Ranbaxy tanks over 11%

Key benchmark indices suffered sharp losses mirroring its global
peers on uncertainty about the potency of the US government's $700
billion bank bailout. High volatility was the hallmark of the day's
trading session. All BSE sectoral indices suffered losses with IT,
realty and banking leading the fall. However state-run oil
marketing firms bucket weak market trend. The market breadth was
weak. Ranbaxy Labs slumped over 11%.




European markets were trading lower. Key indices in UK, France and
Germany were down 1.06% to 2.69%. Asian markets, which opened
before Indian markets, were mixed. Key indices in China, Hong Kong
and Singapore were down by 1.56% to 3.87%. However, key indices in
Taiwan and South Korea were up by 1.17% to 1.44%. Japanese
financial markets were closed today for Autumnal Equinox Day, a
national holiday.

The BSE 30-share Sensex was down 424.65 points or 3.03% to
13,570.31. The index shed 451.49 points at the day's low of
13,543.47, hit in fag end of the session. The Sensex fell 16.7
points at day's high of 13,978.26, hit in mid-morning.




The S&P CNX Nifty was down 96.15 points or 2.28% to 4,126.90. Nifty
September 2008 futures were at 4135, at a premium of 8.1 points as
compared to spot closing.

The BSE Mid-Cap index was down 2.06% at 5,113.31 and the BSE
Small-Cap index was down 1.63% at 6,092.97.

The market breadth was weak on BSE with 760 shares advancing as
compared to 1823 that declined. 69 shares remained unchanged.

BSE clocked a turnover of Rs 4322 crore compared with Rs 4,886.79
on Monday, 22 September 2008. NSE's futures & options (F&O) segment
turnover was Rs 68368.66 crore, which was higher than Rs 58188.03
crore on Friday, 19 September 2008.




India's largest drug maker by sales Ranbaxy Laboratories declined
11.05% at Rs 308.85 on reports the Canadian drug regulator, Health
Canada, issued a notice to Ranbaxy saying it will be particularly
cautious about drug marketing applications from Ranbaxy after the
US drug regulator blocked the sale of more than 30 generic
medicines made in two factories by the company. The stock had
declined 2.70% in the previous session.

India's largest private sector firm by market capitalisation and
oil refiner Reliance Industries (RIL) declined 1.35% at Rs 2009.70.
The stock came off session's high of Rs 2,096. Reliance Industries
(RIL) began production of crude oil at KG-D6 block of the Krishna
Godavari basin on 17 September 2008, the company said on 22
September 2008. RIL holds 90% participating interest in the block
while the balance is being held by Niko Resources.




India's largest aluminium producer Hindalco Industries fell 1.59%
at 108.10 after hitting a 52-week low of Rs 106.20 on BSE. The
company's Rs 5,050 crore rights share offering for subscription
Monday, 22 September 2008. The sale in a ratio of three shares for
every seven held at Rs 96 a share will close on 10 October 2008.
The company aims to use the funds to repay a bridge loan it had
taken to buy Canada's Novelis in 2007.

Software shares tumbled on growing worries about outsourcing
prospects amid a global financial turmoil. Satyam Computer (down
5.98% at Rs 331.65), TCS (down 5.91% at Rs 720.75), Wipro (down
5.77% at Rs 390.45), and Infosys Technologies (down 5.19% at Rs
1,543.35), slipped. The BSE IT index underperformed the Sensex,
falling 5.07% at 3,455.05. Export-driven Indian software firms earn
more than half of their revenue in dollar terms.




Realty shares extended previous session's fall. Indiabulls Real
Estate (down 6.93% at Rs 209.50), Housing Development &
Infrastructure (down 5.97% at Rs 209.60), and Unitech (down 3.66%
at Rs 123.80), slumped. The BSE Realty index underperformed the
Sensex, falling 4.68% to 3,903.82.

India's largest real estate developer by market capitalisation DLF
fell 6.25% at Rs 394.60. As per recent reports, the company is
retrenching around 300 employees across all its centres and
subsidiaries as it decides to slow down its project execution,
especially in Tier II cities, in the face of shrinking demand and
expensive borrowing.

Banking shares were hard hit on fears local banks may reportedly
suffer losses on their exposure to the US financial giants that
collapsed recently. ICICI Bank (down 5.48% at Rs 599.70), HDFC Bank
(down 4.62% at Rs 1237.70), and and State Bank of India (down 4.08%
at Rs 1502.75), dipped. The BSE Bankex underperformed the Sensex,
falling 4.19% to 6,804.42.




As per reports, nine of the country's largest commercial banks
including State Bank of India (SBI), ICICI Bank and HDFC Bank
reportedly have exposure of $420 million (Rs 2,000 crore) in the US
financial giants. As per the government, banks other than SBI would
suffer losses of Rs 600 crore due to the crisis. SBI alone has
exposure of $170 million in Freddie Mac and Fannie Mae. The public
sector giant's exposure in Lehman Brothers is estimated at $17
million.

The estimated losses are due to their ownership of securities sold
by Fannie Mae, Freddie Mac, Merrill Lynch & Co., and Lehman
Brothers Holding Inc, which have declined in value leading to
marked-to-market losses, the report said.




Shares of three state-run oil marketing firms rose after crude oil
for November 2008 delivery fell $3.30 to $106.07 a barrel in
electronic trading today, 23 September 2008. BPCL (up 2.51% at Rs
345.55), Indian Oil Corporation (up 1.62% at Rs 388.60), and HPCL
(up 1.24% at Rs 233.45), rose.

Reliance Industries clocked a highest turnover of Rs 396.30 crore
on BSE. Reliance Capital (Rs 277.86 crore), Sesa Goa (Rs 239.39
crore), State bank of India (Rs 136.38 crore), and Reliance Natural
Resources (Rs 135.41 crore), were the other turnover toppers on BSE
in that order.

Sesa Goa reported a highest volume of 1.86 crore shares on BSE.
Reliance Natural Resources (1.67 crore shares), Apollo Tyre (74.32
lakh shares), IFCI (67.07 lakh shares), and Cals Refineries (62.66
lakh shares), were the other volume toppers on BSE in that order.




The barometer index is down 6716.68 points or 33.10% in the
calendar year 2008 so far from its close of 20,286.99 on 31
December 2007. It is 7636.46 points or 36% below its all-time high
of 21,206.77 struck on 10 January 2008.

Diversified firm Karuturi Global rose 1.98% to Rs 20.65 on reports
the company plans to raise $100 million by selling 15% stake in its
Dubai based subsidiary to an undisclosed private equity firm.

Steel roll maker Tayo Rolls fell 3.59% to Rs 135.80 after the
company scheduled a board meet on 26 September 2008 to price and
fix swap ratio for its Rs 60.34 crore rights issue. The stock came
off session's high of Rs 148.50 hit in early trade.

Construction firm Nagarjuna Construction Company lost 3.78% to Rs
112 even as the company secured four orders aggregating Rs 413
crore.