Key benchmark indices slumped for the sixth day in a row today, 16
September 2008, mirroring mayhem in global markets triggered by
fears of the state of the US financial system after Lehman Brothers
filed for bankruptcy, insurer AIG struggled for survival and
Merrill Lynch was sold to Bank of America. Nifty cracked below
4,000 in opening trade.
Ranbaxy Laboratories slumped over 5%. Index heavyweight Reliance
Industries hit a 52-week low of Rs 1800 in early trade. Banking
pivotals saw divergent trend.
US markets collapsed on Monday, 15 September 2008 falling the most
since 11 September 2001 as investors worried about the impact of
the latest twists in the credit crisis on the economy and the
outlook for profits. The Dow Jones Industrial Average plunged
504.48 points, or 4.42%, to 10,917.51, the Nasdaq Composite index
dropped 81.36 points, or 3.60%, to 2,179.91 and the Standard &
Poor's 500 index fell 59 points, or 4.71% to 1,192.70.
Asian markets were trading weak today, 16 September 2008 as fears
of a global financial crisis gripped investors across Asia. Key
benchmark indices in China, Japan, Hong Kong, Taiwan, Singapore,
and South Korea were down by between 2.07% and 5.95%.
At 10:21 IST, the BSE 30-share Sensex was down 254.13 points or
1.85% to 13,280.34. The Sensex opened with a downward gap of 479.54
at 13,051.73, which is also its day's low so far. At the day's high
of 13,291.10 hit in early trade, the Sensex lost 240.17 points.
The S&P CNX Nifty tumbled 76.55 points or 1.88% to 3,996.35.
The market breadth was weak on BSE with 1273 shares declining as
compared to just 246 that rose. 27 remained unchanged.
The total turnover on BSE amounted to Rs 506 crore by 10:30 IST
Among the 30-member Sensex pack, 28 suffered losses.
Ranbaxy Laboratories, India's top drug maker by sales slumped 5.46%
to Rs 396.25 and was the top loser from Sensex pack. 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.
India's largest private sector firm in terms of market
capitalization and oil refiner Reliance Industries fell 1.12% to Rs
1863 on 1.74 lakh shares. The stock hit a 52-week low of Rs 1800 in
intra-day trade. Reliance Industries reportedly paid 5% higher
advance tax at Rs 680 crore in Q2 September 2008 over Q2 September
2007.
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 4.66% to Rs 351
and was the worst hit among the IT pivotals.
Banking pivotals saw divergent trned. India's largest private
sector bank in terms of net profit ICICI Bank slipped 3.19% to Rs
606.90. India's second largest private sector bank in terms of net
profit HDFC Bank slipped 1.42% to Rs 1190.
However India's largest state run bank in terms of net assets State
Bank of India rose 0.33% to Rs 1493.80, on reports the bank paid
50% higher advance tax to Rs 1560 crore in Q2 September 2008 over
Q2 September 2007. It was the top gainer from Sensex pack.
Bharti Airtel (down 4.51% to Rs 730.90), DLF (down 4.90% to Rs
411), and Jaiprakash Associates (down 3.63% to Rs 141.95), edged
lower from the Sensex pack.
Infosys (up 0.04% to Rs 1575), and Mahindra & Mahindra (up 0.29% to
Rs 538.50), edged higher from Sensex pack.
Meanwhile, crude oil prices plunged to a seven-month low as turmoil
in the US financial system heightened concerns energy demand may
slow. US light crude for October 2008 delivery fell $3.02 to $92.69
a barrel yesterday, 15 September 2008.
Back home, bears ruled the roost on the bourses for the fifth
consecutive day yesterday, 15 September 2008 as key benchmark
indices posted substantial losses after US investment bank Lehman
Brothers filed for bankruptcy protection. The BSE 30-share Sensex
lost 469.54 or 3.35% at 13,531.27 and the S&P CNX Nifty lost 155.55
points or 3.68%, to settle at 4072.90 on that day.
Foreign institutional investors (FIIs) were net equity sellers
worth Rs 763.02 crore while mutual funds bought shares worth Rs
1328.14 crore on Monday, 15 September 2008, according to
provisional data on NSE. FIIs were net buyers of Rs 1156.23 crore
in the futures & options segment on that day.
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