Sensex pares losses to close above 11k, Dips below 11k in Intraday

ALERT: Fed orders emergency rate cut to 1.5 per cent
**************************************
Sensex pares losses to close above 11k (edited)
Sensex, Nifty break crucial supports levels
Sensex ends 367 pts down despite a strong recovery
Markets shows signs of pull-back, Sensex above 11K
Sensex ends down 367pts; Ranbaxy soars 9%
Indian economy is still strong
Rupee falls to nearly six-year low

Buying interest in largecaps helped benchmarks to recover from day’s lows but end in the negative terrain. However, midcaps and smallcap stocks continued to remain under selling pressure.

Bombay Stock Exchange’s Sensex ended at 11,405.73, down 367 points. The index touched an intra-day low of 10.740.76 and a high of 11,405.73. National Stock Exchange’s Nifty closed at 3533.35, down 93 points. The broader index touched a low of 3329.45 and high of 3604.40.

BSE Midcap Index closed 5.51 per cent lower and BSE Smallcap Index declined 5.09 per cent. Shares of Ranbaxy Laboratories reversed losses to surge 9.84 per cent on media reports the US Department of Justice had withdrawn a motion against the drugmaker, which was being probed for allegedly bringing adulterated and misbranded medications into the US. Tata Power (5.68%), DLF (2.48%), Mahindra & Mahindra (2.11%) and Maruti Suzuki (1.49%) were the other gainers in the 30-share index. Jaiprakash Associates (-9.41%), Wipro (-7.05%), State Bank of India (-6.61%), Satyam Computer (-6.07%) and Sterlite Industries (-6.07%) were under pressure. Market breadth remained weak through the day. On BSE, 2151 declines outnumbered 457 advances. (provisional)

European markets recover after shock rate cuts
Nikkei tumbles 9.4 pc in biggest 1-day fall since 1987
Tokyo stocks suffer worst crash in two decades
European stock markets slammed by financial crisis
Rupee at six year low on rate cuts

----------------------------------------------
Sensex ends 367 pts down despite a strong recovery

With global indices plunging to new multi-year lows on growing concerns over the financial mess, equities opened on a dismal note on the major Indian bourses this morning. Stocks cutting across sectors and size plunged sharply on heavy selling and sent the benchmark indices Sensex and Nifty to new lows in the process. Stockometer The Sensex, which had touched a historic high of 21,206.77 on 10 January this year, crashed to 10,740.76. The barometer's fall, despite some strong spells of buying here and there, has been quite rapid since July. Today's low is the benchmark's lowest since early August 2006. Top gainers Quite a few high profile investment bankers have fallen down in quick succession in recent weeks and investors, fearing more such collapses, are highly reluctant to enter the ring with purchase orders these days. Measures like the $700 billion bailout package, infusion of funds by central banks to improve liquidity, the recent 50 basis points cut in CRR, the market regulator's decision to lift curbs on FII investments through Participatory Notes have all failed to lift investor sentiment. Worst losers The fall this afternoon was so swift that it raised fears of the indices hitting the 10% lower circuit triggers. However, select blue chip stocks managed to garner support at lower levels, regained some lost ground and pulled the market out of its dismal levels.
While the Sensex ended the day at 11,328.36 with a loss of 366.88 points or 3.14%, the Nifty, which tanked to a low of 3329.45 in intra-day trades, closed at 3513.65, down 2.58% or 92.95 points from its previous closing mark.
Among Sensex stocks, Ranbaxy Laboratories (up 9.1% to Rs 279.25) rallied smartly following the US Department of Justice withdrawing a motion against the company. Tata Power ended with a handsome gain of 4.8% at Rs 804.60. Mahindra & Mahindra (2.75%) and Maruti Suzuki (2.65%) closed on a high note. DLF rallied sharply and ended with a gain of nearly 2%. Reliance Communications edged up marginally.
Nifty stocks Nalco (4.65%), SAIL (1.65%), Sun Pharmaceuticals (1.4%) and Cairn India (0.85%) closed on a firm note. Hero Honda ended with a small gain at Rs 872.50.
Jaiprakash Associates ended with a big loss of 9.9%. Wipro lost 7.9%. Sterlite Industries, ICICI Bank, State Bank of India, Tata Steel, Tata Motors, Satyam Computer Services, ITC and Tata Consultancy Services ended lower by 5% - 7%.
Hindustan Unilever, Hindalco, Larsen & Toubro, Infosys Technologies, HDFC, ACC, ONGC, Grasim Industries, Bharti Airtel, Reliance Industries and HDFC Bank also ended with sharp losses.
Suzlon Energy, despite regaining more than 50 per cent of its losses, ended lower by 8.95%. Zee Entertainment, BPCL, Siemens, Reliance Power, HCL Technologies, GAIL India, Cipla, Reliance Petroleum, Tata Communications, Ambuja Cements, ABB and Unitech closed with sharp losses. As several midcap and smallcap stocks tumbled on selling pressure, the market breadth was very weak today. Out of a total of 2,652 stocks traded on BSE, 2,165 stocks ended in the negative territory. 441 stocks posted gains and 46 stocks ended flat.
----------------------------------------------
Other Stories:
FDI inflows jump by 124% to $14.6 b
Russia, Paris suspend stock trading
More CRR cuts, easing of ECB rules expected
Sensex sinks in global financial tsunami
TCS to acquire Citigroup GS for $505m

UK announces $87 b rescue package
India, US may ink N-deal on Friday
US stocks fall despite rate cut
Britain unveils $875 bn bank rescue amid market panic
India ready to inject more cash into markets: FM

Oil falls on eco slowdown fears
FTSE tumbles 6.8 per cent
Poll: Annual inflation seen at 11.98%
Reliance to commission new plant by Nov-end
SEBI decision on PNs effective from October 7
Indiabulls Real Estate Q2 net dips 76 pc at Rs 7.99 cr

SourcE: ET,Rediff,Sify,BS Etc.