The market tumbled, extending losses for the third day in a row, after a bounce back in crude oil prices rekindled fears of inflationary pressure. Investors were also cautious ahead of the release of the inflation data for the year through 2 August 2008 after trading hours today.

Stocks of interest rate sensitive sectors suffered the most on fears that a rise inflation pressures may provoke central bank to raise interest rates yet again. IT stocks rose as the rupee weakened against the dollar.

The government will meet its fiscal deficit target for 2008/09 despite the pay increase for government workers, Finance Minister P Chidambaram said after the government today, 14 August 2008, approved the Sixth Pay Commission recommendations. He said the wage increase had been factored in while preparing the budget for 2008-09. The Sixth Pay Commission had in March 2008 submitted its report to the government, recommending an average 28% hike for central government staff and defence personnel.

As per provisional closing, the BSE 30-share Sensex was down 358.83 points or 2.38% to 14,734.29. The index lost 406.46 points at days low of 14,686.66 hit in late trade. At days high of 15,033.28, the index lost 59.84 points at the onset of the trading session.

The S&P; CNX Nifty was down 98.55 points or 2.18% to 4430.50.

BSE clocked a turnover of Rs 4851 crore as against Rs 5,076.33 on 13 August 2008.

The BSE Mid-Cap index was down 1.92% to 5,815.82 and the BSE Small-Cap index was down 1.63% at 7,111.69.

The market breadth was weak on BSE with 830 shares advancing as compared to 1832 that declined. 66 shares remained unchanged.

Top Sensex losers were, DLF (down 8.66% at Rs 501.10), Jaiprakash Associates (down 7.745 at Rs 172.30), Reliance Infrastructure (up 7.72% at Rs 985.45), State Bank of India (down 6.24% at Rs 1458.20), and HDFC (down 5.21% at Rs 2288.35).

Indias largest private sector firm by market capitalisation and oil refiner Reliance Industries fell 2.80% at Rs 2275.30.

Indias largest private sector bank by market capitalisation ICICI Bank slipped 5.25% at Rs 673.25

Top Sensex gainers were, Tata Power Company (up 1.57% at Rs 1034.90), Satyam Computer (up 1.39% at Rs 411.90), Sterlite Industries (up 1.17% at Rs 620.20), Tata Steel (up 0.94% at Rs 616.20), and TCS (up 0.41% at Rs 831.45).

Indias second largest software exporter by sales Infosys Technologies rose 3.95% at Rs 1689.45.

Indias largest aluminium manufacturer in terms of sales Hindalco Industries fell 2.69% to Rs 135.80 ahead of a meeting of a committee of directors today, 14 August 2008 to determine the price and other terms and conditions of the proposed rights offering.

Private sector oil explorer Cairn India rose 1.89% at Rs 245.25 as crude oil rose to $116 a barrel. Cairn benefits from higher oil prices.

Software products maker Subex jumped 12.23% to Rs 111.50. The stock is rallying from past two sessions on market buzz that a large firm is buying shares of the company from the open market, aiming at a complete takeover. However, the promoters of Subex, in a media interview today, denied knowledge of any entity accumulating the stock from open market. The stock has gained 33.98% to Rs 99.35 on 13 August 2008 from Rs 74.15 on 11 August 2008.

European shares held firm. Key indices in UK, France and Germany were up 0.40% to 1.19%. Asian stocks were mixed today, 14 August 2008. Key benchmark indices in Japan and China were down by 0.38% to 0.51%. However, key indices in Singapore, Hong Kong, Taiwan, and South Korea were up by 0.17% to 0.61%.

US stocks fell on Wednesday, 13 August 2008, as persistent concerns about the credit crisis hurt bank shares while a rebound in oil prices and weak outlooks at some retailers raised anxieties about consumer spending. The Dow Jones industrial average fell 109.51 points, or 0.94%, to 11,532.96, while the Standard & Poor's 500 Index slipped 3.76 points, or 0.29%, to 1,285.83. The Nasdaq Composite Index was down 1.99 points, or 0.08%, at 2,428.62.

Indian stock market remains closed on Friday, 15 August 2008, on account of Independence Day

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