NSE Bulk Deal Watch - March 17 2008

 Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
17-MAR-2008,ADHUNIK,Adhunik Metaliks Limited,MORGAN STANLEY DEAN WITTER MAURITIUS CO. LTD,BUY,1338075,133.50,-
17-MAR-2008,APTECHT,Aptech Limited,DEUTSCHE SECURITIES MAURITIUS LIMITED,BUY,376850,172.50,-
17-MAR-2008,ARCHIES,Archies Limited,FE SECURITIES PVT LTD,BUY,55000,86.10,-
17-MAR-2008,BHAGYNAGAR,Bhagyanagar India Limited,MERRILL LYNCH CAPITAL MARKETS ESPANA S.A. SVB,BUY,1070457,41.20,-
17-MAR-2008,CCL,CCL Products (I) Ltd,MORGAN STANLEY DEAN WITTER MAURITIUS CO. LTD,BUY,281595,150.00,-
17-MAR-2008,DREDGECORP,Dredging Corporation of I,DEUTSCHE SECURITIES MAURITIUS LIMITED,BUY,214700,595.00,-
17-MAR-2008,DSKULKARNI,DS Kulkarni Dev. Ltd.,MORGAN STANLEY DEAN WITTER MAURITIUS CO. LTD,BUY,712081,166.50,-
17-MAR-2008,EIDPARRY,EID Parry Ltd.,PARRY AGRO INDUSTRIES LTD,BUY,915000,176.03,-
17-MAR-2008,GSSAMERICA,GSS America Infotech Limi,CHOKHANI SECURITIES LTD,BUY,74214,613.17,-
17-MAR-2008,GSSAMERICA,GSS America Infotech Limi,V AND U CAPLEASE PVT LTD,BUY,164581,609.66,-
17-MAR-2008,GTCIND,GTC Industries Ltd,DOVER SECURITIES LIMITED,BUY,262,279.50,-
17-MAR-2008,GTCIND,GTC Industries Ltd,MONEY MATTERS ADVISORY SERVICES LTD ,BUY,150000,278.00,-
17-MAR-2008,GTL,GTL Limited,GLOBAL ASSET HLDG CORIN P.LTD,BUY,681130,238.59,-
17-MAR-2008,GTL,GTL Limited,MORGAN STANLEY DEAN WITTER MAURITIUS CO. LTD,BUY,817724,237.05,-
17-MAR-2008,GUJNRECOKE,GUJARAT N R E COKE LTD,MORGAN STANLEY DEAN WITTER MAURITIUS CO. LTD,BUY,1775599,147.56,-
17-MAR-2008,JSWSTEEL,JSW Steel Limited,DEUTSCHE SECURITIES MAURITIUS LIMITED,BUY,1517319,911.19,-
17-MAR-2008,KSOILS,K S Oils Limited,MORGAN STANLEY DEAN WITTER MAURITIUS CO. LTD,BUY,9475563,66.90,-
17-MAR-2008,LAKSHMIEFL,Lakshmi Energy and Foods,DEUTSCHE SECURITIES MAURITIUS LIMITED,BUY,1250000,205.00,-
17-MAR-2008,MADHUCON,Madhucon Projects Limited,DEUTSCHE SECURITIES MAURITIUS LIMITED,BUY,1204000,450.00,-
17-MAR-2008,MADRASFERT,Madras Fertilizers Ltd,NEO SECURITIES LTD.,BUY,817216,10.82,-
17-MAR-2008,MEGASOFT,Megasoft Limited,MORGAN STANLEY DEAN WITTER MAURITIUS CO. LTD,BUY,1747086,78.00,-
17-MAR-2008,MIC,MIC Electronics Limited,MORGAN STANLEY DEAN WITTER MAURITIUS CO. LTD,BUY,463264,744.00,-
17-MAR-2008,MONNETISPA,Monnet Ispat Ltd,DEUTSCHE SECURITIES MAURITIUS LIMITED,BUY,1850000,449.00,-
17-MAR-2008,MORARJETEX,Morarjee Textiles Limited,RUNNER MARKETING PVT LTD,BUY,100000,29.75,-
17-MAR-2008,NORTHGATE,Northgate Technologies Li,DEUTSCHE SECURITIES MAURITIUS LIMITED,BUY,815472,368.00,-
17-MAR-2008,OPTOCIRCUI,Opto Circuits (India) Lim,DEUTSCHE SECURITIES MAURITIUS LIMITED,BUY,550452,336.50,-
17-MAR-2008,ORCHIDCHEM,Orchid Chemicals Ltd.,CREDIT SUISSE (SINGAPORE) LIMITED A/C CREDIT SUISSE (SINGAPO,BUY,932974,128.18,-
17-MAR-2008,ORCHIDCHEM,Orchid Chemicals Ltd.,MORGAN STANLEY DEAN WITTER MAURITIUS CO. LTD,BUY,674000,194.48,-
17-MAR-2008,ORCHIDCHEM,Orchid Chemicals Ltd.,P R B SECURITIES PRIVATE LTD,BUY,566757,136.62,-
17-MAR-2008,ORCHIDCHEM,Orchid Chemicals Ltd.,PARWATI CAPITAL MARKET PRIVATE LIMITED,BUY,367646,136.59,-
17-MAR-2008,ORGINFO,ORG Informatics Limited,MORGAN STANLEY DEAN WITTER MAURITIUS CO. LTD,BUY,857000,34.00,-
17-MAR-2008,PARACABLES,Paramount Communications,MORGAN STANLEY DEAN WITTER MAURITIUS CO. LTD,BUY,3675000,26.40,-
17-MAR-2008,PRAENG,Prajay Engineers Syndicat,MERRILL LYNCH CAPITAL MARKETS ESPANA S.A. SVB,BUY,236855,274.00,-
17-MAR-2008,PRITHVI,Prithvi Information Solut,PRASHANT SHRIMAL,BUY,100000,139.45,-
17-MAR-2008,SKUMARSYNF,S. Kumars Nationwide Ltd,MORGAN STANLEY DEAN WITTER MAURITIUS CO. LTD,BUY,2637400,147.10,-
17-MAR-2008,SREINTFIN,SREI Infrastructure Finan,MORGAN STANLEY DEAN WITTER MAURITIUS CO. LTD,BUY,1125201,130.57,-
17-MAR-2008,STRTECH,Sterlite Technologies Ltd,MORGAN STANLEY DEAN WITTER MAURITIUS CO. LTD,BUY,687112,163.70,-
17-MAR-2008,TECHNOELEC,Techno Ele. & Eng. Co Ltd,MORGAN STANLEY DEAN WITTER MAURITIUS CO. LTD,BUY,360292,207.00,-
17-MAR-2008,USHAMART,Usha Martin Limited,MORGAN STANLEY DEAN WITTER MAURITIUS CO. LTD,BUY,5973215,67.00,-
17-MAR-2008,VALECHAENG,Valecha Engineering Limit,THE ROYAL BANK OF SCOTLAND PLC AS TRUSTEE OF JUPITER FAR EAS,BUY,200000,155.00,-
17-MAR-2008,VGUARD,V-Guard Industries Limite,ABHINAV GARG(HUF),BUY,295499,71.93,-
17-MAR-2008,VGUARD,V-Guard Industries Limite,AMBIT SECURITIES BROKING PVT. LTD.,BUY,163373,74.34,-
17-MAR-2008,VGUARD,V-Guard Industries Limite,ASHOK KUMAR,BUY,184724,73.42,-
17-MAR-2008,VGUARD,V-Guard Industries Limite,BHARTI MALIK,BUY,341613,71.47,-
17-MAR-2008,VGUARD,V-Guard Industries Limite,BHAVNA D VORA,BUY,150970,72.08,-
17-MAR-2008,VGUARD,V-Guard Industries Limite,LATIN MANHARLAL SECURITIES PVT. LTD.,BUY,257273,74.85,-
17-MAR-2008,VGUARD,V-Guard Industries Limite,MALLINATH SHARES & STOCK PVT LTD,BUY,212518,74.46,-
17-MAR-2008,VGUARD,V-Guard Industries Limite,MANISH VRAJLAL SARVAIYA,BUY,375355,73.66,-
17-MAR-2008,VGUARD,V-Guard Industries Limite,NISSAR BROTHERS,BUY,200909,69.64,-
17-MAR-2008,VGUARD,V-Guard Industries Limite,PRASHANT JAYANTILAL PATEL,BUY,437258,73.57,-
17-MAR-2008,VGUARD,V-Guard Industries Limite,SANJAY BHANWARLAL JAIN,BUY,303991,71.99,-
17-MAR-2008,VGUARD,V-Guard Industries Limite,SHAH HEMANG DINESH,BUY,180411,75.94,-
17-MAR-2008,VGUARD,V-Guard Industries Limite,SHIV KUMAR,BUY,174448,70.23,-
17-MAR-2008,VGUARD,V-Guard Industries Limite,SUNIL PANDURANG MANTRI,BUY,187525,71.83,-
17-MAR-2008,VGUARD,V-Guard Industries Limite,TRANSGLOBAL SECURITIES LTD.,BUY,377672,73.90,-
17-MAR-2008,VGUARD,V-Guard Industries Limite,VIMESHDOSHI,BUY,158158,72.37,-
17-MAR-2008,ADHUNIK,Adhunik Metaliks Limited,BSMA LIMITED,SELL,1338075,133.50,-
17-MAR-2008,APTECHT,Aptech Limited,BSMA LIMITED,SELL,376850,172.50,-
17-MAR-2008,ARCHIES,Archies Limited,ANMOL FINPRO PVT LTD,SELL,55000,86.10,-
17-MAR-2008,BHAGYNAGAR,Bhagyanagar India Limited,BSMA LTD,SELL,1070457,41.20,-
17-MAR-2008,CCL,CCL Products (I) Ltd,BSMA LIMITED,SELL,281595,150.00,-
17-MAR-2008,DREDGECORP,Dredging Corporation of I,BSMA LIMITED,SELL,214700,595.00,-
17-MAR-2008,DSKULKARNI,DS Kulkarni Dev. Ltd.,BSMA LIMITED,SELL,712081,166.50,-
17-MAR-2008,EIDPARRY,EID Parry Ltd.,TEMPLETON INDIA EQUITY INCOME FUND,SELL,499988,176.50,-
17-MAR-2008,GSSAMERICA,GSS America Infotech Limi,CHOKHANI SECURITIES LTD,SELL,74214,611.76,-
17-MAR-2008,GSSAMERICA,GSS America Infotech Limi,V AND U CAPLEASE PVT LTD,SELL,164581,620.10,-
17-MAR-2008,GTCIND,GTC Industries Ltd,DOVER SECURITIES LIMITED,SELL,150198,278.00,-
17-MAR-2008,GTL,GTL Limited,BSMA LIMITED,SELL,817724,237.05,-
17-MAR-2008,GUJNRECOKE,GUJARAT N R E COKE LTD,MORGAN STANLEY DEAN WITTER MAURITIUS CO. LTD,SELL,192793,147.35,-
17-MAR-2008,JSWSTEEL,JSW Steel Limited,BSMA LIMITED,SELL,1417329,912.00,-
17-MAR-2008,KSOILS,K S Oils Limited,BSMA LIMITED,SELL,9475563,66.90,-
17-MAR-2008,LAKSHMIEFL,Lakshmi Energy and Foods,BSMA LIMITED,SELL,1250000,205.00,-
17-MAR-2008,MADHUCON,Madhucon Projects Limited,BSMA LIMITED,SELL,1204000,450.00,-
17-MAR-2008,MADRASFERT,Madras Fertilizers Ltd,NEO SECURITIES LTD.,SELL,772120,10.80,-
17-MAR-2008,MANINDS,MAN INDUSTRIES (I) LTD,BSMA LIMITED,SELL,428285,98.07,-
17-MAR-2008,MEGASOFT,Megasoft Limited,BSMA LIMITED,SELL,1747086,78.00,-
17-MAR-2008,MIC,MIC Electronics Limited,BSMA LIMITED,SELL,463264,744.00,-
17-MAR-2008,MONNETISPA,Monnet Ispat Ltd,BSMA LIMITED,SELL,1850000,449.00,-
17-MAR-2008,MORARJETEX,Morarjee Textiles Limited,NUCO MERCHANDISE PVT LTD,SELL,100000,29.75,-
17-MAR-2008,NORTHGATE,Northgate Technologies Li,BSMA LIMITED,SELL,815472,368.00,-
17-MAR-2008,OPTOCIRCUI,Opto Circuits (India) Lim,BSMA LIMITED,SELL,550452,336.50,-
17-MAR-2008,ORCHIDCHEM,Orchid Chemicals Ltd.,BSMA LIMITED,SELL,650000,196.75,-
17-MAR-2008,ORCHIDCHEM,Orchid Chemicals Ltd.,FORTIS FINVEST LTD,SELL,470000,127.54,-
17-MAR-2008,ORCHIDCHEM,Orchid Chemicals Ltd.,P R B SECURITIES PRIVATE LTD,SELL,572007,136.62,-
17-MAR-2008,ORCHIDCHEM,Orchid Chemicals Ltd.,PARWATI CAPITAL MARKET PRIVATE LIMITED,SELL,368696,135.64,-
17-MAR-2008,ORCHIDCHEM,Orchid Chemicals Ltd.,RAGHAVENDRA RAO DIVYA,SELL,984137,130.76,-
17-MAR-2008,ORCHIDCHEM,Orchid Chemicals Ltd.,RAGHAVENDRA RAO SOWMYA,SELL,1249587,135.69,-
17-MAR-2008,ORCHIDCHEM,Orchid Chemicals Ltd.,SAMTA JAIN,SELL,650000,145.34,-
17-MAR-2008,ORGINFO,ORG Informatics Limited,BSMA LIMITED,SELL,857000,34.00,-
17-MAR-2008,PARACABLES,Paramount Communications,BSMA LIMITED,SELL,3675000,26.40,-
17-MAR-2008,PRAENG,Prajay Engineers Syndicat,BSMA LIMITED,SELL,236855,274.00,-
17-MAR-2008,PRITHVI,Prithvi Information Solut,VSB INVESTMENTS P LTD,SELL,105311,147.66,-
17-MAR-2008,SKUMARSYNF,S. Kumars Nationwide Ltd,BSMA LIMITED,SELL,2637400,147.10,-
17-MAR-2008,SKUMARSYNF,S. Kumars Nationwide Ltd,MORGAN STANLEY DEAN WITTER MAURITIUS CO. LTD,SELL,32042,144.09,-
17-MAR-2008,SREINTFIN,SREI Infrastructure Finan,BSMA LIMITED,SELL,1125201,130.57,-
17-MAR-2008,SREINTFIN,SREI Infrastructure Finan,MORGAN STANLEY DEAN WITTER MAURITIUS CO. LTD,SELL,1635,135.02,-
17-MAR-2008,STRTECH,Sterlite Technologies Ltd,BSMA LIMITED,SELL,687112,163.70,-
17-MAR-2008,TECHNOELEC,Techno Ele. & Eng. Co Ltd,BSMA LIMITED,SELL,360292,207.00,-
17-MAR-2008,USHAMART,Usha Martin Limited,BSMA LIMITED,SELL,5973215,67.00,-
17-MAR-2008,VALECHAENG,Valecha Engineering Limit,VINCENT COMMERCIAL CO LTD,SELL,200000,155.00,-
17-MAR-2008,VGUARD,V-Guard Industries Limite,ABHINAV GARG(HUF),SELL,295499,72.02,-
17-MAR-2008,VGUARD,V-Guard Industries Limite,AMBIT SECURITIES BROKING PVT. LTD.,SELL,163373,74.55,-
17-MAR-2008,VGUARD,V-Guard Industries Limite,ASHOK KUMAR,SELL,184724,73.47,-
17-MAR-2008,VGUARD,V-Guard Industries Limite,BHARTI MALIK,SELL,341613,71.44,-
17-MAR-2008,VGUARD,V-Guard Industries Limite,BHAVNA D VORA,SELL,150970,72.19,-
17-MAR-2008,VGUARD,V-Guard Industries Limite,LATIN MANHARLAL SECURITIES PVT. LTD.,SELL,257273,74.94,-
17-MAR-2008,VGUARD,V-Guard Industries Limite,MALLINATH SHARES & STOCK PVT LTD,SELL,212519,74.49,-
17-MAR-2008,VGUARD,V-Guard Industries Limite,MANISH VRAJLAL SARVAIYA,SELL,375355,73.52,-
17-MAR-2008,VGUARD,V-Guard Industries Limite,NISSAR BROTHERS,SELL,200909,69.59,-
17-MAR-2008,VGUARD,V-Guard Industries Limite,PRASHANT JAYANTILAL PATEL,SELL,437258,74.03,-
17-MAR-2008,VGUARD,V-Guard Industries Limite,SANJAY BHANWARLAL JAIN,SELL,303991,72.00,-
17-MAR-2008,VGUARD,V-Guard Industries Limite,SHAH HEMANG DINESH,SELL,180411,75.81,-
17-MAR-2008,VGUARD,V-Guard Industries Limite,SHIV KUMAR,SELL,174448,69.94,-
17-MAR-2008,VGUARD,V-Guard Industries Limite,SUNIL PANDURANG MANTRI,SELL,186056,71.77,-
17-MAR-2008,VGUARD,V-Guard Industries Limite,TRANSGLOBAL SECURITIES LTD.,SELL,375672,73.59,-
17-MAR-2008,VGUARD,V-Guard Industries Limite,VIMESHDOSHI,SELL,158158,72.98,-

Market Close: Global massacre intensifies?

It was an extremely bad start to the week. More bad news from the US kept the markets pinned down. The US Fed cut 25 bps today, a day ahead of the Fed meet and market expects another 50-75 bps cut tomorrow. Along with this news from the US investment bank Bear Stearns that has taken a toll on markets all at once. Markets ended hard near lowest point of the day with a sharp cut on account of heavy selling in scrip?s across sectors. India also led the downtrend with losses of over 1000 points followed by Asian peers such as Hang Seng and Shanghai Composite. It was second biggest single day point fall for Sensex ever. Selling pressure continued to keep market head down with no signs of recovery seen till the final hour to end in deep red. Banks topped the laggard down by 9% followed by Realty, Metal index down over 8%. The days low came right towards the end after losses continued to mount with each passing hour. Weak cues from Asia and Europe also kept buying away from market. Asian markets ended in red while Europe follows the global weaker trend.

Sensex ended down by 1020 points at 14740.12. Weighing on the Sensex were losses in Bajaj Auto (661.4,-14 percent), ICICI Bk (757.4,-14 percent), HDFC (2225.55,-11 percent), Hindalco (164.85,-9 percent) and Rel Energy (1190.8,-8 percent). Losses are restricted by gains in .

Apar Industries which is into specialty oil and power conductors reported a long term lubricant supply agreement with Italy's Piaggio. Apar earns around 45% of its revenues from Speciality oil which enjoys good level of margins. Apar will now supply AGIP brand engine oils for Piaggio's entire range of vehicles manufactured in India. The tie-up would generate Rs 75 cr in revenue in the initial contract period. This type of tie ups are significant because India is the largest three wheeler market in the world and Piaggio is the largest three wheeler player in the Indian market. Valuations are fair at the current market price. Future outlook remains promising as the Speciality oil business is expected to do well in near term. One can keep watch here to get in at lower levels. Do have a look at our detailed research note for better understanding.

Gujarat Gas Company Limited (GGCL) primarily engaged in procurement and distribution of natural gas is now focusing on household gas connections. The company has earmarked huge expansion plans same during 2008. The company has planned capital expenditure of Rs 1.2 bn in addition to another Rs 30 cr for network upgradation in 2008. The move is in line with the company's plans to improve its customer mix from low margin bulk business to high margin retail business, which will help the company to maintain its gross gas spreads. The stock traded down 3%.

Technically Speaking: Sensex traded extremely weak for entire day. It made an intraday high of 15,327 and low of 14740. The overall breadth was in favor of Declines while Advances stood at 288 and Declines at 2402. Sensex has made a fresh downward target up to 14400 and 13800. We expect the current downside to get over at 13800. On the higher side, resistance is at 15200.

Post Market Commentary - March 17 2008

The Indian market after facing the bloodbath closed with heavy losses during the trading session. The market declined as the US Federal Reserve emergency step to cut in its discount rate by 25 basis point ignited the concerns of more global credit crisis that led to the negative sentiments to rule in all major markets all over the world. The dollar fell to as low as 95.76 yen, which is the weakest since Aug. 15, 1995 as growing concern about widening credit- market losses. From the sectoral point, heavy selling was witnessed from the metal, capital goods, bankex and realty baskets. The BSE Sensex declined by 951.03 points to close at 14,809.49 and NSE Nifty fell by 242.7 points to close at 4,503.10. The Sensex has touched an intraday low of 14,738.27. The BSE Mid Cap and Small Cap also followed the benchmark indices to close lower by 459.10 points and 557.27 points at 6,124.35 and 7,522.23 respectively. The market breadth was also weak as 2,404 stocks closed in red while 282 stocks closed in green.

The Metal index declined by 1119.35 points to close at 13,725.52. Major losers are Sesa Goa (12%), Jindal Saw (11.09%), Hindalco Inds (9.20%) and Tata Steel (7.93%).

The Capital Goods index closed lower by 873.63 points at 12,706.31. Losers are Havell India (14.87%), Alstom Projects (14.84%), Praj Inds (12.48%), L&T (7.03%) and Bhel (4.41%).

The Oil and Gas index fell by 552.95 points to close at 9,801.86 as IOCL (8.32%), Aban Offshore (7.86%), RNRL (6.83%) and Essar Oil (5.54%) closed lower.

The Bankex index dropped by 753.93 points to close at 7,569.16 as Yes bank (14.85%), ICICI bank (13.76%), Federal bank (12.29%), BOI (8.20%) and SBI (4.72%) closed in red.

The BSE Realty index slipped by 606.30 points to close at 7,106.53. Scrips that fell are HDIL (13.56%), Sobha Dev (11.97%), Purvankara (10.83%), Akruti city (10.53%) and Ansal Infra (10.22%).

From the IT baskets, Karut Net (9.98%), HCL Tech (9.33%), Aptech (7.03%), Wipro (3.75%) and Infosys (2.44%) closed lower.

Heavyweight, auto stocks drag market down

After the Sensex gained over 400 points on sustained all-round buying, the market was gloomy amid a range-bound trend during intra-day trades. After resuming 400 points down from the yesterday's close, the market continued to ease and slipped further in afternoon, as investors tracked weak Asian indices and remained concerned over foreign and domestic fund outflows from the market. Major corrections in Banking, consumer durables (CD), realty, metal and capital goods (CG) stocks saw the Sensex plunge deep into the red in late trades and slumped below the 14,800 mark to touch the intra-day low of 14,738, down over 6%. The Sensex finally closed the session with a loss of 951 points at 14,809, while the Nifty slipped 243 points to close at 4,503.

The market breadth was extremely weak. Of the 2,716 stocks traded on the BSE, 2,404 stocks declined, 282 stocks advanced and 30 stocks ended unchanged. Among the sectoral indices, the BSE CD index shed 9.69% at 3,638, while the BSE Bankex index declined 9.06% at 7,569.

Select heavyweights declined sharply on strong selling pressure. ICICI Bank tanked 13.76% at Rs757.40, Jaiprakash dropped 11.94% at Rs208.05, HDFC fell 11.07% at Rs2,225.55, Hindalco shed 9.20% at Rs164.85, REL lost 8.13% at Rs1,190.80, Tata Steel declined 7.93% at Rs658.50, DLF dipped 7.86% at Rs602.80 and L&T slumped by 7.03% at Rs2,703.50. Reliance Communications, Infosys, Grasim, Reliance Industies, Ranbaxy Laboratories and HDFC Bank shed over 5-6% each.

Select CD and CD stocks came under selling pressure. Rajesh Export slumped 15.58% at Rs79.65, Titan Industries declined 13.03% at Rs930.05, Lloyds element lost 11.37% at Rs97.80, Blue Star India fell 10.26% at Rs380.50, Gitanjali was down 7.89% at Rs233.35 and Videocon lost 7.46% at Rs279.30. In the Bankex segment, Yes Bank, Federal Bank, Allahabad Bank, Kotak Bank, Bank of India and Axis Bank were down by 7-14% each.

Over 2.26 crore RNRL shares changed hands on the BSE followed by RPL (1.37 crore shares), ISPAT Industries (1.11 crore shares), Essar Oil (0.56 crore shares) and IFCI (0.51 crore shares).

Sensex slumps 951 points in second biggest single day fall

A setback in global markets rattled domestic bourses today as the Sensex posted its biggest single-day point fall. The fall on the bourses accentuated in late trade as BSE Sensex fell more than 1,000 points at the fag end of the trading session. Heavy selling was seen in banking stocks. ICICI Bank, HDFC, Hindalco Industries, Reliance Communications, Tata Steel and Reliance Energy were among the top losers from Sensex pack. The market breadth was weak.

The market tumbled today as the fire sale of ailing US bank Bear Stearns and the Federal Reserve's emergency cut in its discount rate intensified concerns that there could be more victims of the global credit crisis.

The 30-share BSE Sensex lost 951.03 points or 6.03% at 14,809.49. It hit a low of 14,739.72 in late trade, its lowest level since late August 2007. At day's low Sensex fell 1,020.80 points in late trade.

The broader based S&P CNX Nifty was down 242.70 points or 5.11% at 4,503.10.

The fifth-largest US investment bank Bear Stearns said on Friday, 14 March 2008, its liquidity position had deteriorated significantly in the last 24 hours and a cash crunch forced it to turn to the Federal Reserve and JPMorgan Chase for emergency funds. JPMorgan said on Sunday, 16 March 2008, it would buy Bear Stearns in an all-stock deal, and that the Fed would fund up to $30 billion of Bear Stearns' less liquid assets.

In a major development, the US Federal Reserve on Sunday, 16 March 2008, cut its discount rate to 3.25% from 3.5% and said that it was creating a facility to let primary dealers borrow at that rate.

"Global meltdown and sell-off by troubled foreign institutional investors in domestic markets, is playing havoc with sentiments of domestic investors. Fear of more disturbing news from global markets is weighing heavy on traders' mind. Even long term domestic players like insurance firms and mutual funds are staying clear of the market", says D.D. Sharma, Senior Vice President, Research, Anand Rathi Financial Service. Going by valuations, the current fall provides a great buying opportunity for investors, he feels.

A fall in the dollar to a record low against the euro, sent spot gold and crude futures hurling towards record highs, deepening concerns of rising inflationary pressures throughout the Asian region.

US stock futures fell in Asian trade, pointing to a sharply lower Wall Street open later in the day, as global investors wonder if other financial institutions might need rescuing. S&P 500 futures were down 26.70 points, while Dow Jones industrial average futures were down 203 points.

BSE Clocked a turnover of Rs 5,701 crore today 17 March 2008 compared to a turnover of Rs 5,914.99 on Friday,14 March 2008.

Nifty March 2008 futures were at 4477, at a discount of 26.10 points as compared to spot closing of 4503.10.

The NSE's futures & options (F&O) segment turnover was Rs 40,058.11 crore, which was lower than Rs 40,184.57 crore on Friday, 14 March 2008.

As per provisional data, FIIs sold shares worth a net Rs 658.22 crore today. Local funds bought shares worth a net Rs 211.48 crore.

Consumer durable index was major loser among sectoral indices on BSE. It fell more than 10%. Fertiliser stocks plunged. All the BSE secoral indices were in red.

The market breadth was weak: On BSE 2,405 shares declined as compared to 282 shares that advanced. 43 shares remained unchanged.

The BSE Mid-Cap index fell 6.97 % to 6,124.35 and BSE Small-Cap index declined 6.9% to 7,522.23. Both these indices underperformed Sensex.

BSE Consumer Durables index (down 9.69% to 3,638.56), BSE Metal index (down 7.54% to 13,725.52), BSE Bankex (down 9.06% to 7,569.16), BSE Realty index (down 7.86% to 7,106.53) , BSE Capital Goods index (down 6.43% to 12,706.31) underperformed Sensex.

BSE PSU index (down 4.97% to 7,153.44), BSE IT index (down 3.2% to 3,297.71), BSE Oil & Gas index (down 5.34% to 9,801.86),BSE Power index (down 5.58% to 2,973.68), BSE HealthCare index (down 5.2% to 3,621.90), BSE Auto index (down 4.62% to 4,329.46), and BSE FMCG index (down 3.18% to 2,119.60) outperformed Sensex.

India's largest private sector company in terms of market capitalisation and oil refiner Reliance Industries declined 6.08% to Rs 2,180.60..

Jaiprakash Associates (down 11.94% to Rs 208.05), HDFC (down 11.07% to Rs 2,225.55), Reliance Energy (down 8.13% to Rs 1,190.80), Hindalco Industries (down 9.2% to Rs 164.85), Tata Steel (down 7.93% to Rs 658.50), Grasim Industries (down 6.55% to Rs 2,670.85) and Larsen & Toubro (down 7.03% to Rs 2,703.50), were major losers from Sensex pack.

Banking stocks declined further in late trade. India's largest commercial bank by net profit State Bank of India declined 4.72% to Rs 1,633.40. ICICI Bank (down 13.76% to Rs 757.40), HDFC Bank (down 5.89% to Rs 1,238.50) edged lower.

Consumer durables stocks extended losses. Titan Industries (down 13.03% to Rs 930.05), Rajesh Exports (down 15.58% to Rs 79.65), Videocon Industries (down 7.46% to Rs 279.30) and Blue Star (down 10.26% to Rs 380.50) edged lower.

India's biggest power-equipment maker by sales Bharat Heavy Electricals (BHEL) declined 4.41% to Rs 1,796.05. As per reports, the company will acquire Vizag-based Bharat Heavy Plates and Vessels by the first half of 2008/09.

India's largest telecom services provider by sales Reliance Communications fell 6.87% to Rs 482.75. It added 1.61 million mobile subscribers in February 2008. The firm had 42.6 million mobile subscribers at the end of January 2008.

Reliance Power declined 6.45% to Rs 315.70. It has reportedly struck a deal to buy out a coal mine in Indonesia. The valuation of the coal mine, based on its reserves, is estimated to be around Rs 20,000 crore.

Fertiliser stocks slumped. National Fertiliser (down 13.45% to Rs 38.60), Mangalore Chemicals & Fertilisers (down 10% to Rs 18.20), Nagarjuna Chemicals & Fertilisers (down 7.79% to Rs 36.10), Chambal Fertilisers & Chemicals (down 7.23% to Rs 48.75), Coromandel Fertilisers (down 7.81% to Rs 103.30), Deepak Fertilisers (down 12.85% to Rs 92.60) edged lower.

Cairn India declined 6.61% to Rs 213.30. The company said today, 17 March 2008 before market hours its board will meet on 17 March 2008 to consider a preferential issue of equity shares.

Reliance Natural Resources clocked the highest volume of 2.26 crore shares on BSE. Orchid Chemicals & Pharmaceuticals (1.54 crore shares), Reliance Petroleum (1.37 crore shares), V-Guard Industries (1.3 crore shares) and Ispat Industries (1.11 crore shares) were the other volume toppers in that order.

Reliance Industries clocked highest turnover of Rs 274.22 crore on BSE. GSS America Infotech (Rs 237.04 crore), Reliance Natural Resources (Rs 232.49 crore), Reliance Petroleum (Rs 215.46 crore ) and Orchid Chemicals & Pharmaceuticals (Rs 206.98 crore) were the other turnover toppers in that order.

European markets which opened after Indian markets were weak. France's CAC, Germany's DAX and UK's FTSE 100 were down between 2.23% to 3.29%.

In Asia, key benchmark indices in Hong Kong, Japan, China, South Korea, Singapore and Taiwan were down by between 1.61% to 5.18%.

The news about Bear Stearns hit US stocks hard on Friday, 14 March 2008. The Dow Jones industrial average dropped 194.65 points, or 1.60% to end at 11,951.09. The Standard & Poor's 500 Index shed 27.34 points, or 2.08%, to 1,288.14. The Nasdaq Composite Index slipped 51.12 points, or 2.26%, to 2,212.49.

A crucial meeting of the UPA-Left committee on the Indo-US nuclear deal will be held in New Delhi today. As per media reports, the government is expected to hand over the Left leaders copies of the draft India-specific safeguards agreement it has reached with the International Atomic Energy Agency (IAEA). Government is also likely to brief them on the over three-month long negotiations it held with the IAEA on the safeguards agreement, reports suggest.

The meeting comes in the backdrop of major Left parties asserting that they would withdraw support to the Congress-led government if it went ahead with the nuclear deal with the US.

A torrent of bad news has spooked bourses in the past few days with buyers deserting the market. Adding to the woes of domestic bourses already hit by tumbling global markets were earnings downgrade recently by brokerages of ICICI Bank, India's biggest private sector bank in terms of net profit, and Larsen & Toubro, India's biggest engineering and construction firm in terms of order book; lower-than-expected industrial production data for January 2008; and a surge in inflation.

The hike in short-term capital gains tax and alteration of tax treatment of the Securities Transaction Tax (STT) in Union Budget 2008-09 announced on 29 February 2008 has earlier dented sentiment. Buyers have stayed away from the bourses on continued uncertainty about the extent and duration of the credit crisis caused by the defaults in the US sub-prime mortgage market.