Key benchmark indices opened lower today, 10 September 2008, on
weak cues from global markets. The BSE 30-share Sensex was down
144.81 points. The market breadth was negative. Sterlite Industries
tumbled over 6%. Banking shares were under pressure.
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.
Asian markets were mixed today, 10 September 2008. Key benchmark
indices in Japan, Hong Kong, Singapore, were down by between 0.75%
and 1.52%. Indices in China, South Korea, and Taiwan rose between
0.04% and 1.06%.
At 10:25 IST, the BSE 30-share Sensex was down 144.81 points or
0.97% to 14,755.39. It opened 188.23 points lower at 14,717.53,
which is also its day's low so far. At the day's high of 14,836.82
hit in early trade, the Sensex fell 63.94 points.
The S&P CNX Nifty slipped 42.40 points or 0.95% to 4,426.3
The market breadth was negative on BSE with 836 shares declining as
compared to 678 that advanced. 59 remained unchanged.
The total turnover on BSE amounted to Rs 623 crore.
Among the 30-member Sensex pack, 23 declined while the rest gained.
India's largest aluminium and copper maker by sales Sterlite
Industries tanked 6.39% to Rs 539 tracking sharp fall in its ADR
which tumbled 16.23% yesterday, 9 September 2008 on the New York
Stock Exchange (NYSE). The counter saw high volumes of 8.27 lakh
shares. It was the top loser from the Sensex pack.
The company yesterday, 9 September 2008 said its parent Vedanta
Resources PLC has 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.
Banking shares were under pressure. ICICI Bank (down 2.22% to Rs
696.80), State Bank of India (down 0.55% to Rs 1552.10), and HDFC
Bank (down 1.47% to Rs 1273.05), slipped.
India's largest private sector firm by market capitalization and
oil refiner Reliance Industries (RIL) declined 1.35% to Rs 2114 on
1.03 lakh shares.
Mahindra & Mahindra (down 1.04% to Rs 576.20), Tata Motors (down
0.81% to Rs 417), and NPTC (down 0.72% to Rs 178.30), edged lower
from the Sensex pack.
Ranbaxy Laboratories, India's top drug maker by sales rose 1.25% to
Rs 462.10 and was the top gainer among the Sensex pack. 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.
Wipro (up 1.12% to Rs 439), DLF (up 0.67% to Rs 507.20), and ACC
(up 0.43% to Rs 599.25), edged higher from Sensex pack.
Meanwhile 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.
Back home, key benchmark indices ended a choppy session lower on
Tuesday, 9 September 2008, weighed by weak Asian markets. The BSE
30-share Sensex declined 44.21 points or 0.3%, to settle at
14,900.76 and the S&P CNX Nifty slipped 13.6 points or 0.3%, to
4468.70, on that day.
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