Sensex gains 245 pts at close: SIfy

Sensex gains 245 pts at close
Sensex ends 245 pts higher as bears
Sensex gains 245 points at closing


After a buoyant start, the market turned listless soon thereafter and remained that way for a long time this afternoon. Blue chip stocks, with the exception of a select few like ICICI Bank, Reliance Industries, Tata Motors and to a lesser extent State Bank of India and NTPC, were seen struggling to make a headway as participants appeared keen on lightening commitments at every noticeable rise in values.

Besides a drop in industrial output, Infosys Technologies, with the company's strong quarterly results and an upward revision in EPS estimate for financial year 2008 triggering some hectic buying at the start, played a significant role in lifting the market in early trade. ICICI Bank continued from where it left yesterday afternoon and Reliance Industries surged higher on sustained buying support.

After moving past 20,800 in early trade, the Sensex found the going extremely choppy and even slipped into the red on a few occasions as auto, information technology, cement, FMCG and pharma stocks took a trip down south. Investors appeared keen
Finally, thanks to frenzied buying in several blue chip stocks during the fag end of the day, the Sensex raced to an intra-day high of 20,894.79 before settling at 20,827.45 for the day with an impressive gain of 245.37 points or 1.19%.

The Nifty, which tumbled to 6112.55 in early afternoon trade, ended at 6200.10, around 24 points down from a high of 6224.20, with a gain of 0.7% or 43.15 points. ICICI Bank moved up by as much as 6.15% today. Realty stock DLF remained subdued for a long time, but vaulted impressively during the final minutes to record a handsome gain of 4.75%. Reliance Industries, playing a key role in lifting the market to a highly positive close, posted a gain of 3.35%.

HDFC Bank (2.5%), NTPC (2.35%), Tata Motors (1.8%), Tata Consultancy Services (1.5%), ITC (1.3%), State Bank of India (1.2%), ONGC (1.15%) and Cipla (1.05%) also closed with strong gains. Reliance Energy firmed up by 0.85%. Grasim Industries, Bajaj Auto and Hindalco ended marginally higher.

ACC, the most prominent loser in the Sensex, eased by 4.3% to Rs 898. Mahindra & Mahindra closed lower by around 3.5%. Satyam Computer Services, HDFC and Ambuja Cements lost 25 - 2.25%. Hindustan Unilever ended nearly 2% down. Infosys Technologies, which turned easy after a rousing start, did bounce back into the positive territory a little past noon but declined once again on selling pressure to end with a sharp loss of 1.35%.

Maruti Suzuki, Larsen & Toubro and Ranbaxy Laboratories drifted down by 0.75% - 1%. Wipro and Reliance Communications lost around 0.3% while Tata Steel, BHEL and Bharti Airtel ended with small losses. Sun Pharmaceuticals, GAIL India, Idea Cellular and Reliance Petroleum closed on a high note. Suzlon Energy, Nalco, Hero Honda, Tata Power, HCL Technologies, ABB and Cairn India ended with sharp losses.

Among non-Sensex bank stocks, Axis Bank shot up by 7.5% on impressive quarterly results. Bank of India, Canara Bank, Centurion Bank of Punjab, Oriental Bank of Commerce and J&K Bank closed with handsome gains.

Aries Agro made a thumping debut today. The stock, which opened at Rs 160, hit a high of Rs 261 in intra-day trade and settled at Rs 249.80, a premium of 92.15% to its IPO price. Over 22.5 million shares changed hands at the Aries Agro counter on NSE today.

However, it turned out to be a weak outing for another new entrant, Precision Pipes & Profiles. The stock ended the day at Rs 133.35, a discount of around 11% to its issue price. As the mood turned highly bullish in the final minutes, several midcap and smallcap stocks rebounded into the positive territory. So strong was the buying in the midcap space, that the Midcap barometer, which was down with a big loss for a better part of the session, ended the day just marginally behind its previous closing mark.

The market breadth was weak today. Out of 2864 stocks traded on BSE, only 739 stocks ended in the positive territory. 2091 stocks closed with losses and 34 stocks settled at their previous closing levels.

Other Sify Stories:

RIL to invest $2.28 b
Orchid Pharma gets green signal
Emaar MGF gets nod to float IPO; plans to raise Rs 7,000 cr
Hyundai i10 wins 'NDTV Profit Car India Award'

Venture capitalists look beyond IT, reduce risk
In Focus: Exide Industries
‘Renault-Bajaj small car to be totally different’



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ET, Moneycontrol Articles

http://economictimes.indiatimes.com/headlines.cms


India ICICI Bank plans to list subsidiaries-report
Carlyle invests $27.7 mn in India's Repco Home
Infoline lures Kotak execs with sign-on bonuses

Jindal Drilling to enter oil exploration: MD
L&T bags Rs 3,560-cr contracts
Railways to unlock land to generate over Rs 10,000 crore
Jagson to buy 6 aircraft; start chopper services for pilgrims
Bharati Shipyard to build greenfield shipyard near Dabhol
India pips China on PE investment in Asia

Investors lose Rs 2 trillion amid heavy selling
Heard on the street
RITES to come up with IPO
Rites on track to shed 28% via IPO
SBI Life plans to go public in 2009

-------------------------------------------
Moneycontrol.com

Correction inevitable, mkts to stay volatile: JPMorgan AMC
Tata's 'Nano' launched; dealer price Rs 1 lakh
Edelweiss sees positive flows from int'l mkts
Nano to get 10% of 2-wheeler mkt: A Rathi

Infosys Q3 net seen up 7% to Rs 1176.5 cr
Watch out for ELSS!
Sweet times for sugar sector!
Tele tariffs to come down with new players
Ispat should not fall too much now

Precision Pipes may open with Rs 15-30 premium
Aries Agro likely to list around Rs 155-175: Experts
Apply for Future Capital Holdings IPO: Experts



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Myiris, Rediff Top Stories

Myiris.com

Brokers`outlook: Infy to set pace for markets on Friday
IPO Review: Future Capital issue suits for long term
Wrap up: Sensex lost 287.70 points

Precision Pipes to list on bourses on Jan. 11
Aries Agro to list on bourses on Jan. 11
Gallantt Metal net rises 5-fold for Dec `07 qtr
BoE retains bank rate at 5.5%; European shares decline
Govt. to allot spectrum to GSM players, along with RCom

Solar Explosive net rises 2.66 times in Dec`07 qtr
Porwal Auto Components to list on bourses on Jan. 14
Hem Secutires puts `BUY` recommendation on Micro Technologies
Nicholas Piramal Q3 results on Jan. 18
Unitech to go for largest ever QIP

--------------------------------------
Rediff.com

• Want to be stock market boss? Try this
• This Rs 40-lakh car won't start if you are tipsy
• Tata Nano, the Rs 1-lakh car, is here! Coverage
• Images: These cars may soon be in India!
• Bajaj on Tata car ...may buy co to make big cars
• Caparo T1: World's safest supercar at Delhi show
Pix: Bajaj small car! Auto Expo: Cars on show

FM moots relief for tax defaulters
DoT issues 9 LoIs,earns Rs 6.5K cr

• Tata walks the big promise
• Tata dares rivals to fight in market
• World's cheapest car: Coverage

Information You Can Use• 4-year B.Tech from KIIT• L'Oreal grants for women• DEA's internship prog• Great holiday packages• Workshop on accent training• RBI's Young Scholars Award• 3D graphic designers needed• BARC's PhD programme• CET for health sciences, engg• PhD/MS/M Phil Research

Source: Above sites. We thank (will be grateful to) the owners of the above articles/sites/sources/Govts for allowing/referring this. We are just providing the link/information of business updates from the leading sources for the benefit of readers. Viewers are strictly advised to take own decision in Stock buying and make verification about the information. Blog is not responsible for any faulty information.

Interview with Ratan Tata: Making of Nano

Interview with Ratan Tata: Making of Nano



On A Global Platform: Ratan Tata With His Dream Car

In Pics: Tata Nano I Beauty Specs I Industry Reactions Congratulate Ratan Tata I How do you like Tata’s Nano 9th Auto Expo Flash I In Pics: Auto Expo 2008

Nearly 72 hours before the launch of his dream car, Tata Group chairman Ratan Tata spent 90 minutes with ET for a one-on-one on the making of the people's car. He shares the trials and tribulations he faced during the journey. Here is the full text of the interview.

Q: Are you nervous? Is this much bigger than the launch of Indica?
I think I was much more nervous during the launch of Indica because we had never been in car manufacturing before. We were venturing into a new segment. We are again venturing into a new segment but in a product line in which we have 10 years of experience now.

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Road to Tata people's car has been bumpy

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Will Tata Nano revolutionise personal transport?

Tata's small car to get cheap insurance cover

Special: Tata's small car

Tata Nano: Houseful opening for people's car

Scathing Tata takes on numerous detractors

Tata's take on rivals

We won't make small car: GM

Tata Motor's Nano to overtake Maruti 800?

Auto Expo: World waits for Tata's Rs 1 lakh car

Tata's Rs 1 lakh car: Power to the people


At the time of the Indica launch, you did not know whether the market would accept you becoming a car manufacturer from a truck manufacturer. We took some widely publicised goals at that time that we would be as big as the Ambassador, or we would have the same size of the Maruti or we would have a diesel engine. We made those statements. We didn't know those would be the kind of things the market would go for. So, I think at that time we were much more apprehensive and nervous than we are today.

Q: If one would really start at the very beginning, what really was the trigger for the idea?

Basically, just as an Indian, you know, I would be as concerned of my-self as one of the rickshaw pullers in Calcutta running with a rickshaw behind with two people sitting back. It bothered me. My mind will start thinking: Can we put a bicycle there? The same thing bothers me when I visit a plant also. The workers are bending over when the work piece should be raised or maybe they should sit in a pit or what-ever. Because I think human fatigue is something that affects safety.
So in this particular case, you could not help but notice that there were three or four family members on a scooter, the kid standing in the front, the guy driving the scooter and the wife sitting side saddle holding a little kid. And when you're driving a car, you certainly say, Oh my god, be careful, they may slip. Add to that slippery roads and night time too. Any of these reasons can be dangerous for transport. That does not mean that the scooter should not exist because scooters are an evolution of bicycles and it is all the path of prosperity.
And this seemed like a dangerous form of transport. So, I, to be frank if I might go through the process, I asked myself, what if you put two wheels on the back that will give greater stability? If you build a bar over the top could you save the occupant? I will stop there and come back. Last year, to my surprise I found that BMW had produced a scooter with the same bars that I had thought about with rubber bumpers on the side so that if they (the riders) fell they wouldn't hurt themselves and the seat there had a seatbelt. And I thought, that's exactly what I had thought about. The fact was that BMW had put this out though it was not successful and they had withdrawn it. But, someone else had also thought of the same thing. It had only two wheels not three.

More @ Interview with Ratan Tata: Making of Nano
--------------------------------------
More on TATA's new Car and Auto Expo 2008


Auto Expo 2008: Debutants steal the road show
Auto Expo: Tata group to unveil world's cheapest car
Small car to be the cleanest on Indian roads, says Ratan Tata
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Beauty Specs
Nano in Pics
Write in: How do you like the Tata 1 lakh car?
Tata dares rivals to fight in market place
Congratulate Ratan Tata
Tata car good decision, but we won't make it: GM, Skoda, VW
Renault to decide on small car with Bajaj in 6 weeks
Hyundai India to launch commercial vehicles this year
Minister wants to protect auto industry from FTAs
Interview with Ratan Tata: Making of Nano
World watches Tata Motors Nano unveils
Will Tata Nano revolutionise personal transport?
Tata's small car: Way to go, say top designers
Opposition may not remain Nano in Singur
Common people's take on Tata's one-lakh car Nano
Scathing Tata takes on numerous detractors


Chronology: Tata Motors, from trains to trucks to the Rs 1-lakh car
Secret Unveiled: Tata's 1-lakh a reality
Honda sees 2008 India launch for Civic hybrid
Volvo to invest Rs 80 cr for setting up manufacturing plant
Nath says Tata's Nano fulfills common man's dream
Honda Siel to enter small-car segment with 'Jazz'
Tata's Nano fulfills common man's dream: Kamal Nath
Hyundai to hike prices across models
Renault to invest $1 bn in new India plant
Continental to invest $25 million in India plant
Industry reactions to Tata's new Nano car
Hyundai's Santro LPG to hit roads by September
Tata small car project to be completed in time: WB govt
Road to Tata people's car has been bumpy, lonely
Tata's Rs 1-lakh car: The car of Auto Expo 2008
Tata's one-lakh car Nano: Western media on overdrive
Tata's small car to get cheap insurance cover
Tata Nano: Houseful opening for people's car
Breathe easy People's car, Nano, not that polluting


Source: http://www.theeconomictimes.com. We thank (will be grateful to) the owners of the above articles/sites/sources/Govts for allowing/referring this. We are just providing the link/information of business updates from the leading sources for the benefit of readers. Viewers are strictly advised to take own decision in Stock buying and make verification about the information. Blog is not responsible for any faulty information.

VC, PE updates,Jobs from VCCircle.com, Indiape.com

VCcircle.com

Red Fort Capital Launches $250 Million Domestic Real Estate Fund
StanChart PE, Credit Suisse, DBS May Invest $140M In InterGlobe Arm
Kotak Mahindra Capital Forms Infrastructure Group; Hires Sanjay Sethi of IL&FS

Exclusive: Sequoia To Invest Rs 120 Cr In Former Indiabulls Execs Founded Unicon
EADS To Pick Up 24% In Rajeev Chandrasekhar’s Indian Aero Ventures For Rs 131 Cr
DE Shaw Picks Up 14% Stake In Delhi’s Security and Intelligence Services

Ramky Infrastructure Plans Pre-IPO Placement Worth Rs 50 Crore
ICICI Bank May List Four Subsidiaries: K V Kamath
Carlyle Invests $27.7 Million In State-Owned Repco Home Finance

Rupert Murdoch Rumoured To Be Eyeing Monster
Goldman Sachs Eyeing Stake In Mahindra Group: TV Report
Aztecsoft In Sale Talks With Mindtree?

ICICI Bank Breaks Silence On Subsidiaries; Want To Unlock Value
Broking Firm PINC Set To Raise Private Equity
Komli And PubMatic Get $7 Million From Nexus India, DFJ, Helion

SBI, ICICI Bank Pick Up 3% In Jaiprakash Power For Rs 400 Crore
Afcons Makes Up For Deferred IPO; To Rope In Credit Suisse As Investor
State Bank Picks Up 2% For Rs 80 Crore In Mahindra Holidays Pre-IPO

ICICI Venture Invests Rs 140 Crore In Pune’s Sahyadri Hospitals
Ranbaxy Group’s Fortis Financial Changes Business To IT, IT-Enabled
Tata To Revive Stock Broking Business; Future Group Also Plans Broking

Blackstone To Scale Down Investment In Ushodaya
HSBC Private Equity Invests $7.5 Million In Newgen Software
----------------------------------------------------
IndiaPE.com

Nexus, DFJ and Helion invested in Komli
PE major DE Shaw buys 14% stake in SIS
EADS acquires 24% stake in Indian Aero for Rs 131 cr

India’s first private equity fair to be held in Mumbai
Tecpro Sys sells 5% stake at Rs 240/sh in pre-IPO placement
Carlyle invests $27.7 mln in Repco Home

Standard Chartered, Credit Suisse & DBS to buy stake in InterGlobe Technology
Koutons Retail eyes 51% stake in Touchwood International
Private equity players step up ‘green’ investments

SBI, ICICI buy 3% in Jaiprakash Power Ventures
SBI picks up 2% stake in Mahindra Holidays
Silverline acquires Omega Direct Response

Temasek may buy 10% stake in Fortis
Red Fort Cap to launch Rs1,000 crore domestic fund
Gitanjali buys Nakshatra for Rs 100 crore


Source: http://www.vccircle.com and www.indiape.com. We thank (will be grateful to) the owners of the above articles/sites/sources/Govts for allowing/referring this. We are just providing the link/information of business updates from the leading sources for the benefit of readers. Viewers are strictly advised to take own decision in Stock buying and make verification about the information. Blog is not responsible for any faulty information.

DoT rings in new subscriber-linked spectrum norms: ET

DoT rings in new subscriber-linked spectrum norms
Updated on 11th Jan.

Amidst all the chaos over issuing letters of Intent to new players and clearing the application of the Tatas to offer GSM services, the Department of Telecom (DoT) has quietly come out with a new subscriber-linked spectrum allocation norms. These new norms, which the DoT has said will come into 'immediate effect', will be the basis on which existing GSM and CDMA operators will be granted additional radio frequencies for expansion of their networks in the circles where they already operate.

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Spectrum war: DoT rejects six firms

Mobile marketers make your phone buzz

Tata Tele gets DoT's in-principle approval for GSM

RCom to get GSM spectrum along with Vodafone, Idea

While the DoT had earlier said that it had decided to accept telecom regulator TRAI's recommendations that both GSM and CDMA service providers increase their subscriber base two to six times (depending on the circle) before they are granted additional spectrum, as the new policy, it has however made some changes on the recommendations of TRAI.

While TRAI had specified that GSM operators should have 1.5 million subscribers in the metros, 3 million in A and B category circles and 2 million users in Category C circles to be eligible for 8 MHz of spectrum, the DoT, in its new policy, has said further tightened it and said that operators will be allotted only 7.2 MHz of radio frequencies against this subscriber base. The changes are on account of the DoT's decision to endorse its official spectrum panel's recommendation that GSM operators be given additional spectrum in quantities of 1 MHz, as against the current norm where they are given additional radio frequencies in tranches of 1.8 MHz to 2.2 MHz.

As per the new norms, which have been posted in DoT's the Wireless Planning and Co-ordination (WPC) wing's website, GSM operators who hold 6.2 MHz of spectrum in a circle, will get only 1 MHz of additional spectrum in the next round of allotment when their subscriber base increases. As per TRAI recommendations, after 6.2 MHz, GSM operators get additional radio frequencies in tranches of 1.8 MHz - this implies, from 6.2 MHz to move to 8 MHz, but as per the new policy, they can only move to 7.2 MHz. While DoT has reduced the spectrum offered, it has not brought down the subscriber base criteria, a move that is bound to see protests from leading GSM operators.


Source: www.theeconomictimes.com.. We thank (will be grateful to) the owners of the above articles/sites/sources/Govts for allowing/referring this. We are just providing the link/information of business updates from the leading sources for the benefit of readers. Viewers are strictly advised to take own decision in Stock buying and make verification about the information. Blog is not responsible for any faulty information.

Tata's 1 Lakh small car 'Nano'

Tata's small car: Small size big opportunity

In Pics: Tata Nano

Preeti Burde, who owns a chain of driver training schools in Maharashtra’s Thane city, plans to buy Tata’s Nano the moment it is launched later this year. She is not exactly from the price-sensitive middle class family that the world’s cheapest car is targeted at. She is a businesswoman trying to profit from it. Ms Burde believes a large part of her future customers will be Nano buyers and she may have to migrate at least part of her fleet to the new car to help them learn on the car they’ll drive. “We definitely see a growth in the business as more and more people would come in wanting to learn how to drive in a Nano, which means we too would have to buy more of the Nano model,” she says.

As Ratan Tata pushed gears to ceremonially drive the Rs 1 lakh car at its unveiling in New Delhi, he was not just challenging the automobile industry with its radical economics, but also firing up new business dreams of scores of entrepreneurs across the country who expect the high volume sales of Nano to spawn opportunities to make money. While people like Ms Burde will leverage the high volume sales of Nano to power their businesses, Tatas themselves will be doing their bit for entrepreneurship. If Tatas’ plans succeed, Nano will not just be a car but a new business model and the central piece of ecosystem of entrepreneurship. The way Nano will be built and sold is going to be very different from the way others cars are brought to the showroom. Call it McDonaldisation of the car industry, but Tata wants the small guy to help him assemble and sell the car. This way, he hopes to create new business opportunities for young engineers across the nation, even while finding a cost-effective way to push Nano to the remotest corners of the market. “We would create entrepreneurs across the country over time that would produce the same car,” Tata group chairman told ET in an exclusive interview. “We would produce all the mass items and ship it to them as kits so it is similar to an SKD or CKD operation,” he said. He explained that the company will bring together business aspirants from around the nation to set up satellite assembling and dealership operations. These entrepreneurs need not have experience in the automobile industry.

“My aim was that, I would produce a certain volume of cars and then I would create a very low-cost, low-break-even plant that a young entrepreneur could buy and that bunch of young entrepreneurs could establish an assembly operation,” Mr Tata said. Tata Motors would retain the responsibility for quality assurance and train people who will oversee the operations of these entrepreneurs. The whole ecosystem will look up to the manufacturing strengths of Tata Motors, but will do final assembly at the local units. “It will be very satisfying if the small car created 10 or 15 satellite groups of young engineers who thought they could get together and do a business and never be able to get, normally, in the assembly of cars,” Mr Tata said.


Interview with Ratan Tata: Making of Nano
World watches Tata Motors Nano unveils

Road to Tata people's car has been bumpy, lonely
Nano Revolution: A Breakthrough innovation from the Tatas
Secret Unveiled: Tata's 1-lakh car, a reality



Source: www.theeconomictimes.com.. We thank (will be grateful to) the owners of the above articles/sites/sources/Govts for allowing/referring this. We are just providing the link/information of business updates from the leading sources for the benefit of readers. Viewers are strictly advised to take own decision in Stock buying and make verification about the information. Blog is not responsible for any faulty information.

Results: Motilal, Rajesh Exports, Ushadev, Supreme Petro

Motilal Oswal Q3 net up at Rs 54cr
10th-Jan-2008

Motilal Oswal Financial Services has announced its Q3 FY08 results. Its Q3 net profit was up 139% at Rs 54 crores from Rs 22.6 crore, YoY.

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Rajesh Exports net soars 2.18 times in Dec`07 qtr

Jewellery maker Rajesh Exports (Q, N,C,F)* reported a phenomenal 2.18 times jump in net profit to Rs 612.45 million for the quarter ended December 2007 as against Rs 281.22 million in the same quarter, last year.
Net sales for the quarter climbed 10.41% to Rs 20,672.32 million as compared to Rs 18,724.50 million in the corresponding quarter, a year ago.
The earnings per share (EPS) stood at Rs 16.56 for the December 2007 quarter.

-----------------------------------------------------
Ushdev Int`l net rises 4.76 times in Dec`07 qtr

Ushdev International disclosed a phenomenal jump in net profit for the quarter ended December 2007. During the quarter, the company experienced a 4.76 times rise in profit to Rs 75.67 million from Rs 15.89 million in the quarter ended December 2006.Net sales for the latest quarter rose 18.22% to Rs 2,141.40 million compared with Rs 1,811.30 million in the corresponding quarter, a year ago. Total income rose 18.29% to Rs 2,142.71 million for the quarter ended December 2007 from Rs 1,811.30 million for the same period, last year.The basic and diluted EPS, after extraordinary item, increased 67.25% to Rs 6.59 for the quarter ended December 2007 from Rs 3.94 for the same quarter last year. (Basic and diluted EPS is adjusted for Bonus issue for year ended Mar. 31, 2007.)

----------------------------------------------------
Steel Exchange net rises 2.69 times in Dec`07 qtr

Steel Exchange India disclosed a phenomenal jump in net profit for the quarter ended December 2007. During the quarter, the company experienced a 2.69 times rise in profit to Rs 49.86 million from Rs 18.50 million in the quarter ended December 2006.Net sales for the quarter rose 35.99% to Rs 1,374.43 million compared with Rs 1,010.66 million in the corresponding quarter, a year ago. Total income rose 38.12% to Rs 1,398.11 million for the quarter ended December 2007 from Rs 1,012.22 million for the same period, last year.The basic and diluted EPS, after extraordinary items, increased 2.13 times to Rs 2.62 for the quarter ended December 2007 from Rs 1.23 for the same quarter, last year.

-------------------------------------------------
Supreme Petrochem net rises 45.43% in Dec`07 qtr

Supreme Petrochem disclosed a phenomenal jump in net profit for the quarter ended December 2007. During the quarter, the company experienced a 45.43% rise in profit to Rs 71.64 million from Rs 49.26 million in the quarter ended December 2006.Net sales for the quarter declined 4.13% to Rs 3,599.20 million compared with Rs 3,754.56 million in the corresponding quarter, a year ago. Total income declined 4.29% to Rs 3,612.81 million for the quarter ended December 2007 from Rs 3,774.93 million for the same period, last year.The diluted EPS, after extraordinary items, stood at Rs 0.62 for the quarter ended December 2007.

----------------------------------------------------------------------------
Results on 11th Jan

from Indiaearnings.com
Infosys, JaiprakashHydro, Vishal Retail, GRUH Finance, Sanwaria Agro, Tata Metaliks




Source: www.indiaearnings.com and www.myiris.com.. We thank (will be grateful to) the owners of the above articles/sites/sources/Govts for allowing/referring this. We are just providing the link/information of business updates from the leading sources for the benefit of readers. Viewers are strictly advised to take own decision in Stock buying and make verification about the information. Blog is not responsible for any faulty information.

Sensex plummets 288 pts on widespread : Sify

Sensex plummets 288 pts on widespread
Sensex falls 288 pts on selling in metal,
Bears tear down mid-caps, Sensex down

Current Change
NIFTY 6156.95 -115.05
SENSEX 20582.08 -287.70

A severe bout of selling pressure engulfed the market a little past mid afternoon and took a heavy toll of stocks cutting across sectors and size. The decline in values of its components proved so sharp that the Sensex, which had raced to a new high at 21,206.77 in morning trade, crashed to 20,530.07.

The Sensex finally ended the day at 20,582.08, down 287.70 points or 1.38% from its previous closing mark. The Nifty, which hit a high of 6347 in intra-day trades, settled at 6156.95, a few points off its low of 6142.90, netting a big loss of 1.83% or 115.05 points for the day.

Turning cautious ahead of key quarterly results, investors resorted to heavy profit booking in late afternoon trade today. With global markets too not displaying any significant strength, the market found recovery a rather tough proposition during the final minutes.

As stocks cutting across sectors felt the heat, except the Bankex, the other sectoral indices ended with big losses today. ICICI Bank, which was the only Sensex stock to close on a positive note - it posted a gain of 3.55% - saved the day for the Bankex. But then, at 0.03%, the barometer's rise was just marginal. ICICI Bank was in strong demand today on the back of reports that the entity may list its subsidiaries during this year in order to unlock value.
Among Nifty stocks, besides ICICI Bank, Idea Cellular (1.25%) and Unitech (0.3%) were the ones to end on a positive note today.

Hindalco, the biggest loser in the Sensex, went down by 4.75%. Tata Steel posted a loss of 4.05%. ACC, BHEL, ITC, Infosys Technologies, NTPC, Ranbaxy Laboratories, Reliance Communications and Reliance Energy lost 3% - 4%.

Tata Motors (down 2.75%), State Bank of India (down 2.2%), Larsen & Toubro (down 2.8%), Hindustan Unilever (down 2.15%), DLF (down 2.25%) and Grasim Industries (down 2.35%) also suffered sharp losses. Bajaj Auto, HDFC Bank, HDFC, Maruti Suzuki, Satyam Computer Services and Tata Consultancy Services lost 1% - 2%.

Reliance Industries closed with a minor loss at Rs 3027.05. Ambuja Cements ended flat while BHEL eased by 0.3%. Wipro, Mahindra & Mahindra, ONGC and Bajaj Auto lost over half a per cent.

Nifty stocks GAIL India and Reliance Petroleum lost over 6% today. BPCL ended with a big loss of 5.5%. SAIL, Tata Power, Nalco, Cairn India, Zee Entertainment, GlaxoSmithKline Pharma, Punjab National Bank, Dr. Reddy's Laboratories, Sterlite Industries and Siemens closed lower by 2% - 5%. VSNL, HCL Technologies and Hero Honda also ended with sharp losses.

Mid and smallcap stocks had another terrible outing. So sharp was the erosion in values of these stocks that the Midcap and Smallcap indices plunged 3.37% and 3.82% respectively.

The market breadth was very weak with declines outnumbering advances by a huge margin. Out of a total of 2912 stocks traded on BSE today, as many as 2544 stocks closed in the negative territory. 351 stocks managed to post gains and 17 stocks ended at their previous closing levels.

Others:

L&T bags Rs 2,000 cr order
PFC to raise Rs 200 crore
Tata dares rivals to fight in market place
Union Budget to be presented on February 29

RCom to get GSM spectrum along with Vodafone, Idea, Aircel
Rajesh Exports Oct-Dec net more than doubles
Surana Ind up on stake buy in coal mining firm
Tatas' unveil Rs 1-lakh car

Adani Welspun plans $4 b bid for Burren
South Indian Q3 net up 64%
IPOs may list within 10 days


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