Sensex plummets 445 pts as US financial crisis deepens

Sensex plummets 445 pts as US financial crisis deepens

On expectations that the bailout package would take some pressure off the market, the Wall Street had ended on a firm note yesterday. But there were negative triggers galore when trading commenced on the major Indian bourses this morning.
Astro predictions on Sensex
The fall of Washington Mutual, uncertainties over the fate of the $700 billion bailout plan mooted by the US government to cure the ailing financial sector, weak economic data - not surprisingly all the negative news flowed in from United States - set the platform for the bears to launch an all-out assault on stocks this morning. As if they were not enough, Asian markets were trading weak (they subsequently ended with sharp losses) and as the session progressed the mood turned still more bearish due to weakness exhibited by European markets.
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The Sensex, which crashed to a low of 13,054.42 in late afternoon trade, ended the day at 13,102.18 with a huge loss of 445 points or 3.28%. The Nifty closed with a loss of 125.30 points or 3.05% at 3985.25, around 15 points off its intra-day low of 3970.35.
Realty, bank, metal, capital goods, power, information technology, auto and oil stocks, all got a beating today. Losses recorded by realty stocks were more pronounced. Mirroring this, the Realty index went down by as much as 6.33% today. The Bankex eased by 4.27%. BSE Metal lost 4.76% and the Capital Goods index declined 4.1%.
Stockometer
Reflecting the erosion in prices of power, IT, PSU, auto and oil stocks, the respective sectoral indices ended lower by 3% - 3.5%. BSE Teck lost nearly 3%. The Consumer Durables and Healthcare indices eased by 2.22% and 1.55% respectively. The FMCG barometer outperformed the market and finished with a sharp gain of 0.96%.
Top gainers
From the Sensex pack, only ITC (2.05%), Hindustan Unilever (1.2%) and ACC (0.45%) ended on a positive note today. Among Nifty stocks, Tata Communications moved up by 5.9%. Cipla, Sun Pharmaceuticals and GAIL India posted modest gains and Zee Entertainment edged up marginally.
Worst losers
Ranbaxy Laboratories slipped by over 8% amid reports of US President's Emergency Plan for AIDS Relief (PEPFAR) suspension of funding for three of its generic HIV/AIDS drugs. Sterlite Industries ended with a loss of 6.25%. ICICI Bank, Grasim Industries, Hindalco, Mahindra & Mahindra, BHEL and DLF lost 5% - 6%.
Tata Steel, Reliance Communications, Maruti Suzuki, HDFC Bank, State Bank of India, Larsen & Toubro, Infosys Technologies, HDFC, ONGC, Reliance Infrastructure and Reliance Industries declined by 3% - 5%.
NTPC, Tata Motors, Wipro, Bharti Airtel, Jaiprakash Associates, Satyam Computer Services, Tata Power and Tata Consultancy Services also closed with sharp losses.
Unitech lost nearly 8% today. SAIL and Siemens eased by over 6%. HCL Technologies lost 5.3%. ABB, Nalco, Suzlon Energy, Punjab National Bank, Ambuja Cements, Reliance Petroleum, BPCL, Idea Cellular, Power Grid Corporation and Hero Honda also ended with sharp losses.
Akruti City (down 16.7%) was the biggest loser in BSE 'A' Group. Gujarat Petronet tumbled 11.35%. Gujarat NRE Coke, Aban Offshore, Century Textiles, Lanco Infratech and India Bulls Financial Services lost 9% - 10%.
HDIL, Bombay Dyeing, Tata Chemicals, Praj Industries, Indian Overseas Bank, Financial Technologies, Voltas, IFCI, Jindal Steel, Chambal Fertilizers and Patni Computer ended lower by 7% - 9%.
Sterlite Technologies, Electrosteel Castings, Ashapura Minechemicals, State Trading Corporation, ICSA, Anant Raj Industries, Madhucon Projects, Bilcare, Orbit Corporation, Ansal Infrastructure, Deccan Aviation, Mahindra Lifespace and Infotech Enterprises were some of the major losers in the midcap space.
The market breadth was very weak. On the BSE, 2172 stocks ended in the negative territory. 442 stocks posted gains and 59 stocks ended flat.

Source:Sify

If your idea clicks at Google, get paid up to $10 mn

If your idea clicks at Google, get paid up to $10 mn

Google is turning 10 and has thought of a novel idea to celebrate a decade of its existence. It is working towards changing the world. If you have an idea that could change the world, or at least help a lot of people, the internet giant Google wants you to share it with them. And hold your breath, if the idea rocks and clicks, you get as much as $10 million to make it a reality. Google has named the project "10 to the 100th" and the initiative will seek input from the public and a panel of judges in choosing up to five winning ideas, to be announced in February. "These ideas can be big or small, technology-driven or brilliantly simple -- but they need to have impact," Google said in a news release. "We know there are countless brilliant ideas that need funding and support to come to fruition." Those are ideas such as the Hippo Water Roller, which Google cited as the kind of concept the company would be interested in rewarding. Developed in Africa, where it is most used, the Hippo Water Roller is a barrel-shaped container, attached to a handle, that holds 24 gallons of water and can be rolled with little effort like a wheelbarrow, making it easier for villagers on foot to transport critically needed fresh water to their homes. People are encouraged to submit their ideas, in any of 25 languages, at www.project10tothe100.com through October 20. Entrants must briefly describe their idea and answer six questions, including, "If your idea were to become a reality, who would benefit the most and how?"

Google employees, with the help of an advisory board, will narrow the submissions to 100 semifinalists by January 27. Between January 27 and February 2, the public will vote online for their favorite ideas. A panel of as-yet-unnamed judges will then review the top 20 ideas and announce up to five winners in mid-February. Funding, from a pool of $10 million, will be awarded in May. If the judges decide to reward five winning ideas, each will receive $2 million. If only two ideas are chosen, each will receive $5 million, and so on.


A Google spokeswoman was reluctant to set parameters for the submissions, although the project's Web site suggests that successful ideas should address such issues as providing food and shelter, building communities, improving health, granting more access to education, sustaining the global ecosystem and promoting clean energy. "We don't want to limit it at all. We want a wide range of ideas," said Bethany Poole, product marketing manager at Google, who announced the project Wednesday on CNN along with Andy Berndt, managing director of Google's Creative Lab. "We think great ideas come from anywhere." To cite Google's own example, Google News began after the September 11 terrorist attacks, when an engineer became frustrated that he couldn't aggregate news sources from around the world in one place. By opening the project to anyone -- not just laboratories or universities -- Google is embracing "crowdsourcing," the Internet-age notion that the collective wisdom of mass audiences can be leveraged to find solutions to design tasks. Project "10 to the 100th" is not unlike the Google-sponsored Lunar X PRIZE, a $30 million international competition to safely land a robot on the surface of the moon, travel 500 meters over the lunar surface, and send images and data back to Earth. The first team to land on the moon and complete the mission objectives will be awarded $20 million. At least 16 teams are competing.
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