Key benchmark indices staged a solid comeback led by banking pivotals to regain positive zone after a massive sell-off in opening trade. Asian stocks pared losses after a carnage in opening trade. European markets were subdued in opening trade. The S&P; CNX Nifty regained 4,000 level in volatile trade.

Finance Minister P Chidambaram today, 18 September 2008, said more steps would be taken to provide liquidity if cash conditions were tight, adding global turmoil would partly impact credit availability in India. He also said public sector banks have virtually no exposure to the debt of Lehman Brothers, which filed for bankruptcy in the United States this week.

European markets were subdued in opening trade. Key benchmark indices in UK, Germany and France were down by between 0.44% and 0.68%. Asian markets rebounded from early lows, but still were in the red today, 18 September 2008. Key benchmark indices in China, Hong Kong, Singapore, Japan, Taiwan, and South Korea were down by between 0.01% and 2.74%.

Asian authorities poured more cash into money markets today, 18 September 2008 and sprang to the defence of tumbling currencies, bonds and stocks to prevent upheaval on Wall Street from shattering regional confidence. In India, the central bank supplied banks with Rs 6240 crore ($1.35 billion), its biggest injection in at least a month.

State Bank of India and ICICI Bank gained over 2%. The market breadth was extremely weak. Reliance Industries rebounded regained positive zone after hitting 52-week low below Rs 1800.

At 13:25 IST, the BSE 30-share Sensex was down 47.14 points or 0.36% to 13,215.76. The Sensex opened with a huge downward gap of 550.08 points at 12,712.82. At the days high of 13,271.13 hit in afternoon trade, the Sensex rose 8.23 points. At the day's low of 12,558.14 hit in early trade, the Sensex lost 704.76 points.

The S&P; CNX Nifty rose 5.85 points or 0.15% to 4,014.10

Wall Street tumbled to a three-year low on Wednesday, 17 September 2008 as the Federal Reserve's rescue of insurer AIG failed to calm a crisis of confidence in global markets. The Dow Jones industrial average plunged 449.36 points, or 4.06%, to 10,609.66. The S&P; 500 index slipped 57.21 points, or 4.71%, to 1,156.39, while the Nasdaq Composite index declined 109.05 points, or 4.94%, to 2,098.85.

US crude oil prices jumped $6.01 to $97.16 a barrel, on Wednesday, 17 September 2008 as a US government report showed nationwide energy inventories fell in the aftermath of the Gulf Coast hurricanes and as the greenback slid against the euro.

The market breadth was extremely weak on BSE with 2043 shares declining as compared to just 316 that rose. 49 remained unchanged.

Among the 30-member Sensex pack, 18 slipped while the rest gained.

Banking shares vaulted from early lows. Indias largest state run bank in terms of net assets State Bank of India advanced 2.68% to Rs 1570.20, off days low of Rs 1435. It was the top gainer from Sensex pack. As per recent reports, the bank paid 48% higher advance tax to Rs 1560 crore in Q2 September 2008 over Q2 September 2007.

Battered ICICI Bank also staged a comeback climbing 2.54% to Rs 574.55, off days low of Rs 518. India's largest private sector bank in terms of net profit on Wednesday, 17 September 2008 denied rumours of top management selling shares over the last few days.

The bank said on Tuesday, 16 September 2008, it held 57 million euros ($81 million) of senior bonds issued by Lehman Brothers, and would increase its provision on the debt by about $28 million to cover half of that exposure. Brokerage Edelweiss Capital said it expected ICICI to post about $200 million in losses on bonds, including debt issued by Lehman.

HDFC Bank, the countrys largest private sector bank in terms of net profit rose 1.14% to Rs 1197.90 after touching a low of Rs 1090.

Indias top oil exploration firm by market capitalisation Oil and Natural Gas Corporation (ONGC) rose 1.29% to Rs 991.95, off sharply from early low of Rs 935.10. The company on Wednesday, 17 September 2008 said it has agreed to give Rocksource ASA, a Norwegian company, 10% participating interest in deep water block in the eastern offshore.

Indias largest private sector firm in terms of market capitalization and oil refiner Reliance Industries rose 1.41% to Rs 1900. The stock recovered sharply after hitting a 52-week low of Rs 1764 in opening trade.

Hindustan Unilever (up 2.10% to Rs 243), ACC (up 1.67% to Rs 603.10), and NTPC (up 2.52% to Rs 173.10), edged higher from Sensex pack.

Ranbaxy Laboratories, Indias top drug maker by sales slumped 8.20% to Rs 348 and was the top loser from Sensex pack. The US government has banned more than 30 generic drugs made by the company citing poor quality in two of its Indian factories.

Indias largest private sector steel maker by sales, Tata Steel was down 3.07% to Rs 460.40. It had touched a 52-week low of Rs 440 in intra-day trade. As per reports, the company paid lower advance tax to Rs 300 crore in Q2 September 2008 as compared to Rs 350 crore in Q2 September 2007. The BSE metal index plunged 3.55%, to 9,814.93.

Jaiprakash Associates (down 7.61% to Rs 126.20), Bharti Airtel (down 4.25% to Rs 737.25) and Tata Power (down % to Rs 3.82% to Rs 933) gained.

Foreign institutional investors (FIIs) were net equity sellers worth Rs 1064.17 crore while mutual funds bought shares worth Rs 948.93 crore on Wednesday, 17 September 2008, according to provisional data on NSE.

FIIs were net buyers of Rs 382.80 crore in the futures & options segment on Wednesday, 17 September 2008. They were net buyers of index futures to the tune of Rs 267.58 crore and sold index options worth Rs 72.33 crore. They were net buyers of stock futures to the tune of Rs 196.31 crore and sold stock options worth Rs 8.87 crore

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