END SESSION

Market pares losses
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. The BSE 30-share Sensex was down 517.46 points as per provisional closing. 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 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 day’s 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.
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 3.67% and 4.29%. 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 was down 517.46 points or 3.70% to 13,483.35, as per provisional closing. The Sensex opened with a huge downward gap of 408.76 at 13,592.05. At the day’s low of 13,150.81 hit in mid-morning trade, the Sensex lost 850 points.
The S&P CNX Nifty was down 167.45 points or 3.96% to 4,061 as per provisional. It had touched an intra-day low of 3,955.40
The market breadth was extremely weak on BSE with 2258 shares declining as compared to just 375 that rose. 38 remained unchanged.
27 from the 30-member Sensex pack suffered losses.
India’s 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. India’s 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 day’s low of Rs 595.15. India’s largest state run bank in terms of net assets State Bank of India fell 1.68% to Rs 1486.95 , off day’s 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.
India’s 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, India’s 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 Sankyo’s 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.
India’s top small car maker by sales Maruti Suzuki India staged a smart recovery from day’s low of Rs 666. It rose 2.03% to Rs 718 and was the top gainer from Sensex pack.
HDFC (up 1.33% to Rs 2208), and ACC (up 0.41% to Rs 593), were the other gainers from Sensex pack.
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.

Other StoriesLate sell-off grips bourses (12-Sep 15:40 Hrs IST)Market drops for the third day in a row (11-Sep 15:38 Hrs IST)Market slips on weak global cues (10-Sep 15:45 Hrs IST)Market drifts lower (9-Sep 15:41 Hrs IST)Market pares gains in late trade (8-Sep 15:40 Hrs IST)Realty, IT shares trigger over 400-point Sensex slide (5-Sep 15:38 Hrs IST)Market ends volatile session with a loss (4-Sep 15:38 Hrs IST)Market soars on sliding crude oil prices; Sensex settles above 15,000 (2-Sep 15:38 Hrs IST)Bank shares lead sharp intra-day recovery on bourses; Nifty in green (1-Sep 15:37 Hrs IST)Sensex gallops over 500 points; bank, realty shares rally (29-Aug 15:39 Hrs IST)Next
powered by c market