Key benchmark indices ended a choppy session lower weighed down by weak Asian markets. The BSE 30-share Sensex declined 61.56 points, as per provisional closing. Firm European markets triggered a sharp recovery in afternoon trade, lifting the Sensex to positive zone but the market once again slipped into the red on fresh selling at higher level. The market breadth was negative.

Sterlite Industries tumbled 8%. Tata Motors was under pressure throughout the day, sliding around 4%. On the positive side Bharti Airtel and Maruti Suzuki India added over 2% each. Telecom pivotals were in demand. Capital goods heavyweights saw divergent trend.

European markets, which opened after Indian markets were trading higher. Key benchmark indices in UK, Germany and France rose between 0.39% and 1.24%.

Asian stocks dropped. Key benchmark indices in Japan, Hong Kong, Taiwan, Singapore, South Korea were down by between 0.93% and 3.51%. However Chinas Shanghai Composite rose 0.11%.

The BSE 30-share Sensex declined 61.56 points or 0.41% to 14,883.41, as per provisional closing. It opened 130.64 points lower at 14,814.33. At the days high of 14,998.32 hit in mid-afternoon trade, the Sensex gained 53.35 points. At the days low of 14,714.92 hit in early trade, the Sensex lost 230.05 points.

The S&P; CNX Nifty slipped 16.20 points or 0.36% to 4,466.10 as per provisional closing

The market breadth was negative on BSE with 1464 shares declining as compared to 1181 that advanced. 69 remained unchanged.

The total turnover on BSE amounted to Rs 4550 crore as compared to Rs 3194 crore by 14:30 IST.

Among the 30-member Sensex pack, 20 declined while the rest gained.

Sterlite Industries plunged 8.07% to Rs 572.15 on 23.05 lakh shares. It was the top loser from Sensex pack. Sterlite Industries said a little while ago its parent company, Vedanta Resources PLC approved a restructuring program of the group's businesses. Under the scheme, Sterlite will demerge its aluminium and energy businesses to Madras Aluminium which will be later renamed Sterlite Aluminum. Sterlite Industries shareholders would get seven shares in Madras Aluminium for every four shares held as part of a restructuring.

Madras Aluminium jumped 20% to Rs 219 on high volumes of 49.41 lakh shares.

Indias top truck maker by sales Tata Motors lost 3.80% to Rs 419.90. The stock slipped after the company said on Monday, 8 September 2008, that the suspension of work at the Nano plant will continue due to limited clarity on the outcome of Sundays talks between the State government and the leadership of the just ended Trinamool Congress-led agitation outside the Singur site.

Ranbaxy, Indias top drug maker by sales fell 2.91% to Rs 450.90, after striking days high of Rs 480. The Japanese drug maker Daiichi Sankyos open offer to acquire an additional 20% stake at Rs 737 a share in the company ended on 4 September 2008.

Capital goods heavyweights saw divergent trend. Indias largest power equipment maker by sales, Bharat Heavy Electricals declined 2.49% to Rs 1746 despite reports the company has won a contract worth Rs 2,200 crore for setting up a combined cycle power plant in Tripura on turnkey basis.

Indias largest engineering & construction firm by outstanding order book position Larsen & Toubro rose 0.09% to Rs 2739.85, after touching days low of Rs 2691.25

DLF, the countrys largest realty company by market capitalisation fell 1.36% to Rs 505.10. On Monday, 8 September 2008, the company received a clearance from the Securities and Exchange Board of India (Sebi) to go ahead with a buyback plan. In July 2008, DLF had announced its Rs 1,100-crore plan to buy back shares from existing shareholders at a price not exceeding Rs 600 a share.

Indias largest private sector bank by net profit ICICI Bank shed 0.74% to Rs 715.45

Indias second largest software services exporter Infosys Technologies fell 0.08% to Rs 1747.10. The stock came off days low of Rs 1700. HCL Technologies may reportedly counter bid Infosys for acquiring the UK-based SAP consultant Axon. According to reports, HCL may make an offer in the range of 690 pence per share for Axon compared to Infosys offer of 600 pence per share

State Bank of India (down 2.16% to Rs 1557.10), Tata Power Company (down 1.69% to Rs 1082.30), and Mahindra & Mahindra (down 1.42% to Rs 582), edged lower from the Sensex pack.

Indias largest private sector firm by market capitalization and oil refiner Reliance Industries (RIL) was down 0.11% to Rs 2129.70 on 8.11 lakh shares. The stock moved in a range of Rs 2086.15 and Rs 2156.40 during the day.

Indias top small car maker by sales Maruti Suzuki India gained 2.36% to Rs 710 on 1.79 lakh shares. It was the top gainer from Sensex pack.

Telecom shares were in demand. Indias second largest cellular services provider in terms of market capitalisation Reliance Communications (RCom) advanced 1.57% to Rs 404.80. As per recent reports, RComs subsidiary Reliance Big Entertainment has acquired a majority stake in the US-based cricket webcasting portal, Willow TV, for an undisclosed amount.

Bharti Airtel, the countrys largest cellular services provider in terms of market capitalisation rose 2.15% to Rs 837

Indias largest oil exploration company by market capitalisation Oil and Natural Gas Corporation (ONGC) rose 0.25% to Rs 1102. As per reports the companys wholly-owned subsidiary ONGC Videsh (OVL) has bid for a 20% stake in the Angolan Block 32, which is owned by a consortium of firms led by French firm Total Exploration and Production Angola. The Angolan Block 32 reportedly has 1.5 billion barrels of oil reserves, the production of which is slated to start in 2012.

Reliance Infrastructure (up 1.24% to Rs 1071.50), Grasim (up 0.41% to Rs 2020) and TCS (up 1.40% to Rs 866.90) gained from Sensex pack.

US crude for October 2008 delivery fell $1.18 to $105.16 a barrel today, 9 September 2008. It hit a five-month low of $104.70 a barrel yesterday, 8 September 2008.

US stocks surged on Monday, 8 September 2008 as investors bet Washington's bailout of mortgage finance giants Fannie Mae and Freddie Mac would stabilize the US housing sector and calm jittery world financial markets. The Dow Jones industrial average advanced 289.78 points, or 2.58%, to 11,510.74. The S&P; 500 index rose 25.48 points, or 2.05%, to 1,267.79, and the Nasdaq Composite index gained 13.88 points, or 0.62%, to 2,269.76.

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