Key benchmark indices ended a choppy session lower weighed down by weak Asian markets. 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. Refinery and sugar stocks bucked weak market 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 44.21 points or 0.3%, to settle at 14,900.76. 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 13.6 points or 0.3%, to end at 4468.70. Nifty September 2008 futures were at 4481, at a premium of 12.30 points as compared to spot closing.

The BSE Sensex is down 5386.23 points or 26.55% in the calendar year 2008 so far from its close of 20,286.99 on 31 December 2007. It is 6306.01 points or 29.73% away from its all-time high of 21,206.77 struck on 10 January 2008.

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

The BSE Mid-cap index fell 0.72% at 5,778.20 and BSE Small-cap index declined 0.26% to 6,964.61

The total turnover on BSE amounted to Rs 4550 crore as compared to Rs 4,505.75 crore yesterday, 8 September 2008. NSE's futures & options (F&O;) segment turnover was Rs 43,958.71 crore, which was lower than Rs 45,977.53 crore on Monday, 8 September 2008.

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

Metal stocks suffered the most among the sectoral indices on BSE led by Sterlite Industries. Indias largest aluminium and copper maker by sales plunged 8.07% to Rs 572.15 on 23.05 lakh shares. It was the top loser from Sensex pack. Sterlite Industries today said 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. The BSE Metal index lost 1.78% to 11,801.18.

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. The BSE Capital Goods index fell 0.46% to 12,366.39. 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

Real estate shares were subdued. The BSE Realty index fell 1.16% at 5,077.16. 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.

Unitech, the countrys largest listed realty company, fell 0.46% to Rs 162.50

Indias largest private sector bank by net profit ICICI Bank shed 0.74% to Rs 715.45. Other banking shares State Bank of India (down 2.16% to Rs 1557.10), and HDFC Bank (down 0.67% to Rs 1292), slipped. The Bankex lost 1.28% to 7,368.33.

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

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.

Resurgere Mines & Minerals was the top traded counter on BSE with turnover of Rs Rs 262.80 crore followed by Austral Coke & Projects (Rs 239.50 crore), Reliance Industries (Rs 172.35 crore), Reliance Capital (Rs 155.25 crore) and Gokul Refoils (Rs 153.85 crore), in that order.

IFCI led the volumes chart on BSE notching volumes of 2.15 crore shares followed by Austral Coke & Projects (1.06 crore shares), Resurgere Mines & Minerals (86.50 lakh shares), Reliance Natural Resources (74.15 lakh shares) and Reliance Power (58 lakh shares), in that order.

Refinery stocks gained. Hindustan Petroleum Corporation (up 5.70% to Rs 245.55), Bharat Petroleum Corporation (up 2.26% to Rs 353), and Indian Oil Corporation (up 0.10% to Rs 432.90), rose. 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.

Sugar stocks were in action. Balrampur Chini Mills (up 3.31% to Rs 95.10), Shree Renuka Sugars (up 1.33% to Rs 121.75), and Bajaj Hindustan (up 0.91% to Rs 172.30), gained. Sugar stocks are in demand since yesterday, 8 September 2008 wh