Market Closing Session - Oct 3rd

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

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

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

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

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

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

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

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

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

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.