Intense selling pressure in key index pivotals dragged the key benchmark indices lower in volatile trade. The BSE 30-share Sensex, extended losses for the seventh straight day today, 17 September 2008, declining 255.90 points. The S&P CNX Nifty settled just above the psychological 4,000 level.
ICICI Bank shed over 4.5% and Reliance Industries shed over 3%. Sterlite Industries tumbled a little under 9% and ITC lost over 5%. The market breadth was weak. All BSE sectoral indices ended in red.
The US Federal Reserve in a meeting on Tuesday, 16 September 2008 announced a $85 billion rescue plan to help American International Group in exchange for a 79.9% stake. The deal would avoid the biggest corporate bankruptcy ever and follows a government bailout of mortgage lenders Freddie Mac and Fannie Mae earlier this month
Meanwhile, the US Federal Reserve at its policy meet on Tuesday, 16 September 2008, kept its target for the federal funds rate at 2%. Fed said that the strains in financial markets have increased significantly and labour markets have weakened further. Economic growth appears to have slowed recently, partly reflecting a softening of household spending.
European markets, which opened after Indian market, were mixed. Key benchmark indices in Germany and France were up 0.32% and 0.63% respectively. However UK's FTSE 100 lost 2.13%. Asian markets were trading mixed today, 17 September 2008. Key benchmark indices in China, Hong Kong and Singapore, were down by between 2.90% and 3.63%. However indices in Japan, Taiwan, and South Korea rose by between 0.77% and 2.70%.
In US, Dow futures were down 31 points and the Nasdaq futures were down 8 points, pointing to a lower start of the US markets on Wednesday, 17 September 2008.
The BSE 30-share Sensex lost 255.90 points or 1.89% at 13,262.90. The Sensex opened with a upward gap of 101.94 points at 13,620.74, which is also its day's high so far, boosted by Fed's rescue plan for AIG. At the day's low of 13,127.96 hit mid-afternoon trade, the Sensex lost 390.84 points.
The S&P CNX Nifty lost 66.65 points or 1.64%, to settle at 4008.25. At the day's low of 3,974.60, the Nifty lost 100.30 points in afternoon trade. Nifty September 2008 futures were at a marginal 0.75 premium as compared to spot closing. NSE's futures & options (F&O) segment turnover was Rs 58,546.48 crore, which was higher than Rs 56,509.60 crore on Tuesday, 16 September 2008.
The BSE Sensex has lost 1682.07 points or 11.25% in seven consecutive trading sessions from a recent high of 14,944.97 on 8 September 2008. The barometer index is down 7024.09 points or 34.63% in the calendar year 2008 so far from its close of 20,286.99 on 31 December 2007. It is 7943.87 points or 37.45% below its all-time high of 21,206.77 struck on 10 January 2008.
National Stock Exchange (NSE) on Tuesday, 16 September 2008, said there are no outstanding open positions/settlement obligations of Lehman Brothers Securities currently in the cash market segment and derivatives segment of NSE. Lehman Brothers Securities can operate only in the cash market segment on pre-funding of their trades, NSE said.
The Reserve Bank of India (RBI) on late Tuesday, 16 September 2008 stepped in with measures to support the rupee — which has been battered to almost 47 against the dollar — and supply cash in the money market. The move will increase dollar supply and lower banks' borrowing cost in the overnight call money market. RBI has hiked the maximum interest that banks can pay on NRI deposits by 50 basis points for dollar as well as rupee deposits.
The market breadth was weak on BSE with 1760 shares declining as compared to 881 that advanced. 82 remained unchanged.
The total turnover on BSE amounted to Rs 5795 crore as compared to Rs 5,208.35 crore yesterday, 16 September 2008.
The BSE Mid-Cap index fell 1.49% to 5,139.63 and the BSE Small-Cap index slipped 1.19% to 6,214.75.
Among the 30-member Sensex pack, 24 slipped while the rest gained.
India's top copper producer by sales Sterlite Industries plunged 8.89% to Rs 435.25 on 11.02 lakh shares. It was the top loser from Sensex pack.
India's largest private sector bank in terms of net profit ICICI Bank plunged 4.75% to Rs 563.25, off day's low of Rs 530. The sell-off was on reports the bank will have to take a hit of $28 million on account of the additional provisioning that ICICI Bank's UK subsidiary will have to make after Lehman Brothers Holdings, the fourth-largest investment bank filing for bankruptcy.
Meanwhile, the bank denied rumours of top management selling shares over the last few days.
Other banking shares were also weak ahead of the release of the weekly inflation figures after trading hours on Thursday, 18 September 2008. HDFC Bank (down 3.83% to Rs 1183), and State Bank of India (down 4.12% to Rs 1520.25), edged lower. The Bankex fell 3.79% to 6,592.96.
Ranbaxy Laboratories, India's top drug maker by sales slumped 4.41% to Rs 388. The stock tumbled on reports the US government has banned more than 30 generic drugs made by the company citing poor quality in two of its Indian factories. The stock was already on a sustained downtrend ever since the Japanese drug maker Daiichi Sankyo's open offer to acquire an additional 20% stake at Rs 737 a share in the company ended on 4 September 2008.
India's largest private sector firm in terms of market capitalization and oil refiner Reliance Industries fell 3.31% to Rs 1864.70 on 14.05 lakh shares. The stock had hit a 52-week low of Rs 1800 in intra-day trade on Tuesday, 16 September 2008. As per reports, the company is expected to start pumping gas from November 2008 from its deep-water field off the east coast.
Real estate shares slipped. DLF (down 4.12% to Rs 405.20), Unitech (down 9.32% to Rs 127), Indiabulls Real Estate (down 7.92% to Rs 205.70), and Ansal Infrastruture (down 2.10% to Rs 77), declined. The BSE Realty index lost 4.13%, to 3,991.93.
India's largest private sector steel maker by sales, Tata Steel was down 3.48% to Rs 470.60. It had touched a 52-week low of Rs 467.95 in intra-day trade. As per reports, the company paid lower advance tax to Rs 300 crore in Q2 September 2008 as compared to Rs 350 crore in Q2 September 2007. The BSE metal index plunged 3.55%, to 9,814.93.
ITC (down 5.48% to Rs 183.60), and Jaiprakash Associates (down 3.58% to Rs 134.80), edged lower from the Sensex pack.
India's top truck maker by sales Tata Motors advanced 4.46% to Rs 416.15 and was the top gainer from Sensex pack. The company reportedly paid lower advance tax to Rs 75 crore in Q2 September 2008 as compared to Rs 190 crore in Q2 September 2007.
Mahindra & Mahindra, the country's top tractor maker by sales gained 0.14% to Rs 534. The company reportedly paid higher advance tax of Rs 116 crore in Q2 September 2008 as compared to Rs 83 crore in Q2 September 2007.
India's top oil exploration firm by market capitalisation Oil and Natural Gas Corporation (ONGC) gained 2.86% to Rs 979.90, after the company said it has agreed to give Rocksource ASA, a Norwegian company, 10% participating interest in deep water block in the eastern offshore. It was the top gainer from Sensex pack.
India's second largest software services firm Infosys Technologies rose 1.01% to Rs 1580, off its day's high of Rs 1647.90. Its American depositary receipt soared 4.60% in the US market yesterday, 16 September 2008.
Other IT pivotals showed mixed trend. Satyam Computer Services (down 1.87% to Rs 349.70), and TCS (down 2.88% to Rs 728), slipped. The BSE IT index lost 0.58% to 3,524.32.
However India's third largest software services firm Wipro rose 1.15% to Rs 396.25 on reports the company's software business arm Wipro Technologies and Copal Partners have expressed interest to bid for the Indian back-office unit of Lehman Brothers.
State-run oil refiners slipped after crude oil price rebounded from a 7-month low. Indian Oil Corporation (down 5.30% at Rs 396), BPCL (down 7.02% at Rs 336.20), and HPCL (down 5.45% at Rs 235.25), slipped. However Cairn India galloped 4.28% to Rs 207.
ICICI Bank was the top traded counter on BSE with a turnover of Rs 401.80 crore followed by United Spirits (Rs 341.76 crore), Reliance Capital (Rs 307.75 crore), Reliance Industries (Rs 265.54 crore) and Educomp Solutions(Rs 249.06 crore), in that order.
Reliance Natural Resources led the volumes chart on BSE clocking volumes of 1.41 crore shares followed by IFCI (1.05 crore shares), ICICI Bank (72.12 lakh shares), Austral Coke & Projects (62.27 lakh shares) and Chambal Fertilisers (60.31 lakh shares) in that order.
Jaipan Industries was locked at upper limit of 5% of Rs 168.10, a lifetime high, extending gains for the 24th trading session in a row. The Jaipan stock has surged 220.49% in past 24 trading session to Rs 168.10 today from Rs 52.45 on 12 August 2008.
US light crude for October 2008 delivery gained $3.15 to $94.30 a barrel today, 17 September 2008, following a $85 billion bailout of American International Group sparked a relief rally on Wall Street.
US markets rallied on Tuesday, 16 September 2008, on growing optimism that US authorities may finance a rescue of insurer American International Group (AIG). The Dow Jones Industrial Average surged 141.51 points, or 1.30%, to 11,059.02, the Standard & Poor's 500 Index rose 20.87 points, or 1.75%, to 1,213.57 and the Nasdaq Composite index climbed 22.45 points, or 1.03%, to 2,202.36. The US government announced rescue plan for AIG after trading hours.
ICICI Bank shed over 4.5% and Reliance Industries shed over 3%. Sterlite Industries tumbled a little under 9% and ITC lost over 5%. The market breadth was weak. All BSE sectoral indices ended in red.
The US Federal Reserve in a meeting on Tuesday, 16 September 2008 announced a $85 billion rescue plan to help American International Group in exchange for a 79.9% stake. The deal would avoid the biggest corporate bankruptcy ever and follows a government bailout of mortgage lenders Freddie Mac and Fannie Mae earlier this month
Meanwhile, the US Federal Reserve at its policy meet on Tuesday, 16 September 2008, kept its target for the federal funds rate at 2%. Fed said that the strains in financial markets have increased significantly and labour markets have weakened further. Economic growth appears to have slowed recently, partly reflecting a softening of household spending.
European markets, which opened after Indian market, were mixed. Key benchmark indices in Germany and France were up 0.32% and 0.63% respectively. However UK's FTSE 100 lost 2.13%. Asian markets were trading mixed today, 17 September 2008. Key benchmark indices in China, Hong Kong and Singapore, were down by between 2.90% and 3.63%. However indices in Japan, Taiwan, and South Korea rose by between 0.77% and 2.70%.
In US, Dow futures were down 31 points and the Nasdaq futures were down 8 points, pointing to a lower start of the US markets on Wednesday, 17 September 2008.
The BSE 30-share Sensex lost 255.90 points or 1.89% at 13,262.90. The Sensex opened with a upward gap of 101.94 points at 13,620.74, which is also its day's high so far, boosted by Fed's rescue plan for AIG. At the day's low of 13,127.96 hit mid-afternoon trade, the Sensex lost 390.84 points.
The S&P CNX Nifty lost 66.65 points or 1.64%, to settle at 4008.25. At the day's low of 3,974.60, the Nifty lost 100.30 points in afternoon trade. Nifty September 2008 futures were at a marginal 0.75 premium as compared to spot closing. NSE's futures & options (F&O) segment turnover was Rs 58,546.48 crore, which was higher than Rs 56,509.60 crore on Tuesday, 16 September 2008.
The BSE Sensex has lost 1682.07 points or 11.25% in seven consecutive trading sessions from a recent high of 14,944.97 on 8 September 2008. The barometer index is down 7024.09 points or 34.63% in the calendar year 2008 so far from its close of 20,286.99 on 31 December 2007. It is 7943.87 points or 37.45% below its all-time high of 21,206.77 struck on 10 January 2008.
National Stock Exchange (NSE) on Tuesday, 16 September 2008, said there are no outstanding open positions/settlement obligations of Lehman Brothers Securities currently in the cash market segment and derivatives segment of NSE. Lehman Brothers Securities can operate only in the cash market segment on pre-funding of their trades, NSE said.
The Reserve Bank of India (RBI) on late Tuesday, 16 September 2008 stepped in with measures to support the rupee — which has been battered to almost 47 against the dollar — and supply cash in the money market. The move will increase dollar supply and lower banks' borrowing cost in the overnight call money market. RBI has hiked the maximum interest that banks can pay on NRI deposits by 50 basis points for dollar as well as rupee deposits.
The market breadth was weak on BSE with 1760 shares declining as compared to 881 that advanced. 82 remained unchanged.
The total turnover on BSE amounted to Rs 5795 crore as compared to Rs 5,208.35 crore yesterday, 16 September 2008.
The BSE Mid-Cap index fell 1.49% to 5,139.63 and the BSE Small-Cap index slipped 1.19% to 6,214.75.
Among the 30-member Sensex pack, 24 slipped while the rest gained.
India's top copper producer by sales Sterlite Industries plunged 8.89% to Rs 435.25 on 11.02 lakh shares. It was the top loser from Sensex pack.
India's largest private sector bank in terms of net profit ICICI Bank plunged 4.75% to Rs 563.25, off day's low of Rs 530. The sell-off was on reports the bank will have to take a hit of $28 million on account of the additional provisioning that ICICI Bank's UK subsidiary will have to make after Lehman Brothers Holdings, the fourth-largest investment bank filing for bankruptcy.
Meanwhile, the bank denied rumours of top management selling shares over the last few days.
Other banking shares were also weak ahead of the release of the weekly inflation figures after trading hours on Thursday, 18 September 2008. HDFC Bank (down 3.83% to Rs 1183), and State Bank of India (down 4.12% to Rs 1520.25), edged lower. The Bankex fell 3.79% to 6,592.96.
Ranbaxy Laboratories, India's top drug maker by sales slumped 4.41% to Rs 388. The stock tumbled on reports the US government has banned more than 30 generic drugs made by the company citing poor quality in two of its Indian factories. The stock was already on a sustained downtrend ever since the Japanese drug maker Daiichi Sankyo's open offer to acquire an additional 20% stake at Rs 737 a share in the company ended on 4 September 2008.
India's largest private sector firm in terms of market capitalization and oil refiner Reliance Industries fell 3.31% to Rs 1864.70 on 14.05 lakh shares. The stock had hit a 52-week low of Rs 1800 in intra-day trade on Tuesday, 16 September 2008. As per reports, the company is expected to start pumping gas from November 2008 from its deep-water field off the east coast.
Real estate shares slipped. DLF (down 4.12% to Rs 405.20), Unitech (down 9.32% to Rs 127), Indiabulls Real Estate (down 7.92% to Rs 205.70), and Ansal Infrastruture (down 2.10% to Rs 77), declined. The BSE Realty index lost 4.13%, to 3,991.93.
India's largest private sector steel maker by sales, Tata Steel was down 3.48% to Rs 470.60. It had touched a 52-week low of Rs 467.95 in intra-day trade. As per reports, the company paid lower advance tax to Rs 300 crore in Q2 September 2008 as compared to Rs 350 crore in Q2 September 2007. The BSE metal index plunged 3.55%, to 9,814.93.
ITC (down 5.48% to Rs 183.60), and Jaiprakash Associates (down 3.58% to Rs 134.80), edged lower from the Sensex pack.
India's top truck maker by sales Tata Motors advanced 4.46% to Rs 416.15 and was the top gainer from Sensex pack. The company reportedly paid lower advance tax to Rs 75 crore in Q2 September 2008 as compared to Rs 190 crore in Q2 September 2007.
Mahindra & Mahindra, the country's top tractor maker by sales gained 0.14% to Rs 534. The company reportedly paid higher advance tax of Rs 116 crore in Q2 September 2008 as compared to Rs 83 crore in Q2 September 2007.
India's top oil exploration firm by market capitalisation Oil and Natural Gas Corporation (ONGC) gained 2.86% to Rs 979.90, after the company said it has agreed to give Rocksource ASA, a Norwegian company, 10% participating interest in deep water block in the eastern offshore. It was the top gainer from Sensex pack.
India's second largest software services firm Infosys Technologies rose 1.01% to Rs 1580, off its day's high of Rs 1647.90. Its American depositary receipt soared 4.60% in the US market yesterday, 16 September 2008.
Other IT pivotals showed mixed trend. Satyam Computer Services (down 1.87% to Rs 349.70), and TCS (down 2.88% to Rs 728), slipped. The BSE IT index lost 0.58% to 3,524.32.
However India's third largest software services firm Wipro rose 1.15% to Rs 396.25 on reports the company's software business arm Wipro Technologies and Copal Partners have expressed interest to bid for the Indian back-office unit of Lehman Brothers.
State-run oil refiners slipped after crude oil price rebounded from a 7-month low. Indian Oil Corporation (down 5.30% at Rs 396), BPCL (down 7.02% at Rs 336.20), and HPCL (down 5.45% at Rs 235.25), slipped. However Cairn India galloped 4.28% to Rs 207.
ICICI Bank was the top traded counter on BSE with a turnover of Rs 401.80 crore followed by United Spirits (Rs 341.76 crore), Reliance Capital (Rs 307.75 crore), Reliance Industries (Rs 265.54 crore) and Educomp Solutions(Rs 249.06 crore), in that order.
Reliance Natural Resources led the volumes chart on BSE clocking volumes of 1.41 crore shares followed by IFCI (1.05 crore shares), ICICI Bank (72.12 lakh shares), Austral Coke & Projects (62.27 lakh shares) and Chambal Fertilisers (60.31 lakh shares) in that order.
Jaipan Industries was locked at upper limit of 5% of Rs 168.10, a lifetime high, extending gains for the 24th trading session in a row. The Jaipan stock has surged 220.49% in past 24 trading session to Rs 168.10 today from Rs 52.45 on 12 August 2008.
US light crude for October 2008 delivery gained $3.15 to $94.30 a barrel today, 17 September 2008, following a $85 billion bailout of American International Group sparked a relief rally on Wall Street.
US markets rallied on Tuesday, 16 September 2008, on growing optimism that US authorities may finance a rescue of insurer American International Group (AIG). The Dow Jones Industrial Average surged 141.51 points, or 1.30%, to 11,059.02, the Standard & Poor's 500 Index rose 20.87 points, or 1.75%, to 1,213.57 and the Nasdaq Composite index climbed 22.45 points, or 1.03%, to 2,202.36. The US government announced rescue plan for AIG after trading hours.
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