Intense selling in index pivotals ever since the opening bell led a sell-off on the bourses today. The BSE 30-share Sensex fell 415.38 points, as per provisional closing. Recovery from lower level in afternoon trade proved short-lived. Weak global markets weighed on the domestic bourses.

The market breadth was weak. Trading was choppy. Shares from realty and IT pack were the worst hit. Index heavyweight Reliance Industries shed over 3%. Ranbaxy Laboratories tumbled close to 9%..

Annual inflation rose 12.34% in the year through 23 August 2008, lower than previous weeks 12.40% rise, data released by the government after trading hours on Thursday, 4 September 2008 showed. Food prices for staples like lentils and vegetables eased while fuel prices remained flat, the data showed. Inflation, however, remains far above central banks target level of 7% towards the year ending March 2009.

The Nuclear Suppliers Group (NSG) is reportedly inching towards forging a consensus on clearing a waiver to India for nuclear commerce, a decision that can take the Indo-US nuclear deal forward. The United States said on Thursday, 4 September 2008, 45 nations were making headway towards agreement on lifting a ban on nuclear trade with India after Washington reworked a draft for the move to ease proliferation fears. The two-day meeting of NSG ends today, 5 September 2008.

The opposition BJP on Thursday, 4 September 2008 accused Prime Minister Manmohan Singh of misleading Parliament and the country on the nuclear deal issue and demanded the resignation of the Manmohan Singh government. Senior BJP leader Yashwant Sinha said in view of the gross breach of privilege of both the Houses of Parliament, an immediate session of Parliament should be convened within the shortest possible time to enable BJP to move a privilege motion against the Prime Minister if the UPA did not quit.

The BJP made the demands in the wake of the disclosure of correspondence between the Bush administration and US Congress that the Indo-US nuclear pact would be off if India conducted a nuclear test.

The BSE 30-share Sensex fell 415.38 points or 2.79% to 14,483.72, as per provisional closing. It opened 330.09 points lower at 14,569.01. At the days low of 14,438.59 hit in afternoon trade, the Sensex lost 460.51 points. At the days high of 14,601.39 hit in early afternoon trade, the Sensex fell 297.71 points.

The S&P; CNX Nifty declined 92.40 points or 2.08% to 4,355.35 as per provisional closing

The market breadth was weak on BSE with 1613 shares declining as compared to 1017 that advanced. 86 remained unchanged.

The total turnover on BSE amounted to Rs 4790 crore as compared to Rs 3510 crore by 14:30 IST.

Among the 30-member Sensex pack, 27 declined while the rest gained.

Indias top drug maker by sales, Ranbaxy Laboratories tumbled 9.20% to Rs 448.15 on 15.29 lakh shares. It was the top loser from Sensex pack. The Japanese drug maker Daiichi Sankyos open offer to acquire an additional 20% stake at Rs 737 a share in the company ended yesterday, 4 September 2008.

Indias largest private sector firm by market capitalization and oil refiner Reliance Industries (RIL) slumped 3.24% to Rs 2083 on 13.47 lakh shares. The stock moved in a range of Rs 2067.05 and Rs 2120 during the day.

Auto stocks rebounded from days low. Indias top truck maker by sales, Tata Motors lost 1.84% to Rs 420.90, off days low of Rs 417. A crucial meeting will be held in Kolkata today, 5 September 2008, between representatives of the West Bengal government and Trinamool Congress chief Mamata Banerjee to end the standoff over land acquisition for the companys small car project at Singur.

Tata Motors Chairman Ratan Tata said on Thursday, the company will do everything it can to roll out its super-cheap Nano car as close to the planned October 2008 launch timeline as possible.

India's top small car maker by sales, Maruti Suzuki India was down 0.28% to Rs 682, off days low of Rs 654.20. Mahindra & Mahindra, the country's largest tractor manufacturer by sales shed 0.39% to Rs 584.05, off days low of Rs 570.

Telecom heavyweights declined. Indias largest listed cellular services provider by sales Bharti Airtel lost 3.10% to Rs 801. Reliance Communications, the countrys second largest listed cellular services provider by sales fell 1.20% to Rs 392.70

Real estate stocks declined. DLF (down 5.60% to Rs 493.50), Unitech (down 4.93% to Rs 157), Indiabulls Real Estate (down 3.06% to Rs 280.50), Parsvnath Developers (down 0.77% to Rs 122.50), and Akruti City (down 6.77% to Rs 897), slipped from the realty pack.

Indias top power equipment maker in terms of sales, Bharat Heavy Electricals declined 2.28% to Rs 1725 on reports the company would sign a pact on Saturday, 6 September 2008, with Heavy Engineering Corporation, Ranchi to set up a joint venture foundry forge company

Banking shares declined on fresh selling despite softening of inflation for a second week in a row. ICICI Bank (down 4.21% to Rs 688), State Bank of India (down 0.99% to Rs 1520), and HDFC Bank (down 4.43% to Rs 1246.20), slipped.

Jaiprakash Associates (down 5.46% to Rs 167.10), HDFC (down 5.98% to Rs 2276.05), and Infosys Technologies (down 4.42% to Rs 1710.50), edged lower from the Sensex pack.

Indias largest FMCG company by sales, Hindustan Unilever gained 1.62% to Rs 244.75 on 2.95 lakh shares. It was the top gainer from the Sensex pack. The stock recovered from the days low of Rs 236.

Indias largest oil exploration company by market capitalisation ONGC recovered from days low of Rs 1040.20. It closed with gain of 0.29% to Rs 1072. As per reports, the company's wholly owned overseas unit ONGC Videsh is in talks to acquire Canada's Tanganyika Oil Co for about $1.2-1.5 billion. Tanganyika is listed on the Stockholm bourse and has production and exploration assets in Egypt and Syria.

European markets, which opened after Indian markets, were subdued. Key benchmark indices in UK, Germany and France were down by between 1.06% and 1.34%.

Fears about economic growth and a 3% slump in US stocks on Thursday, 4 September 2008, sent Asian shares sprawling today, 5 September 2008. Key benchmark indices in Hong Kong, China, Japan, South Korea, Singapore and Taiwan were down by between 1.55% to 3.29%.

Wall Street suffered its steepest decline in more than two months on Thursday, 4 September 2008, after weekly government data showed an unexpected jump in the number of filings for jobless benefits, souring the mood before Friday's (5 September 2008)s jobs report for August 2008, which is expected to show the eighth consecutive decline, with 75,000 jobs lost.

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