Key benchmark indices continued their downward journey in openin trade. The marekt opened higher but soon dipped in red on weak Asian markets. The US lawmakers agreeing on a $700 billion bank-rescue package and the House of Representatives approving the nuclear deal with India, over the weekend failed to boost the investor sentiments. The BSE Sensex fell below 13,000 mark. IT and realty stocks edged lower.

Instability in the banking industry continued to weigh on the investors sentiments in Asia with the Belgian, Dutch and Luxembourg governments forced to rescue financial firm Fortis over the weekend. In addition, reports suggest the British government will take over mortgage lender Bradford & Bingley. Most Asian markets were trading lower today, 29 September 2008. Hong Kong's Hang Seng, Japan's Nikkei, Singapore's Straits Times, South Korea's Seoul Composite fell between 0.47% to 2.12%.

Democratic congressional leaders supported on Sunday, 28 September 2008, a massive financial rescue plan proposed by the Bush administration, releasing a draft text trumpeting taxpayer guarantees and caps on executive compensation. The bill will be introduced in the House of Representatives today, 29 September 2008 and then head to the Senate.

Meanwhile, the Indo-US nuclear deal moved into the last lap clearing a major hurdle when the House of Representatives approved a legislation on it that will now go to the Senate before the two countries can implement the civil nuclear agreement.

At 10:19 IST, the BSE 30-share Sensex was down 179.82 points or 1.37% to 12,915.81. The index shed 197.38 points at the day's low of 12,904.80, hit in early trade. The Sensex edged up 11.35 points at days high of 13,113.53, hit at the onset of the trading session.

The S&P; CNX Nifty was down 45.50 points or 1.14% to 3,939.75.

The BSE Mid-Cap index was down 1.4% at 4,871.82 and the BSE Small-Cap index was down 1.19% at 5,792.14.

The market breadth was weak on BSE with 380 shares advancing as compared to 1,019 that declined. 36 shares remained unchanged.

Rate sensitive realty stocks declined. Indiabulls Real Estate (down 4.79% to Rs 176.35), Unitech (down 3.6% to Rs 107.05) and DLF (down 3.9% to Rs 354.90) edged lower.

IT stocks fell. Satyam Computer Services (down 2.47% to Rs 313.80), Tata Consultancy Services (down 2.42% to Rs 660), Infosys (down 3.02% to Rs 1,404) and Wipro (down 0.81% to Rs 340.95) edged lower.

Indias fifth-largest software exporter by sales HCL Technologies fell 7.42% to Rs 197.15. HCL Technologies fell 7.42% to Rs 197.15. On Friday, 26 September 2008, launched an all-cash offer for UK-based SAP implementation consultancy Axon. The offer trumped an earlier bid by Infosys, India's second largest IT services provider by sales.

HCLs all-cash offer at 650 pence a share is 8.3% higher than the 600-pence offer by Infosys, which has promised a further announcement in due course. Reports suggest that Infosys is expected to disclose its future plans on Axon on Monday, 29 September 2008.

Tata Motors (down 3.59% to Rs 360), Sterlite Industries (down 3.03% to Rs 433.65), State Bank of India (down 3.08% to Rs 1,391), ICICI Bank (down 2.85% to Rs 545.25) edged lower from the Sensex pack.

Grasim Industries (up 0.54% to Rs 1,770), ITC (up 0.49% to Rs 193.20), Bharat Heavy Electricals (up 0.47% to Rs 1,557.90), ONGC (up 0.18% to Rs 1,037) edged higher from the Sensex pack.

Dr. Reddy's Laboratories declined 0.71% to Rs 512. The company has received final approval from the US Food and Drug Administration for nabumetone tablets. Nabumetone is a non-steroidal anti-inflammatory drug used to treat arthritis related pain.

Suzlon Energy fell 0.46% to Rs 173.95. The company said today, 29 September 2008, IDFC Private Equity would buy 17.1% in subsidiary SE Forge for Rs 400 crore. SE Forge, which specialises in large-scale foundry and forging materials, is expanding capacity at its plants in Coimbatore and Vadodara to cater to the growing demand in the wind energy sector. Suzlon will continue to hold the remaining stake in SE Forge.

Dynamatic Technologies fell 1.63% to Rs 1,071. The company has acquired a 12 megawatt wind farm at Coimbatore from Tamilnadu Petroproducts. This acquisition will enable Dynamatic to achieve 85% reduction in monthly energy costs at its Chennai complex and combat energy-price inflation in future, the company said.

DS Kulkarni Developers rose 1.09% to Rs 64.90. The board of DS Kulkarni Developers has approved investment in DSK Global up to the tune of Rs 3 crore so as to make it a subsidiary of the company.

Avanti Feeds rose 3.99% to Rs 30. The company has announced that its board will meet on 4 October 2008 to consider and approve issue of equity shares on preferential basis to Thai Union Frozen Products Public Company and the promoters through postal ballot.

Nestle India fell 0.91% to Rs 1,625. The company has unveiled its capital expenditure of Rs 600 crore in 2009, which is double the Rs 300 crore that it is investing in the current year. The investment would go in new research and development, advertising and capacity building, Nestles chairman and managing director, Martial Rolland, said while addressing a press conference on Friday, 26 September 2008.

US light crude for November delivery fell $1.09 to $105.85 a barrel today, 29 September 2008 pressured by gains in the US dollar.

US stocks rose on Friday, 26 September 2008. The Dow Jones gained 121.07 points, or 1.10%, to 11,143.13. The S&P; 500 index was up 3.83 points, or 0.32%, to 1,213.01, and the Nasdaq composite index was down 3.23 points, or 0.15%, to 2,183.34.

Back home, indices tumbled on Friday, 26 September 2008 on uncertainty about the future of the US financial system. The BSE 30-share Sensex fell 445 points or 3.28% to 13,102.18 and the S&P; CNX Nifty lost 137.10 points or 3.34% to 3985.25, on that day.

Key benchmark indices suffered a severe setback in the week ended Friday, 26 September 2008, mirroring weak global market and amid impasse over the proposed $700 billion bailout deal for the US financial sector. The barometer index BSE Sensex lost 940.14 points or 6.69% to 13,102.18 in and the S&P; CNX Nifty shed 260 points or 6.12% at 3985.25, in the week.

Foreign institutional investors (FIIs) were net equity sellers worth Rs 643.04 crore while mutual funds bought shares worth Rs 543.27 crore on Friday, 26 September 2008, according to provisional data on NSE. They were net buyers of Rs 173.23 crore in the futures & options segment on that day.

Powered byCapital Market - Live News