The key benchmark indices staged a sharp recovery from lower level
in the fag end of the trading session led by rebound in bank shares
and select pivotals. The 30-share BSE sensex recoupled 253 points
from the day's low it had hit in afternoon trade.
As per provisional closing, the BSE 30-share Sensex was down 29.63
points or 0.20% to 14,534.90. At day's low of 14,281.10, the index
fell 283.43 in early afternoon trade. At day's high of 14,547.41,
the Sensex shed 17.12 points at the fag end of the trading session.
The S&P CNX Nifty was up 0.55 points or 0.01% to 4360.55. It came
off session's low of 4281.35
The BSE Mid-Cap index was up 0.05% at 5,745.27 and the BSE
Small-Cap index was up 0.01% at 6,892.60.
The market breadth was weak on BSE with 1338 shares advancing as
compared to 1245 that declined. 93 shares remained unchanged.
BSE clocked a turnover of Rs 3403 crore as against Rs 5,430.84
crore on 29 August 2008.
India's largest private sector firm by market capitalisation and
oil refiner Reliance Industries (RIL) rose 0.34% to Rs 2144. The
stock moved in the range of Rs 2165 to Rs 2106. The company has
abandoned a plan to transfer an 80% stake in a deepwater block to
its subsidiaries as it has raised the money it needs for the block,
the company said in a statement today, 1 September 2008. RIL, which
owns 90% in the gas-rich D-6 block in the Krishna Godavari basin
off India's east coast, said last week it had sent a proposal for
the transfer of the stake to four fully-owned subsidiaries and was
awaiting government approval.
India's second largest software exporter by sales Infosys
Technnologies was down 1.06% to Rs 1730.
India's largest passenger car maker by sales Maruti Suzuki India
declined 2.21% to Rs 636 after the company posted 9.2% fall in
sales to 59,908 units in August 2008 over August 2007. The stock
had risen 3.83% in two trading sessions to Rs 650.40 on 29 August
2008 from Rs 626.40 on 27 August 2008. The stock had hit a low of
Rs 618.35 earlier.
Banking shares showed a sharp recovery. The BSE Bankex was up 0.75%
at 7,062.40. The index had earlier hit a low of 6,823.41. India's
second largest private sector bank in terms of net profit HDFC Bank
rose 2.11% at Rs 1304.20. It came off from the day's low of Rs
1245.60. India's largest commercial lender State Bank of India rose
2.36% at Rs 1436.70. It came of from the day's low of Rs 1360.
India's largest private sector bank by market capitalisation ICICI
Bank fell 1.03% at Rs 664.55. It had touched a low of Rs 649.90
earlier.
India's largest power equipment maker by sales Bharat Heavy
Electricals rose 1.01% at Rs 1723.80. It came off from the day's
low of Rs 1650.10.
India's largest realty developer by market capitalisation DLF rose
0.34% at R s495. It came off from the day's low of Rs 480.
India's third biggest motorcycle maker by sales TVS Motors rose
1.53% at Rs 33.15 after the company said its two-wheeler sales rose
11% to 114,321 units in August 2008 over August 2007.
Construction firm Gammon Infrastructure Projects rose 3.95% to Rs
98.70 after the company said it has won rights to build a 261
megawatt hydrapower plant in Himachal Pradesh, at a cost of Rs 1510
crore.
State-run miner NMDC gained 2.62% to Rs 311 after the company said
it plans to set up an integrated steel plant at Nagarnar in
Chhattisgarh.
Engineering firm Shriram EPC rose 2.72% to Rs 256.80 after the
company said it has acquired 55% stake in Chennai based Blackstone
Group Technologies for an undisclosed sum.
European market were trading lower. Key benchmark indices in UK,
France and Germany were down 0.51% to 0.89%. Asian stocks dropped
today, 1 September 2008, amid concerns about the impact of weaker
global demand on the region's economies. Key benchmark indices in
Hong Kong, Japan, South Koera, Singapore, Taiwan and China were
down by between 0.95% to 4.06%
US stocks tumbled on Friday, 29 August 2008, led lower by tech
shares after computer maker Dell warned that companies worldwide
are cutting back on technology spending. The Dow Jones industrial
average lost 171.47 points, or 1.46%, at 11,543.71. The Standard &
Poor's 500 Index was down 17.93 points, or 1.38%, at 1,282.75. The
Nasdaq Composite Index shed 44.12 points, or 1.83%, at 2,367.52.
Economic data added to the market's jitters ahead of the long Labor
Day weekend. US market remains closed on Monday, 1 September 2008,
for Labor Day holiday.
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