Heavy selling pressure in pivotals pulled the market sharply lower today. The barometer index BSE Sensex fell below 14,000 mark in late trade. Sensex lost 323.48 points for the day. The market fell today, 12 September 2008, despite positive global cues, data showing softening inflation and improved industrial output for July 2008. The market declined for the fourth day in a row today.

Infosys and Reliance Infrastructure fell more than 6% each while ICICI Bank fell more than 4.5%. Reliance Industries, HDFC and DLF fell more than 3% each. Maruti Suzuki India rose over 3.5%.

Industrial output rose 7.1% in July 2008 from a year earlier, above the previous month's 5.4% rise, data released by the government today, 12 September 2008, afternoon showed. The figure was above market expectations of a 6.5% growth. Manufacturing production rose 7.5% in July 2008 from a year earlier.

The wholesale price index-based inflation rose 12.10% in the week ended 30 August 2008, below the previous weeks annual rise of 12.34%, government data released after market hours on Thursday, 11 September 2008 showed. The annual inflation rate was 3.72% during the corresponding week of the previous year.

The BSE 30-share Sensex lost 323.48 points or 2.26% to 14,000.81. At the days low of 13,933.87 hit in late trade, Sensex fell 390.42 points. At the days high of 14,433.20 hit in early trade, the Sensex rose 108.91 points.

The S&P; CNX Nifty was down 61.85 points or 1.44% to 4,228.45. Nifty September 2008 futures were at 4238, at a premium of 9.55 points as compared to spot closing of 4228.45.

The Indian market today, 12 September 2008, underperformed the world boursres. Stocks rose in Asia and Europe on optimism that talks about a possible sale of troubled US investment bank Lehman Brothers would help ease the financial sector's woes.

The BSE Sensex has shed 944.16 points in the past four trading sessions from a recent high of 14,944.97 on 8 September 2008. The barometer index is down 6,286.18 points or 30.98% in the calendar year 2008 so far from its close of 20,286.99 on 31 December 2007. It is 7,205.95 points or 33.97% away from its all-time high of 21,206.77 struck on 10 January 2008.

BSE clocked a turnover of Rs 5,078 crore today 12 September 2008 compared to a turnover of Rs 4,798.08 on 11 September 2008. NSE's futures & options (F&O;) segment turnover was Rs 57492.96 crore, which was lower than Rs 50366.39 crore on Thursday, 11 September 2008.

The market breadth was weak on BSE with 1,848 shares declining as compared to 818 that advanced. 74 remained unchanged.

Among the 30-member Sensex pack, 25 declined while the rest gained.

The BSE Mid-Cap index fell 1.95% to 5,537.14 and BSE Small-Cap index fell 1.57% to 6,711.54.

BSE IT index (down 4.6% to 3,806.74), BSE Realty index (down 3.73% to 4,693.72), BSE Teck index (down 2.97% to 2,954.83), BSE Bankex (down 2.52% to 7,029.22), BSE Oil & Gas index (down 2.39% to 9,116.44) underperformed the Sensex.

BSE FMCG index (down 0.23% to 2,206.29), BSE Auto index (down 0.24% to 3,951.83), BSE HealthCare index (down 0.31% to 4,169.30), BSE PSU index (down 0.72% to 6,691.60), BSE Capital Goods index (down 0.87% to 11,836.58), BSE Metal index (down 1% to 10,881.42), BSE Power index (down 1.16% to 2,546.53) and BSE Consumer Durables index (down 1.3% to 3,575.28) outperformed the Sensex.

Indias largest private sector firm in terms of market capitalization and oil refiner Reliance Industries fell 3.31% to Rs 1,931.40.

Capital goods pivotals rose after the latest data showed that the capital goods sector clocked a robust 21.9% growth in production in July 2008. Indias largest electric equipment maker by sales Bharat Heavy Electricals rose 1.92% to Rs 1,696.75. It came off from the session's high of Rs 1,750.

Indias largest engineering and construction firm by sales Larsen & Toubro fell 1.04% to Rs 2,637.40. The stock came off from the session's high of Rs 2,700.

BSE IT index fell 4.6% to 3,803.06 and was the top loser from the sectoral indices on BSE. IT stocks declined on overnight fall in their American depository receipts (ADRs) and after foreign brokerage house UBS said a sharp and sudden appreciation of the dollar against the British pound and euro would hit IT firms' revenue in dollar terms by 1-2%. Infosys (down 6% to Rs 1,644.10), Satyam Computer Services (down 3.47% to Rs 406.55), Wipro (down 1.67% to Rs 419.75), Tata Consultancy Services (down 3.34% to Rs 808.15) edged lower.

Infosys ADR fell 5.13%, Wipro ADR lost 4.65% and Satyam Computer ADR shed 2.65% yesterday, 11 September 2008.

Maruti Suzuki India (up 3.61% to Rs 703.70), Hindustan Unilever (up 0.83% to Rs 248.90), NTPC (up 0.12% to Rs 173.65) edged higher from the Sensex pack.

Reliance Infrastructure (down 6.32% to Rs 929.30), ICICI Bank (down 4.89% to Rs 652.85), HDFC (down 3.84% to Rs 2,179.10), DLF (down 3.64% to Rs 467.90) edged lower from the Sensex pack.

Indias largest tractor maker by sales Mahindra & Mahindra fell 2.13% to Rs 551.30. The comopany said on Thursday it has decided to transfer the logistics business to Mahindra Logistics, a wholly owned subsidiary of the company for a consideration of Rs 32 crore.

Indias largest telecom services provider by sales Bharti Airtel fell rose 0.32% to Rs 778.70. It recovered from sessions low of Rs 744.The company added 2.7 million users in the month of August 2008 taking its total subscriber base to 74.8 million.

Reliance Natural Resources clocked the highest volume of 1.79 crore shares on BSE. IFCI (1.45 crore shares), Chambal Fertilisers and Chemicals (55.98 lakh shares), Austral Coke Projects (55.38 lakh shares) and Reliance Power (47 lakh shares) were the other volume toppers in that order.

Reliance Industries clocked the highest turnover of Rs 453.54 crore on BSE. Reliance Capital (Rs 313.36 crore), ICICI Bank (Rs 208.63 crore), Reliance Infrastructure (Rs 175.23 crore) and Reliance Natural Resources (Rs 160.71 crore) were the other turnover toppers in that order.

US crude for October 2008 delivery rose 45 cents to $101.37 a barrel today, 12 September 2008 as the markets kept a watchful eye on the path of Hurricane Ike that could disrupt refineries and production in the United States for weeks. It lost $1.71 a barrel on Thursday, 11 September 2008 after falling to $100.10, its lowest level in 5-month in intra-day trade.

European markets were in green. Frances CAC 40, Germanys DAX and UKs FTSE 100 were up between 0.23% to 1.07%.

Asian markets were trading higher today, 12 September 2008. China's Shanghai Composite, Hong Kong's Hang Seng, Taiwan's Taiwan Weighted, Japan's Nikkei, Singapore's Straits Times and South Korea's Seoul Composite were up by between 0.83% to 2.4%.

US stocks rose on Thursday, 11 September 2008, as a report that major U.S. investment bank Lehman Brothers is shopping itself to possible suitors, including Bank of America, drove a last-minute rebound in financial shares. The Dow Jones gained 164.79 points, or 1.46%, to 11,433.71. The S&P; 500 index advanced 17.01 points, or 1.38%, to 1,249.05, while the Nasdaq Composite index added 29.52 points, or 1.32%, to 2,258.22.

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