Weekly Wrap Up: Sensex plummets 859.06 pts during the week

India`s benchmark index, Sensex ended the week with a huge loss of 859.06 points at 17,559.98, while broad based Nifty lost 212.95 points to close at 5,215.30.

The Sensex hit its lower circuit filter on Wednesday, losing around 1,700 points, the highest ever fall recorded in a day. The gap however, narrowed on the same day, backed by finance minister P Chidambaram`s assuring remarks. Chidambaram said, ``Investors through P Notes are welcome to invest in India but at present it is important to moderate these capital inflows. Therefore, SEBI has proposed some measures to moderate the capital flows.

`` Despite, consoling statements made by SEBI, and the finance minister P Chidambaram, FIIs stuck to their guns and the market again fell on the following two days. On Monday, heavy buying interest in pivotal stocks, strong global cues and buoyant results of the companies led the Sensex to touch a new high of 19,095.75. India`s benchmark index, Sensex, breached the psychological figure of 19,000 mark in the afternoon trades.

The Sensex, after opening strong at 18,525.61, marched ahead like an unbridled horse in the intraday trades, and scaled new highs during the day. The index raced ahead to put all bearish sentiments to rest with almost a 600 point rally. Finally, the index ended the day on a sunny note. The index which breached 18,000, had taken just four session to scale 19,000. It was the second higest intraday surge.The BSE Sensex closed with a hefty gain of 639.63 points, or 3.47%, at 19,058.67, while the broad-based NSE Nifty gained 242.15 points, or 4.46%, to close at 5,670.40.

On Tuesday, the BSE benchmark index, Sensex, opened above 19k, but soon slipped into the negative in the morning trades. Later, the index traded in a lacklustre manner for some part of the day. It touched an intraday high of 19,174.45 and a low of 18,777.75. Finally, it ended on a flat note. Select stocks from banking, cement, pharma and realty gained attention, while IT, auto and metal stocks dropped. The BSE Sensex closed with a marginal loss of 6.81 points, or 0.04%, at 19,051.86, while the broad-based NSE Nifty lost 2.35 points, or 0.04%, to close at 5,668.05.

On Wednesday, the 30-share index, Sensex, opened at 17,307.90. The market re-opened after closing for an hour because of hitting a lower circuit in the opening session of trade.
The negative gap however, narrowed, backed by the finance minister P Chidambaram`s assuring remarks, that FIIs are welcome to India and the move was just a step taken to moderate the flows and that the SEBI had no intentions to curb the flows.The market recovered some ground in the noon trades. It touched an intraday high of 18,841.29 and a low of 17,307.90. Finally, the index closed on a weak note. All sectors traded in negative except IT, which traded in the positive terrain.The BSE Sensex closed with a hefty loss of 336.04 points, or 1.76%, at 18,715.82, while the broad-based NSE Nifty lost 108.75 points, or 1.92%, to close at 5,559.30.On Thursday, the BSE benchmark index, Sensex, opened on a strong note, after yesterday`s turbulence. With a few minutes of trading it touched an intraday high of 19,198.66, giving a sense, that the market has recovered from yesterday`s turmoil.


However, the game turned after mid session, when the market pared all its early morning gains. The BSE Sensex slipped into the negative terrain, on the back of intense selling pressure across the board in index pivotals. It lost more than 1,400 points from its days high and touched a low of 17,771.16. By the close, it recovered little and closed 717.43 points down to near 18,000 mark.The BSE Sensex plummeted 717.43 points, or 3.83%, at 17,998.39, while the broad-based NSE Nifty lost 208.30 points, or 3.75%, to close at 5,351.

On Friday, the BSE benchmark index, opened negative and proceeded to trade weak amidst volatility throughout the day. It was on account of intense selling pressure due to rumors of FIIs unwinding their positions in India, and on negative global cues. Later, in the noon trades, the index recovered from its day`s lows and touched an intraday low of 17,226.18. All sectors traded in negative.The BSE Sensex closed with a hefty loss of 438.41 points, or 2.44%, at 17,559.98, while the broad-based NSE Nifty lost 135.7 points, or 2.54%, to close at 5,215.30.Economy Watch:India`s wholesale price index based Inflation declined to 3.07% for the week ended October 6, from 3.26% in the previous week.

The headline inflation is at its 5-year low since October 2002.Listing:Chennai-based Consolidated Construction Consortium (CCCL), engaged in construction services, after listing on bourses, closed at a premium of 57.06% at the National Stock Exchange (NSE).Chennai-based Dhanus Technologies (DTL), engaged in telecom, IT enabled services and BPO business, after listing on bourses, closed at a premium of 3.83% at the National Stock Exchange (NSE).Supreme Infrastructure India, an infrastructure development company primarily engaged in civil construction activities, after listing on bourses, closed at a premium of 53.80% at the National Stock Exchange (NSE).

Result:Mastek, an IT solutions provider, reported quarter-on-quarter revenue expansion with total income increasing 13% from Rs 1,871 million in the preceding quarter to Rs 2,115 million for the quarter under review, driven by strong contributions from both the European and US operations. On a corresponding quarter basis, the company`s total income was higher by 20% compared to the similar quarter last year (after excluding contributions from the erstwhile Deloitte JV).Jaiprakash Associates reported a growth of 15.56% in net profit for the quarter ended September 2007. During the quarter, the company experienced a rise in profit to Rs 1,040 million from Rs 900 million in the same quarter, last year.

Industrial Development Bank of India (IDBI) announced a 11.5% rise in net profit at Rs 1,555.00 million for the quarter ended September 2007 as compared with Rs 1,394.00 million for the quarter ended September 2006.On standalone basis, HCL Technologies disclosed a phenomenal jump in net profit for the quarter ended September 2007. During the quarter, the company experienced a 28.34% rise in profit to Rs 2,641.70 million from Rs 2,058.30 million in the corresponding quarter, a year ago.

Reliance Energy on a standalone basis registered a stupendous growth of 34.17% in net profit to Rs 2,500.80 million for the quarter ended September 2007 as compared with Rs 1,863.90 million for the corresponding quarter, last year. Hexaware Technologies, a global provider of IT and process outsourcing services, registered a drop of 22.39% in consolidated net profit for the quarter ended September 2007. During the quarter, the company saw a fall in consolidated net profit to Rs 269.16 million from Rs 346.84 million in the same quarter of the previous year. Ranbaxy Laboratories registered a phenomenal rise of 47.72% in consolidated net profit for the quarter ended September 2007. During the quarter, the company saw a rise in consolidated net profit to Rs 2,074 million from Rs 346.84 million in the same quarter of the previous year. India`s second biggest two wheeler maker,

Bajaj Auto registered a growth of 27.79% in consolidated net profit for the quarter ended September 2007. During the quarter, the company saw a rise in consolidated net profit to Rs 3,664.6 million from Rs 2867.7 million in the same quarter of the previous year. Wipro announced a 17.64% rise in consolidated net profit at Rs 8,237 million for the quarter ended September 2007 as compared with Rs 7,002 million for the quarter ended September 2006.

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