Stocks fell across the globe on persistent questions on the
effectiveness of the US bailout package and on continued
instability in the global banking sector. The domestic market fell
for the third consecutive trading session with Sensex declining
1,096.77 points in last three sessions. The barometer index today
ended 506.43 points down.
The market recovered after witnessing a sharp intra-day fall. The
BSE Sensex recovered close to 200 points from the day's low. The
barometer index hit 1-½ year low and the S&P CNX Nifty hit its
lowest level in 17 months in mid-afternoon trade. The market
breadth was extremely weak as selling was witnessed across the
board. ICICI Bank fell more than 12%.
The US lawmakers agreeing on a $700 billion bank-rescue package and
the House of Representatives approving the nuclear deal with India
over the weekend failed to boost the investor sentiments.
European markets which opened after Indian markets were down.
France's CAC 40, Germany's DAX and UK's FTSE 100 were down between
2.77% to 3.04%. European markets fell as the Belgian, Dutch and
Luxembourg governments were forced to rescue financial firm Fortis
over the weekend. Stricken UK lender Bradford & Bingley was also
nationalised after its branch network and deposit business was sold
to Spain's Banco Santander.
Most Asian markets were trading lower today, 29 September 2008.
Hong Kong's Hang Seng, Japan's Nikkei, Singapore's Straits Times,
South Korea's Seoul Composite fell between 1.26% 4.07%.
In US, congressional leaders from both parties said they had a
tentative agreement on Sunday, 28 September 2008 and lawmakers
prepared to vote on Monday, 29 September 2008, on a $700 billion US
government fund to buy bad debt. The bailout plan will be
introduced in the House of Representatives today, 29 September 2008
and then head to the Senate.
Meanwhile, the Indo-US nuclear deal moved into the last lap
clearing a major hurdle when the House of Representatives approved
a legislation on it that will now go to the Senate before the two
countries can implement the civil nuclear agreement.
The BSE 30-share Sensex plunged 506.43 points or 3.87% to
12,595.75. The index shed 699.34 points at the day's low of
12,402.82 hit in mid-afternoon trade. The Sensex edged up 11.35
points at day's high of 13,113.53, hit at the onset of the trading
session.
The S&P CNX Nifty was down 135.20 points or 3.39% to 3,850.05.
The BSE Sensex is down 7,691.24 points or 37.91% in the calendar
year 2008 so far from its close of 20,286.99 on 31 December 2007.
It is 8,611.02 points or 40.6% below its all-time high of 21,206.77
struck on 10 January 2008. The index is down 1,096.77 points from a
recent high of 13,692.52 hit on 24 September 2008.
BSE clocked a turnover of Rs 4,579 crore today 29 September 2008 as
compared to a turnover of Rs 4,850.22 crore on Friday 26 September
2008.
Nifty October 2008 futures were at 3880.40, at a premium of 30.35
points as compared to spot closing of 3850.05. NSE's futures &
options (F&O) segment turnover was Rs 59,905.71 crore, which was
higher than Rs 44,297.14 crore on Friday, 26 September 2008.
The BSE Mid-Cap index was down 4.13% at 4,736.55 and the BSE
Small-Cap index was down 5.12% at 5,561.42.
BSE Bankex (down 6.02% to 6,175.10), BSE Consumer Durables index
(down 5.68% to 2,872.39), BSE IT index (down 5.47% to 3,057.92),
BSE Realty index (down 5.26% to 3407.87), BSE Power index (down
5.22% to 2225.08), BSE TEck index (down 5.13% to 2,490.01), BSE
Capital Goods index (down 4.86% to 10,270.60) underperformed
Sensex.
BSE Metal index (down 3.77% to 9,144.23), BSE HealthCare index
(down 3.06% to 3,651.18), BSE Auto index (down 2.95% to 3,624.24),
BSE PSU index (down 2.88% to 6,146.61), BSE Oil & Gas index (down
1.72% to 8,925.01) and BSE FMCG index (down 0.44% to 2,179.50)
outperformed Sensex.
The market breadth was weak on BSE with 357 shares advancing as
compared to 2,287 that declined. 41 shares remained unchanged.
India's largest private firm by market capitalization and oil
refiner Reliance Industries fell 1.53% to Rs 1,930.95. The stock
recovered from the session's low of Rs 1,881.
India's largest FMCG firm by sales Hindustan Unilever rose 0.79% to
Rs 254.50.
India's largest oil exploration firm by revenue ONGC was down 1.14%
at Rs 1,023.30. It recovered from the session's low of Rs 994.
India's fourth largest IT exporter by sales Wipro fell 0.19% to Rs
343.10. It recovered from the session's low of Rs 330.10.
India's largest private sector bank in terms of net profit ICICI
Bank slumped 12.11% to Rs 493.30. The bank clarified today during
the market hours that 98% of ICICI Bank UK PLC's non-India
investment book is rated investment grade and above. ICICI Bank UK
PLC has zero exposure to US subprime-credit, it said.
India's largest real estate player by market capitalization DLF
fell 5.12% to Rs 350.60. It recovered from the session's low of Rs
329.
India's largest electric equipment maker by sales Bharat Heavy
Electricals declined 2.65% to Rs 1,509.50. It recovered from the
session's low of Rs 1,441.
India's largest home loan lender HDFC fell 2.68% to Rs 2,032.75. It
recovered from the session's low of Rs 2000.
Jaiprakash Associates (down 11.85% to Rs 106.70), Satyam Computer
Services (down 9.13% to Rs 292.55), Tata Consultancy Services (down
8.4% to Rs 619.65), edged lower from the Sensex pack.
Reliance Natural Resources clocked the highest volume of 1.42 crore
shares on BSE. IFCI (89.91 lakh shares), Chambal Fertilisers and
Chemicals (71.69 lakh shares), Jaiprakash Associates (63.84 lakh
shares) and ICICI Bank (58.37 lakh shares) were the other volume
toppers in that order.
Reliance Capital clocked the highest turnover of Rs 309.01 crore on
BSE. Reliance Industries (Rs 299.81 crore), ICICI Bank (Rs 295.37
crore), Axis Bank (Rs 157.21 crore) and Larsen & Toubro (Rs 134.79
crore) were the other turnover toppers in that order.
US light crude for November delivery fell $1.09 to $105.85 a barrel
today, 29 September 2008 pressured by gains in the US dollar.
US stocks rose on Friday, 26 September 2008. The Dow Jones gained
121.07 points, or 1.10%, to 11,143.13. The S&P 500 index was up
3.83 points, or 0.32%, to 1,213.01, and the Nasdaq composite index
was down 3.23 points, or 0.15%, to 2,183.34.
Back home, indices tumbled on Friday, 26 September 2008 on
uncertainty about the future of the US financial system. The BSE
30-share Sensex fell 445 points or 3.28% to 13,102.18 and the S&P
CNX Nifty lost 137.10 points or 3.34% to 3985.25, on that day.
Key benchmark indices suffered a severe setback in the week ended
Friday, 26 September 2008, mirroring weak global market and amid
impasse over the proposed $700 billion bailout deal for the US
financial sector. The barometer index BSE Sensex lost 940.14 points
or 6.69% to 13,102.18 in and the S&P CNX Nifty shed 260 points or
6.12% at 3985.25, in the week.
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