.62% at 17,490.90. Sensex gained 135.58 points at days high of 17,735.70, hit in the early afternoon trade. The index lost 142.85 points at days low of 17,457.27, hit in the late trade.

The broader based S&P CNX Nifty was down 35.95 points or 0.69% at 5192.25. Nifty May 2008 futures were at 5205.10, at a premium of 12.85 points as compared to spot closing.

As per provisional data, foreign funds sold shares worth a net Rs 236.81 crore today. Domestic funds bought shares worth a net Rs 457.16 crore.

The market breadth was strong on BSE with 1613 shares advancing as compared to 1118 stocks that declined. 45 stocks remained unchanged.

The BSE Mid-Cap index rose 0.85% to 7,299.26 and BSE Small-Cap index rose 0.27% to 8,845.35. Both these indices outperformed the Sensex.

BSE clocked a turnover of Rs 6350 crore as against Rs 6,606.18 on Friday, 2 May 2008.

The NSE's futures & options (F&O) segment turnover was Rs 32972.85 crore, which was lower than Rs 36304.41 crore on Wednesday, 30 April 2008.

Indias largest private sector firm by market capitalisation and oil refiner Reliance Industries fell 0.34% to Rs 2,665.70.

Indias largest engineering and construction firm by revenue Larsen & Toubro fell 0.25% to Rs 3133.10. The stock had earlier touched a high of Rs 3262. The firm is reportedly set to revamp its corporate structure to create a dozen operating companies under the direction of a separate board of directors. Effective 1 July 2008, the move will lead to L&T becoming the umbrella organisation with a board to administer the performance of all businesses and ownership of the brand, pegged at around $2 billion.

The BSE Bankex outperformed the Sensex, sliding 0.13% to 9,130.61. Kotak Mahindra Bank (up 5.81% at Rs 869.45), Federal Bank (up 2.78% at Rs 260.60), Union Bank of India (up 2.77% at Rs 168.75) and Yes Bank (up 2.49% at Rs 178.85), spurted.

Public sector lender Allahabad Bank rose 6.78% at Rs 92.95. Net profit of Allahabad Bank rose 34.8% to Rs 169.51 crore on 30.3% increase in operating income to Rs 1980.17 crore in Q4 March 2008 over Q4 March 2007.

Indias largest private sector bank by assets ICICI Bank fell 0.25% at Rs 933.15.

India's largest commercial bank State Bank of India declined 2.36% to Rs 1781.90. The bank reported 26.1% rise in net profit to Rs 1883.25 crore on 26.7% growth in operating income to Rs 16393.93 crore in Q4 March 2008 over Q4 March 2007.

The BSE Realty index outperformed the Sensex, gaining 0.26% to 8,741.39. Unitech (up 4.01% at Rs 330.90), Penland (up 3.37% at Rs 108.95), Mahindra Lifespace Developers (up 2.14% at Rs 560.95), and Purvankara Projects (up 1.66% at Rs 300.45), edged higher.

However, India's largest real estate developer by market capitalisation DLF fell 2.10% to Rs 705.05.

The BSE IT index underperformed the Sensex, falling 0.95% to 4,317.34. i-Flex Solutions (down 5.36% at Rs 1,345.25), HCL Technologies (down 2.70% at Rs 288.10), Wipro (down 2.41% at Rs 490.10), TCS (down 1.72% at Rs 924.55), Satyam Computer (down 1.34% at Rs 487.50) and Infosys Technologies (up 0.12% at Rs 1,787.35), slipped.

The BSE Auto index underperformed the Sensex, slipping 1.01% to 4,812.13. Hero Honda Motor (down 3.48% at Rs 818.15), TVS Motor (down 2.08% at Rs 44.65), and Maruti Suzuki (down 0.46% at Rs 784.40), declined.

India's largest commercial vehicles maker by sales Tata Motors slipped 0.71% at Rs 685.55. Tata Motors on Friday, 2 May 2008, reported a decline of 5.8% in automobile sales, including exports, at 38,149 units for April 2008 compared with 40,486 units in the same month last year, largely on account of dip in passenger car segment and exports. Passenger vehicle sales saw a decline of 12%, with total sales of 14,843 units in the domestic market in April 2008

India's leading tractor maker by sales Mahindra & Mahindra slipped 1.86% at Rs 677.50. Goldman Sachs will invest Rs 700 crore in Mahindra & Mahindra (M&M) by picking up convertible debentures which will give it a 3.68% stake in the auto major.

Drug maker Suven Life Sciences surged 2.12% to Rs 36.05 after the company said it has received European product patent from European Patent Office for its clinical candidate SUVN-502.

Jewellery maker Surana Corporation was locked at upper limit of 4.97% to Rs 47.55 on reporting 371.03% surge in net profit to Rs 6.11 crore on 37.44% growth in total income to Rs 619.33 crore in Q4 March 2008 over Q4 March 2007.

Real estate developer Housing Development and Infrastructure (HDIL) fell 1.54% to Rs 832.95. The company has reportedly received Maharashtra state government's approval for the Mumbai airport slum rehabilitation programme.

Telecom service provider Spice Communications surged 5.90% to Rs 42.20 on reports Telekom Malaysia is looking at increasing its stake in the company to at least 51% through a combination of open offer and acquisition of shares the co-promoters.

Titagarh Wagons clocked the highest turnover of Rs 225.07 crore on BSE. Housing Development and Infrastructure (HDIL) (Rs 198.60 crore), Reliance Industries (Rs 197.27 crore), Unitech (Rs 166.97 crore) and Jaiprakash Associates (Rs 154.87 crore), were the other turnover toppers on BSE in that order.

Tata Teleservices (Maharastra) reported the highest volume of 1.86 crore shares on BSE. Kashyap Technologies (1.47 crore shares), Ispat Industries (1.40 crore shares), IFCI (1.22 crore shares) and Reliance Natural Resources (1.09 crore shares), were the other volume toppers on BSE in that order.

US market ended with modest gains on Friday, 2 May 2008 after the latest non-farm payroll data showed 20,000 jobs were lost in April 2008, a far better result than an expected loss of 75,000 jobs. Dow Jones Industrial Average gained 48.2 points or 0.4% at 13,058.20, the Nasdaq Composite index fell 3.72 or 0.2%, to 2,476.99 and the S&P 500 ended up 4.56 points to 1,413.90.

High inflation remains the biggest concern for the Indian stock market. The measures taken by the Union government to control inflation have also added to uncertainty on corporate profit. Finance Minister P Chidambaram on Tuesday, 29 April 2008, said government will impose export tax on basmati rice and some steel products, and cut import duties on key inputs like ferro alloys and metallurgical coke. He said the measures were being taken to improve domestic supplies and to moderate prices. The government has already banned export of cement and non-basmati rice.

Given that parliamentary elections are scheduled next year (in May 2009), the government may leave no stone unturned in its attempt to rein in inflation. This is bad news for commodity scrips like cement, steel etc.

In a bid to rein in inflation, the Reserve Bank of India, on Tuesday, 29 April 2008, raised cash reserve ratio (CRR) by 25 basis points to 8.25%, to suck out excess liquidity in the banking system, in its annual monetary policy review. While the central bank has mentioned price stability as its key priority, the overall undertone of the policy is not as hawkish as market had feared. The RBI governor Y V Reddy expects inflation to moderate in the next 2-3 months.

Good Q4 results March 2008 results and firm global markets, triggered a solid rebound in the Indian market over the past few days. Buying by domestic institutions has supported the market. From a recent low of 14,809.49 on 17 March 2008, the Sensex climbed 2,790.63 points or 18.84% to 17,600.12 on 2 May 2008.

The structural growth drivers of the Indian economy remain intact Indias economy is expected to witness a decent-to-strong growth for a long period of time due to favourable demographics. Acceleration in infrastructure creation will be another driver of strong growth in Indias economy. Rating agency CRISIL in its latest outlook for Indian economy for the year through March 2009 has stated that the overall growth scenario is expected to remain strong with investment as the main driver.

Another pointer to the fact that the long term India growth story remains intact is the outcome of the latest 2008 US-India Business Council (USIBC) survey, according to which, India is, and will continue to be, a premier destination for investment by US firms, with a large number of respondents rating future economic growth in India as highly sustainable.

Market Closing Session - 29th April

2008-04-29T09:08:00.000-07:00

The market which had declined yesterday ahead of the Reserve Bank of India's annual monetary policy review, bounced back today after the central bank kept interest rates unchanged. Rate sensitive banking, auto and realty stocks surged. IT stocks surged after the Finance Minister extended tax exemption for the IT sector by a year. Metal stocks rose. The market breadth was strong.

The central bank raised the cash reserve ratio (CRR) by 25 basis points and the stance of its monetary policy was hawkish. The market had witnessed a bout of volatility earlier in the day ahead of monetary policy announcement.

Asian markets which opened before Indian market were mixed. European markets which opened after Indian markets were mixed.

The 30-share BSE Sensex jumped 362.50 points or 2.13% at 17,378.46. Sensex hit a high of 17,424.94 in late trade, its highest level in two months. At the days high, Sensex rose 408.98 points. Sensex hit a low of 17011.60 in mid-morning trade. At day's low Sensex fell 4.36 points.

The broader based S&P CNX Nifty was up 105.85 points or 2.08% at 5,195.50

From a recent low of 16698.04 on 23 April 2008, Sensex has gained 680.42 points or 4.07% to 17378.46 on 29 April 2008. From a low of 14809.49 on 17 March 2008, Sensex has risen 2568.97 points or 17.34%. The barometer index is off 3828.31 points or 18.05% from a all time high of 21206.77 struck on 10 January 2008.

The turnover on BSE stood at Rs 7262 crore as compared to a turnover of Rs 5544.33 crore on Monday, 28 April 2008. Turnover in NSE's futures & options (F&O) segment spurted to Rs 41,819.49 crore, as compared to Rs 25,459.22 crore on Monday, 28 April 2008.

Nifty May 2008 futures were at 5217.40, a premium of 21.90 points as compared to spot closing of 5,195.50.

The CRR is the percentage of banks' deposits which they must keep as cash with the central bank. It may be recalled that RBI had earlier this month announced a two-stage rise in CRR to 8%.

The Reserve Bank of India (RBI) said managing liquidity would continue to receive priority in its policy objectives and warned it would act swiftly to curb any signs of adverse developments in inflation expectations.

RBI has forecast economic growth of 8% to 8.5% in the fiscal year that began this month, after an estimated 8.7% growth in 2007/08. RBI said it aims for inflation of around 5.5% this fiscal year with the goal of lowering it close to 5% as soon as possible.

The market breadth was strong on BSE with 1588 shares advancing as compared to 1121 that declined. 61 remained unchanged.

The BSE Mid-Cap index rose 1.13% to 7146.95 and BSE Small-Cap index rose 0.87% to 8,785.31.

BSE Realty index (up 5.9% to 8,650.24), BSE Metal index (up 3.64% to 16192.97), BSE IT index (up 5.24% to 4237.81), BSE Consumer Durables index (up 2.81% to 4585.97), outperformed Sensex.

BSE Oil & Gas index (up 2.02% to 11661.26), BSE Bankex (up 1.68% to 8,964.75), BSE PSU index (up 1.65% to 8008.99), BSE Auto index (up 1.52% to 4,646.62), BSE Capital Goods index (up 1.28% to 13931.17), BSE HealthCare index (up 0.78% to 4,248.62), BSE Power index (up 0.96% to 3,336.34) and BSE FMCG index (up 0.52% to 2,412.61) underperformed Sensex

As per the provisional figures, foreign institutional investors (FII)s bought shares worth Rs 232.18 crore today 29 April 2008 and domestic funds bought shares worth Rs 403.27 crore.

Realty stocks surged in late trade. Indiabulls Real Estate (up 3.06% to Rs 557.35), DLF (up 8.57% to Rs 725.85) and Unitech (up 8.18% to Rs 317.50) rose.

IT stocks surged. Satyam Computer Services (up 8.22% to Rs 479.35), Infosys (up 5.15% to Rs 1,750.75), Wipro (up 4.7% to Rs 479.20) and Tata Consultancy Services (up 3.15% to Rs 910.80) edged higher.

Finance Minister Palaniappan Chidambaram extended by a year a tax holiday scheme for export-driven software companies as he outlined some changes to the federal budget for 2008-09. The scheme for facilities based in technology parks was set to expire in March 2009.

Metal stocks rose. Tata Steel (up 4.01% to Rs 808.90), National Aluminium Company (up 4.37% to Rs 458.70), Hindalco Industries (up 6.44% to Rs 198.20), Steel Authority of India (up 2.08% to Rs 179.40), Sterlite Industries (up 4.77% to Rs 898.85) edged higher.

Finance Minister P Chidambaram today said government will impose export tax on basmati rice and some steel products, and cut import duties on key inputs like ferro alloys and metallurgical coke. He said the measures were being taken to improve domestic supplies and to moderate prices.

Banking stocks surged after the RBI's policy announcement. State Bank of India (up 3.27% to Rs 1,793.50), HDFC Bank (up 1.95% to Rs 1,547.50) and ICICI Bank (up 0.71% to Rs 901.30) edged higher.

Auto Stocks edged higher. Mahindra & Mahindra (up 1.17% to Rs 642.70), Tata Motors (up 1% to Rs 639.95) Maruti Suzuki India (up 1.24% to Rs 731.30), Hero Honda Motors (up 5.34% to Rs 861.85), rose.

HDFC (up 5.95% to Rs 2881.45), Larsen & Toubro (up 2.09% to Rs 3007.40) Jaiprakash Associates (up 5.95% to Rs 266.10), Ambuja Cements (up 1.32% to Rs 114.85), Bharat Heavy Electricals (up 1.29% to Rs 1891.85), Reliance Industries (up 2.35% to Rs 2,653) edged higher from Sensex pack.

Hindustan Unilever rose 1.48% to Rs 250.85. Net profit of Hindustan Unilever declined 3.04% to Rs 380.95 crore on 19.14% rise in sales to Rs 3793.94 crore in Q1 March 2008 Q1 March 2007. The board of the company has approved the change in the financial year to April-March.

Reliance Communications declined 1.73% to Rs 574.70 while Bharti Airtel fell 2.67% to Rs 904.50. Reliance Communications said on Monday, 28 April 2008, it would offer unlimited national long distance calls within its network for a fixed rental with immediate effect. Earlier yesterday, sector leader Bharti Airtel slashed long distance and roaming tariffs by 43% effective 30 April 2008.

Reliance Natural Resources clocked the highest volume of 2.15 crore shares on BSE. Ispat Industries (1.71 crore shares), IFCI (1.56 crore shares), Indiabulls Securities (1.51 crore shares) and Reliance Petroleum (1.47 crore shares) were the other volume toppers in that order.

Reliance Capital clocked the highest turnover of Rs 317.11 crore on BSE. Sesa Goa (Rs 309.43 crore), Reliance Petroleum (Rs 295.31 crore), Reliance Natural Resources (Rs 270.24 crore) and Reliance Industries (Rs 231.64 crore) were the other turnover toppers in that order.

It its latest report on macroeconomic and monetary developments in 2007/08 released on Monday, 28 April 2008, RBI has said that the global food prices were likely to remain firm as supply side pressures did not appear to be abating. The central bank said steps takes by the government to rein in prices should help curb inflation. It, however, said the inflation risks on account of oil prices remain incipient.

RBI has noted that freely priced fuel items such as naphtha had increased substantially since February 2007 alongside rising global oil prices, while prices of petrol and diesel, which are government-controlled, had partially adjusted. But prices of kerosene and cooking gas had not been raised by the government for several years.

RBI felt there were some demand-side pressures. Domestic iron and steel prices saw a sharp increase in line with recent hardening in international steel prices, it said, while cement price rises could be attributed largely to strong demand from construction domestically. A survey of professional forecasters by the central bank showed that the Indian economy is expected to grow 8.1% in the 2008/09 fiscal year that began this month. In 2007/08, the gross domestic product is estimated to have grown 8.7%.

A cause for concern is the fall in business confidence index. A survey of 392 companies by Federation of Indian Chambers of Commerce and Industry (FICCI), showed that concerns about an economic slowdown, inflation and rising costs hurt business confidence of Indian firms during October-December 2007 period. The FICCI business confidence index declined to a new five-year low of 55.3 points in the third quarter of 2007/08, from 61.2 in the previous quarter.

On the flip side, a pointer to the fact that the long term India growth story remains intact is the outcome of the latest 2008 US-India Business Council (USIBC) survey, according to which, India is, and will continue to be, a premier destination for investment by US firms, with a large number of respondents rating future economic growth in India as highly sustainable. Meanwhile, the Lok Sabha is slated to pass the Finance Bill 2008-09 today, 29 April 2008.

The two-day US Federal Reserve policy meeting ends on Wednesday, 30 April 2008. The market expects the Fed to cut interest rates by 25 basis points to 2% and then signal that its rate-cutting cycle may be over for now in the face of mounting global energy and food inflation pressure.

US stocks ended flat on Monday, 28 April 2008, as a $23 billion takeover of Wm Wrigley Jr Co, the world's largest chewing gum maker, by Mars Inc, the maker of M&Ms candy, helped offset downbeat comments by influential investor Warren Buffett about the economy. Buffett said US could be mired in a longer and deeper recession than most people think.

Asian stocks were mixed today. Key benchmark indices in Hong Kong and China were up by between 1.05% to 1.4%. Key benchmark indices in Singapore, Taiwan and South Korea were down by between 0.64% to 2.07%. Japanese markets were closed for a national holiday.

European markets were mixed. Frances CAC 40 and Germanys DAX and were down between 0.35%-0.56% while UKs FTSE 100 rose 0.4%.