US Senate passes Indo-US Nuclear Deal, $700 billion Bailout plan

US Senate passes Indo-US Nuclear Deal


WASHINGTON: The United States Senate on Thursday overwhelmingly approved a legislation on the landmark Indo-US nuclear deal, paving the way for its operationalisation, four days after the House of Representatives gave its nod for it.

The Berman Bill H R 7081, named after Howard Berman, a Democrat strongly opposed to the deal on non-proliferation grounds and who converted only a couple of days back, was adopted with 86 voting for and 13 against. The Senate also rejected the killer amendments introduced by Democratic Senators Byron Dorgan and Jeff Bingaman to ensure that the US nuclear exports to India do not help boost New Delhi's nuclear weapons programme.

With the 100-member Senate approving the Bill, the Indo-US civil nuclear deal is now ready for signing between the two countries. US Secretary of State Condoleezza Rice, who was slated to arrive in New Delhi on October 2, has reportedly rescheduled her visit and is expected on Saturday. Rice may ink the agreement with External Affairs Minister Pranab Mukherjee, a feat that Prime Minister Manmohan Singh and President George W Bush could not achieve when they met at the White House on Friday last.

INDIA JOINS THE NUCLEAR FAMILY
US Senate Passes Indo-US nuclear deal

New Delhi: The much-touted and widely debated Indo-US nuclear deal cleared its last legislative hurdle early Thursday morning (India time), as US Senate passed it after a two-and-a-half-hour debate, with members from across the political divide supporting the landmark accord.

An overwhelming 86 Senators voted for the deal, while 13 opposed it. Presidential hopefuls Barack Obama and John McCain and Democratic Vice Presidential candidate Joe Biden also participated in the voting.

The Senate rejected the killer amendments introduced by Democratic Senators Byron Dorgan and Jeff Bingaman to ensure that the US nuclear exports to India do not help boost New Delhi's nuclear weapons programme.

With the 100-member Senate approving the Bill, the Indo-US civil nuclear deal is now ready for signing between the two countries.
US Secretary of State Condoleezza Rice, who was slated to arrive in New Delhi on October 2, has reportedly rescheduled her visit and is expected on Saturday.

Congress OKs Indo-US nuclear deal

WASHINGTON: The US Congress on Wednesday approved a landmark deal ending a three-decade ban on US nuclear trade with India, handing a victory to President George W. Bush on one of his top foreign policy priorities.
Final approval came as the Senate voted to ratify the deal, 86-13, sending the legislation to Bush to sign into law. The Senate's move came just ahead of an expected trip to India this weekend by U.S. Secretary of State Condoleezza Rice.
The Bush administration says the pact will secure a strategic partnership with the world's largest democracy, help India meet its rising energy demand and open up a market worth billions.
But critics say the deal does grave damage to global efforts to contain the spread of nuclear weapons, by letting India import nuclear fuel and technology even though it has tested nuclear weapons and never signed the Non-Proliferation Treaty (NPT).
India has a yawning energy deficit, and the accord opens up this market worth billions to American companies such as General Electric and Westinghouse Electric, a unit of Japan's Toshiba Corp.
Rice spent much of the past month in an all-out effort to persuade Congress to approve the pact, which the Bush administration says will transform the U.S.-India relationship. Bush wanted the deal approved before leaving office in January; Congress is expected to adjourn soon for elections.
The accord enjoys bipartisan support in Congress, where many lawmakers favored it as a way to create jobs in the U.S. civil nuclear industry while cultivating the small but affluent Indian-American community.
Critics said the deal was deeply unwise, overturning decades of U.S. policy of refusing to sell nuclear technology to nations lacking full safeguards against that technology's diversion into nuclear weapons programs.
Iran concerns
"Why are we rushing to pass this gravely flawed agreement?" demanded Sen. Tom Harkin, an Iowa Democrat, before the vote. There was nothing in it, he said, to prevent India from resuming nuclear testing. India, which first detonated a nuclear device in 1974, last tested in 1998.
The deal would also weaken U.S. efforts to deny Iran a nuclear weapon, Harkin said. He said Indian entities already had sold sensitive missile technologies to Iran, which the Bush administration suspects is pursuing a nuclear bomb.
But supporters said they expected India to move quickly to negotiate a new safeguards agreement with the International Atomic Energy Agency.
"The benefits of this pact are designed to be a lasting incentive for India to abstain from further nuclear weapons tests and to cooperate closely with the United States in stopping proliferation," Indiana Republican Sen. Richard Lugar said.
Before approving the pact, the Senate rejected an amendment by Sen. Jeff Bingaman of New Mexico and Sen. Byron Dorgan of North Dakota, both Democrats, making clear that another Indian nuclear test would lead to termination of the deal.
Lugar argued the amendment was unnecessary, saying India had been warned repeatedly that the consequences of another test would be "dire": U.S. nuclear trade would be cut off.
The deal could open up around $27 billion in investments in 18-20 nuclear plants in India over the next 15 years, according to the Confederation of Indian Industry.
But there is global competition. France announced on Tuesday that it had signed a nuclear cooperation agreement with India, and Russia is already building two 1,000 megawatt reactors in the southern Indian state of Tamil Nadu.
Local media say India's monopoly Nuclear Power Corp has tentatively picked four suppliers, including Westinghouse Electric and France's Areva, for planned new projects.
India is also reported to be negotiating with General Electric, Japan's Hitachi Ltd and Russia's atomic energy agency Rosatom.

--------------------------------------------------------
Senate Passes $700B 'Sweetened' Rescue Package

WASHINGTON (AP) -- After one spectacular failure, the $700 billion financial industry bailout found a second life Wednesday, winning lopsided passage in the Senate and gaining ground in the House, where Republicans opposition softened.

Senators loaded the economic rescue bill with tax breaks and other sweeteners before passing it by a wide margin, 74-25, a month before the presidential and congressional elections.

In the House, leaders were working feverishly to convert enough opponents of the bill to push it through by Friday, just days after lawmakers there stunningly rejected an earlier version and sent markets plunging around the globe.

The measure didn't cause the same uproar in the Senate, where both parties' presidential candidates, Republican John McCain and Democrat Barack Obama, made rare appearances to cast "aye" votes.

In the final vote, 40 Democrats, 33 Republicans and independent Sen. Joe Lieberman of Connecticut voted "yes." Nine Democrats, 15 Republicans and independent Sen. Bernie Sanders of Vermont voted "no."

The rescue package lets the government spend billions of dollars to buy bad mortgage-related securities and other devalued assets held by troubled financial institutions. If successful, advocates say, that would allow frozen credit to begin flowing again and prevent a deep recession.

Even as the Senate voted, House leaders were hunting for the 12 votes they would need to turn around Monday's 228-205 defeat. They were especially targeting the 133 Republicans who voted "no."

Their opposition appeared to be easing after the Senate added $110 billion in tax breaks for businesses and the middle class, plus a provision to raise, from $100,000 to $250,000, the cap on federal deposit insurance.

They were also cheering a decision Tuesday by the Securities and Exchange Commission to ease rules that force companies to devalue assets on their balance sheets to reflect the price they can get on the market.

There were worries, though, that the tax breaks would cause some conservative-leaning Democrats who voted for the rescue Monday to abandon it because it would swell the federal deficit.

"I'm concerned about that," said Rep. Steny Hoyer, D-Md., the majority leader.
As revised by the Senate, the package extends several tax breaks popular with businesses. It would keep the alternative minimum tax from hitting 20 million middle-income Americans and provide $8 billion in tax relief for those hit by natural disasters in the Midwest, Texas and Louisiana.

It doesn't designate a way to pay for many of the tax cuts, though, angering the House's band of conservative "Blue Dog" Democrats. Leaders in both parties, as well as private economic chiefs everywhere, said Congress must quickly approve some version of the bailout measure to start loans flowing and stave off a potential national economic disaster.

"This is what we need to do right now to prevent the possibility of a crisis turning into a catastrophe," Obama said on the Senate floor. In Missouri, before flying to Washington to vote, McCain said, "If we fail to act, the gears of our economy will grind to a halt."

Critics on the right and left assailed the rescue plan, which has been panned by their constituents as a giveaway for Wall Street, and has little obvious direct benefit for ordinary Americans.
Sen. Jim DeMint, R-S.C., a leading conservative, said the step was "leading us into the pit of socialism." Sen. Bernie Sanders of Vermont, an independent who's a self-described socialist, said the rescue was fundamentally unfair.

"The masters of the universe, those brilliant Wall Street insiders who have made more money than the average American can even dream of, have brought our financial system to the brink of collapse," Sanders said, and are demanding that the middle class "pick up the pieces that they broke."

Still, proponents argued that the financial sector's woes were already being felt by ordinary people in the form of unaffordable credit and underperforming retirement savings and without the bailout would soon translate into even more economic pain for working Americans, including more job losses.
"There will be no balloons or bunting or parades," when the rescue becomes law, said Sen. Chris Dodd, D-Conn., the Banking Committee chairman. But lawmakers will have "the knowledge that at one of our nation's moments of maximum economic peril, we acted -- not for the benefit of a particular few, but for all Americans."
The Senate specializes in high-stakes legislating by enticement, and the long list of sweeteners it added was designed to attract votes from various constituencies.
Tax cuts new and old are favorites for most House Republicans, the main target of intense lobbying to gain support for the measure. Help for rural schools was aimed mainly at lawmakers in the West, while disaster aid was a top priority for lawmakers from across the Midwest and South.
Another addition, to extend the deductibility of state and local taxes for people in states without income taxes, helps Florida and Texas, among others.
Increasing the deposit insurance cap was a bid to reassure individuals and small businesses that their money would be safe in the event their banks collapsed. It was particularly geared toward small banks that fear customers will pull their money and park it in larger institutions seen as less likely to fold.
The FDIC would be allowed to borrow unlimited money from the Treasury Department through the end of next year as a way to cover the increased insurance limit. If used, it would be the first time the agency has tapped Treasury for a loan since the early 1990s.
Raising the limit -- along with the SEC's decision to ease accounting rules on valuing assets -- helped House Republicans claim credit for some substantive changes.
And with constituent feedback changing dramatically since Monday's shocking House defeat and the corresponding market plunge, lawmakers' comfort level with the package increased markedly.

Senate passes bailout /Senate approves $700 bln financial bailout

By Daniel Trotta and Richard Cowan
NEW YORK/WASHINGTON (Reuters) - The U.S. Senate approved a $700 billion bailout of the financial industry on Wednesday that political and financial leaders called crucial to averting economic catastrophe.
The bill is aimed at reinvigorating worldwide credit markets and interbank lending that had frozen up while overleveraged financial institutions staggered under the weight of failed mortgages.
Amid warnings that failure to act could plunge the country into a depression, more than 60 Senators voted in favor, exceeding the majority needed to send the measure to the House of Representatives, probably for a vote on Friday.
The House had rejected a similar measure on Monday, sending global markets into a tailspin, so congressional leaders added two sweeteners to the bill -- a tax cut and extended federal protection for bank deposits -- that could turn "no" voters into supporters.
Central bankers and pensioners worldwide were counting on the rescue plan to empower the U.S. Treasury to buy distressed assets from financial firms, clean up their balance sheets and jump-start lending.
The vote came amid early trade in Asian markets and the dollar climbed near a one-year peak against a basket of currencies while Japanese stocks extended losses.
The credit crisis also reverberated among European banks while recessionary signals mounted in the United States.
U.S. factory activity shrank in September to its lowest since the 2001 recession and major automakers reported plunging U.S. sales for September, led by a 34 percent slide at Ford Motor Co. Continued...

Stocks end relatively calm day with modest loss- AP
Buffett's company to buy $3B of GE preferred stock- AP
Manufacturing shrinks to lowest level since 2001
Buffett dives into GE amid "economic Pearl Harbor"
SEC extends short sale ban to give Congress time
Congress OKs Indian nuclear deal, sends to Bush
Senate approves $700 bln financial bailout
Senate weighs bailout; Europeans split



Source: ET,Reuters,Yahoo Finance, UTV etc

Index (Sensex,Nifty) based market wide circuit breaker for the Quarter 1st October 08 - 31st December 08

Sourced from NSE, BSE websites....
NSE ( NIFTY)

NSE/CMTR/11406
September 30, 2008
Index based market wide circuit breaker for the quarter October 01, 2008 to December 31, 2008.

Circular No.: NSE/CMO/049/2008
Download No. NSE/CMTR/11406
Date: September 30, 2008

Dear Members,

Sub: Index based market wide circuit breaker for the quarter October 01, 2008 to December 31, 2008.

SEBI vide its circular no. SMDRPD/Policy/Cir-37/2001 dated June 28, 2001 has informed the Exchange to implement index based market wide circuit breaker in compulsory rolling settlement with effect from July 02, 2001. The index based market wide circuit breaker system is applicable at three stages of the index movement either way at 10%, 15% and 20%. In this regard, Exchange has issued circular no. NSE/CMO/0015/2001 (Download No. NSE/CMTR/2657) dated June 29, 2001.

Accordingly the percentages are calculated on the closing index value of the quarter. These percentages are translated into absolute points of index variations (rounded off to the nearest 10 points in case of NIFTY). At the end of each quarter, these absolute points of index variations are revised and made applicable for the next quarter.

On September 30, 2008, the last trading day of the quarter, NIFTY closed at 3921.20 points. The absolute points of NIFTY variation (over the previous day’s closing NIFTY) which would trigger market wide circuit breaker for any day in the quarter between October 01, 2008 to December 31, 2008 would be as under:-

Percentage (+/-) Equivalent Point (+/-)
10% 390
15% 590
20% 780

For any clarifications, members are advised to contact the following officials:
Mr. Khushal Shah / Mr. Sunil Gawde / Mr. Amit Kursija / Mr Hasnain Khatri at 26598153 / 26598156 / 26598157

For National Stock Exchange of India Ltd.

Suprabhat Lala
Asst. Vice President (Capital Market)
-------------------------------------------------------
BSE ( SENSEX)

Index based market wide circuit breaker for the Quarter 1st October 2008 to 31st December, 2008

Notice no :20080930-22
Notice date :Tuesday, September 30, 2008
Subject :Index based market wide circuit breaker for the Quarter 1st October 2008 to 31st December, 2008
Segment Name Equity

Contents :

Trading Members of the Exchange are hereby informed that the Exchange implements on a quarterly basis (SEBI circular SMDRPD/Policy/Cir-37/2001 dated June 28, 2001) the index based market wide circuit breaker system. The system is applicable at three stages of the index movement either way at 10%, 15% and 20%. This circuit breaker brings about a coordinated trading halt in all equity and equity derivative markets nationwide.

The market wide circuit breakers would be triggered by movement of either SENSEX or the NSE S&P CNX Nifty whichever is breached earlier.

· In case of a 10% movement of either of these indices, there would be a 1-hour market halt if the movement takes place before 1 p.m. In case the movement takes place at or after 1 p.m. but before 2.30 p.m. there will be a trading halt for ½ hour. In case the movement takes place at or after 2.30 p.m. there will be no trading halt at the 10% level and the market will continue trading.

· In case of a 15% movement of either index, there will be a 2-hour market halt if the movement takes place before 1 p.m. If the 15% trigger is reached on or after 1 p.m. but before 2 p.m., there will be a 1 hour halt. If the 15% trigger is reached on or after 2 p.m. the trading will halt for the remainder of the day.
· In case of a 20% movement of the index, the trading will be halted for the remainder of the day.

The percentages are calculated on the closing index value of the quarter. These percentages are translated into absolute points of index variations (rounded off to the nearest 25 points in case of SENSEX). At the end of each quarter, these absolute points of index variations are revised and made applicable for the next quarter.

On September 30, 2008, the last trading day of the quarter, SENSEX closed at 12860.43 points. The absolute points of SENSEX variation (over the previous day’s closing SENSEX) which would trigger market wide circuit breaker for any day in the quarter between 1st October 2008 and 31st December 2008 would be as under:

Percentage (+/-) Equivalent Points (+/-)
10% 1275
15% 1925
20% 2575

Sanjay Saksena
Sr. General Manager- Knowledge Management


SOurce:NSE,BSE websites.

RIL to sell KG oil at $5 discount to Brent

RIL to sell KG oil at $5 discount to Brent

Company’s Q3 turnover may rise by Rs 1,400 crore on new sales.Reliance Industries (RIL), the country’s largest company by market capitalisation, will sell its Krishna-Godavari (KG) basin oil at a discount of around $5 per barrel to Brent crude oil, the global benchmark.
The company, which had reported sales of Rs 41,579 crore in the first quarter of the current financial year ended June 2008, may add around $300 million (Rs 1,400 crore) to its turnover in the October-December quarter as it begins sale of the KG oil to Indian refiners.

At present, Brent crude oil, which is produced primarily from oil fields in the North Sea near Norway, is trading at around $100-105 per barrel.
“Our oil will be priced at around $5 per barrel discount to crude oil. Tests have shown the quality of our oil is similar to that of Brent crude oil,” said a senior RIL official.
RIL will produce around 35,000 barrels of crude oil per day from the field at peak rate. This is around 5 per cent of the total crude oil produced in India. The company will initially produce around 10,000 barrels per day and increase it to peak rate in a month’s time.
As per the terms of the agreement, the government will earn profit from the sale of oil only after Reliance Industries recovers its $2 billion investment made towards producing the oil.
The cost of production per barrel of oil is not known. RIL share price on the Bombay Stock Exchange has fallen 9.3 per cent in the last month as world markets have tumbled on fears of an economic crisis.
RIL projects oil and gas sales from the Krishna-Godavari basin to boost its revenues and profits significantly. The company started test production of oil from the basin around 10 days ago.
“We are not yet selling the crude oil. The flow of oil from the well will stablise in the next two-three days and then we will start sales,” said the RIL official. “Full production will take another month or so,” he added.

An official with Indian Oil Corporation, the country’s largest refiner, said that refineries which are not very complex can process this crude oil at low costs. “The crude oil will yield mainly petrol and diesel and there is less residue,” he said.

The RIL official said that the crude oil from its field will not be refined by the company’s refinery in Gujarat. “The economics will not work out as our refinery is designed to create value from very cheap and low quality crude oil,” he said.

-----------------------------------------------
Tata Steel to acquire 19.9% stake in Canadian firm
Govt considering hiking FDI in DTH services to 74%: I&B Min
Govt's first priority to insulate India from financial crisis
India's exports up by 27% in August

Merrill sale still seems shaky to some
August trade deficit at $13.94 bn
Inflation seen at 12.13%: Poll
Imports exceed exports by $13.9 bn

Rupee recovers from fall to 5-yr low
Blackstone, JP Morgan in $1 bn deal
BoE pumps $40 bn into money mkts
Moser Baer gets $500 mn export order

Bajaj motorcycle sales up 6 pc in September
Hero Honda sales up 22.47 pc in September
TVS Motor September 2-wheeler sales up 19 pc
Sistema to invest over $1.5 bn to expand Shyam Telelink network

India may allow 74 pc FDI in DTH TV - official
BSE plans to boost derivatives volume
Gold ends at more than 2-mth high at Rs 13,410


Source:ET,BS

Republican members forging new bailout plan: Sources

Republican members forging new bailout plan: Sources

Sources tell CNBC that a group of US Republican members are forging an alternative bailout plan after the previous one failed to pass muster.
The proposal will be an alternative to that proposed by US Treasury Secretary Henry Paulson.

Components of the alternative plan including the following, according to sources:
· Require the Treasury Department to guarantee, at up to 100 percent, bank losses resulting from failed mortgage-backed securities originated prior to the plan's enactment. Such insurance, supporters say, would provide immediate value to the securities and a foundation for which they could then be sold. The Treasury Department would finance that insurance by assessing a premium on outstanding mortgage-backed securities.
· Allow companies to carry back losses arising in tax years ending in 2007, 2008, or 2009 back five years, generating a tax refund and immediate capital
· Allow a "repatriation window" for profits earned by U.S. firms overseas. Such repatriation amounts would not be taxed if invested in distressed debt (as defined by Treasury) for at least one year
· Allow banks to treat losses on shares of preferred stock in Fannie Mae and Freddie Mac as ordinary losses, not as capital losses
· Suspend the capital gains tax rate for two years
· Limit backing of high-risk loans by Fannie Mae and Freddie Mac
· Schedule Fannie and Freddie for privatization
· Suspend "mark-to-market" accounting until the SEC can issue new guidelines that will allow firms to mark these assets to their true economic value.
· Stabilize the dollar by repealing the Humphrey-Hawkins Full Employment Act, which alternative bailout supporters say diverts the Federal Reserve's attention from long-term price stability to short-term economic growth
· Require the Treasury to write rules prohibiting excessive compensation or golden parachutes to executives of failed companies
· Task the SEC with regular, annual audit reports of entities the federal government has brought under conservatorship or now owns

------------------------------------------------
Republican group forging alternative bailout plan: Report
US stocks pull back as caution returns after rally
ICICI has never squandered capital: K V Kamath
Markets continue winning streak; Sensex reclaims 13K
Sensex reclaims 13000 on IT, banking gains, Nifty misses 4000 mark
Sensex rallies nearly 200pts; banking, IT stocks lead
Govt considering hiking FDI in DTH services to 74%: I&B Min

RIL to sell KG oil at $5 discount to Brent
Govt mulls 100% FDI in single-brand retail
Current account deficit widens to $10.72 bn

Source:ET,MC,BS

Three Indian women among International Power 50

Three Indian women among 'International Power 50'

Three Indian women -- ICICI Bank's Chanda Kochhar, HT Media's Shobhana Bhartia and JPMorgan Chase's Kalpana Morparia -- have been named in "International Power 50" list complied by US magazine Fortune. The International power list is topped by global diversified mining and natural resource group Anglo American's CEO Cynthia Carroll, followed by Australian financial major Westpac's CEO Gail Kelly and Netherlands-based Royal Dutch Shell's Linda Cook. ICICI Bank's Joint Managing Director Kochhar has been ranked at the 25th position, followed by HT Media's Chairman and Editor-in-Chief Shobhana Bhartia (34th rank) and JPMorgan Chase's India CEO Kalpana Morparia is at the 44th place in Fortune's international list of powerful women. "The women at the very top of our list do not just preside over huge businesses they also stand out in what remains male-dominated industries. By changing the face of international business, these women also are helping change the world," Fortune said. Quoting insiders, the magazine said, 46-year old Kochhar, would become CEO and Managing Director of ICICI Bank this month and added that ICICI faces slowing growth. "The retail credit business has gone from yearly gains of 35 per cent to single-digit increases. Kochhar is pursuing new business such as corporate credit," it stated. Writing on Bhartia, the magazine said she has raised India's standards of business journalism with Mint, a venture with the Wall Street Journal that mirrors the US paper's mix of market news, corporate profiles and lifestyle features. Describing Morparia as a lawyer-turned-banker, the report stated, "She aims to expand the bank's corporate loans business and later help develop a corporate debt market."
--------------------------------------------------
Other Top stories:
India, France ink N-deal
France ends India's nuclear isolation
Don't panic: ICICI
India, France to bolster defence

Pix: Sensex booms amidst global gloom
Ashok Leyland in JV with John Deere
Don't panic, rumour baseless and malicious: ICICI Bank
ICICI says financial position sound; RBI backs claim
BHEL bags contract worth $211 million

FM assures markets are sound and attractive for investors
RIL offers to sell diesel in domestic market
Goyal to sell 10% in Jet Airways
Adani in JV with Chemoil for marine fuel supply
Re breaches 47-mark, hits five-year low

1,000 stocks hit 52-week lows
Aztecsoft soars on MindTree swap ratio announcement
Forex reserves of 8 Asian countries down by $36 bn

Inflows will be affected
US plans for a new bailout plan
Post Session Commentary - Sep 30 2008
India Construction Sector
Markets brave it out
BGR Energy Systems
India Financial Sector

BSE Bulk Deals to Watch - Sep 30 2008
NSE Bulk Deals to Watch - Sep 30 2008
Asian Equities Slide As Wall Street Tumble
Sensex bounces back from 2 year lows
Dr Reddy's Labs
India IT Services
India Economy, GSPL, ICICI Bank, Sun TV Network

Panic strikes US Market
ICICI Bank - UK investment has zero exposure to US...
Am-Bushed…Time to bid Good Buy!
Gold rallies
ICICI FII Holdings

Real Estate Stocks at 52 week lows
Bailout shattered, House rejects US financial-resc...
Jaiprakash Associates Ltd
Cairn India
Bloodbath on Wall Street


Source:ET,BS,Deadpresident blog

Markets rebound on FM, SEBI remarks; ICICI shines

Markets rebound on FM, SEBI remarks; ICICI shines
Sensex snaps losing streak, ends 265 pts up

MUMBAI: In a panic situation, the markets always look to the authorities for assurance. And the RBI, SEBI and finance ministry did just that on Tuesday, as the indices hit bottom in the early half of the day. Indian stocks made a stupendous recovery as players covered shorts following confidence building statements from the regulators and on a rebound in European markets.

Bombay Stock Exchange’s Sensex ended the day 264.68 points, or 2.10 per cent, higher at 12,860.43. Intraday, the 30-share benchmark touched a low of 12153.55, before it shot up to high of 12995.20—just 5 points short of the 13K mark. National Stock Exchange’s Nifty settled at 3921.20, higher by 71.15 points, or 1.85 per cent from Monday’s close. The index slumped to a low of 3715.05 and high of 3966.85 during the day.

Banking, realty and capital goods led the market rally while metal and FMCG ended in the red. European equities also bounced back on speculation US government’s financial rescue package will be reviewed. The US senate possibly will review the $700 bailout package as it is essential given the crash in global stock markets. Back home, RBI's assurance about ICICI Bank’s financial strength, SEBI chairman's comment that Indian markets are resilient and Finance Minister Chidambaram’s statement that Indian markets remain attractive, boosted investor sentiment. Chidambaram assured “there is nothing to worry about. The regulations that are in place are adequate. Regulation would be tightened if needed to deal with the consequences of a widening global financial crisis”. On the F&O front, Nifty October futures provisionally closed flat to spot, signaling investors aren't optimistic on the pull back rally. Call buying was observed from strikes 3900 to 4500. However, bears bought puts at 3900 and 3800. “Stocks which were beaten down most during recent sessions, like banking and realty, were picked up at attractive valuations. Fresh buying emerged in these counters. ICICI Bank, which was down 12% Monday, was among the top gainers. Monday's closing price of Rs 493 comes to 1.15(x) of BVPS. That is a valuation no fund manager can ignore,” said V Theegala, analyst at local brokerage. “Hopes of US bailout package also revived. Dow Jones futures, up 149 points, indicate a positive outcome. Indian markets, if helped by a dose of sentiment boost from US, will rally further,” Theegala added. Realty stocks like Orbit Corporation and Unitech, which were worst performers during recent sessions, went up by 8 per cent and 7 per cent, respectively. However, Ankit Sinha of Raxson Wealth is sceptical about the rally. “On Monday, players bought calls and went long on Nifty futures. Given today's pull back, it seems players safeguarded their long positions on speculation US will possibly come out with some solution. But, if US government fails to decide on a constructive rescue plan, we might slump Wednesday as de-leveraging may push markets lower,” Sinha said. Meanwhile, the cost of borrowing in dollars overnight surged after the US Congress rejected a $700 billion bank rescue plan, heightening concern more institutions will fail. London Interbank Offered Rate, or LIBOR, that banks charge each other for such loans, climbed 431 basis points to an all-time high of 6.88 per cent today, the British Bankers' Association said.

Europe rescues more banks as bailout rejected
Stock futures bounce after Wall Street slide
Bush battles to save finance rescue after Congress rejection
India, France sign landmark nuclear deal30 Sep, 2008, 1750 hrs IST, PTI
France is the first country to open nuclear commerce with India after the Nuclear Suppliers Group granted a waiver to New Delhi on September 06.
Market rebounds on new US bailout hopes, FM, SEBI remarks
Sensex recovers nearly 700 points from day's low

Sensex just 58 points short of 13000, ICICI Bank lends support
No need to panic, action to be taken against violators: SEBI
Markets shrug off global blues; Sensex, Nifty in green
ICICI Bank has enough funds: RBI

Nothing to worry
P. Chidambaram assured investors that Indian market is 'sound and attractive' and promised them to take necessary action if needed ‘All Indian banks are safe’

US stocks: Futures rise on hopes for reviving bailout


Source:ET,Sify

Dow Sinks 777 pts as Stunning Defeat for Bailout Plan Torpedoes Stocks

Stunning Defeat for Bailout Plan Torpedoes Stocks; Dow Sinks Over 750

Dow 10,365.45 -777.68 (-6.98%) - 3 yr low.......
Nasdaq 1,983.73 -199.61 (-9.14%)
S&P 500 1,106.42 -106.59 (-8.79%)

Wall Street's worst fears came to pass Monday, when the government's financial bailout plan failed in Congress and stocks plunged precipitously -- hurtling the Dow Jones industrials down nearly 780 points in their largest one-day point drop ever. Credit markets, whose turmoil helped feed the stock market's angst, froze up further amid the growing belief that the country is headed into a spreading credit and economic crisis.

Stunned traders on the floor of the New York Stock Exchange, their faces tense and mouths agape, watched on TV screens as the House voted down the plan in mid-afternoon, and as they saw stock prices tumbling on their monitors. Activity on the floor became frenetic as the "sell" orders blew in.

The Dow told the story of the market's despair. The blue chip index, dropped by hundreds of points in a matter of moments, and by the end of the day had passed by far its previous record for a one-day drop, 684.81, set in the first trading day after the Sept. 11, 2001, terror attacks.
The selling was so intense that just 162 stocks rose on the NYSE -- and 3,073 dropped.

It takes an incredible amount of fear to set off such an intense reaction on Wall Street, and the worry now is that with the $700 billion plan fate uncertain, no one knows how the financial sector hobbled by hundreds of billions of dollars in bad mortgage bets will recover. While investors didn't believe that the plan was a panacea, and understood that it would take months for its effects to be felt, most market watchers believed it was a start toward setting the economy right after a credit crisis that began more than a year ago and that has spread overseas.

"Clearly something needs to be done, and the market dropping 400 points in 10 minutes is telling you that," said Chris Johnson president of Johnson Research Group. "This isn't a market for the timid."

The plan's defeat came amid more reminders of how troubled the nation's financial system is -- before trading began came word that Wachovia Corp., one of the biggest banks to struggle due to rising mortgage losses, was being rescued in a buyout by Citigroup Inc. It followed the recent forced sale of Merrill Lynch & Co. and the failure of three other huge banking companies -- Bear Stearns Cos., Washington Mutual Inc. and Lehman Brothers Holdings Inc.; all of them were felled by bad mortgage investments.

And it raised the question: Which banks are next, and how many? The Federal Deposit Insurance Corp. has a list of over 110 banks that were in trouble in the second quarter, and that number surely has grown in the third.

Wall Street is contending with all these issues against the backdrop of a credit market -- where bonds and loans are bought and sold -- that is barely functioning because of fears that anyone lending money will never be paid back. The evidence of the credit markets' ills could again be found Monday in the Treasury's 3-month bill -- investors were stashing money there, willing to take the tiniest of returns simply to be sure that their principal would survive in what's considered the safest investment. The yield on the 3-month bill was 0.15, down from 0.87, and approaching zero, a level reached last week when fear was also running high.

On Wall Street, according to preliminary calculations, the Dow fell 777.68, or 6.98 percent, to 10,365.45. The decline also surpasses the 721.56-point intraday decline record also set during the first trading day after the terror attacks. Still, in percentage terms, the decline remained well below the more than 20 percent drops seen on Black Monday of October 1987 and the Depression.

Broader stock indicators also tumbled. The Standard & Poor's 500 index declined 106.85, or 8.81 percent, to 1,106.42.

The technology-heavy Nasdaq composite index fell 199.61, or 9.14 percent, to 1,983.73.
New York Stock Exchange: http://www.nyse.com/
Nasdaq Stock Market: http://www.nasdaq.com/
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AT A GLANCE: US House Defeats Bailout Plan; Stock Mkts Dive
US stocks slide, Dow plunges 777 points, as bailout bill fails
Bailout Delay Stuns The Street
House ignores Bush, rejects $700B bailout bill -
U.S. bailout rejected; fear seizes markets
Bush to meet economic team after bailout rejected

Oil drops nearly 10 percent as House rejects bailout
Dow in record drop 5:40pm ET
The Dow index plunged, marking its biggest one-day point drop ever, after lawmakers rejected a $700 billion financial bailout. Full Article Video
Analysts: "Market left to own devices"
Factbox: Key points of bailout plan
Blog: Disaster or vote for the people?
House Rejects Bailout Package, 228-205; Stocks Plunge
$US700b bailout deal voted down

Why the Bailout Bill Failed
US House rejects massive Wall Street bailout
US Treasury vows to protect financial mkts30 Sep, 2008, 0200 hrs IST, AGENCIES
Treasury vowed to protect financial markets after the House rejected a proposed $700 bn rescue bill for the financial system. In pics: US House rejects bailout bill
US House ignores Bush, rejects $700 bn bailout bill
Dow sinks 770 points after US lawmakers reject bailout

Oil drops nearly 10 pc as US House rejects bailout30 Sep, 2008, 0200 hrs IST, REUTERS
Oil prices dropped nearly 10% after the US House of Representatives rejected the $700 bn rescue package for the financial sector. Chronology of US financial crisis
Gold surges on safe-haven buying, failed bailout

A Dangerous Moment
Why the Bailout Failed
Most Texans in House vote against rescue bill
Bailout failure shows Bush's weakness


SOurce:all related sources.

Market slumps on global financial instability; Sensex hits 18-month low

Market slumps on global financial instability; Sensex hits 18-month low

Stocks fell across the globe on persistent questions on the effectiveness of the US bailout package and on continued instability in the global banking sector. The domestic market fell for the third consecutive trading session with Sensex declining 1,096.77 points in last three sessions. The barometer index today ended 506.43 points down.

The market recovered after witnessing a sharp intra-day fall. The BSE Sensex recovered close to 200 points from the day's low. The barometer index hit 1-½ year low and the S&P CNX Nifty hit its lowest level in 17 months in mid-afternoon trade.

The market breadth was extremely weak as selling was witnessed across the board. ICICI Bank fell more than 12%.The US lawmakers agreeing on a $700 billion bank-rescue package and the House of Representatives approving the nuclear deal with India over the weekend failed to boost the investor sentiments.

European markets which opened after Indian markets were down. France’s CAC 40, Germany’s DAX and UK’s FTSE 100 were down between 2.77% to 3.04%. European markets fell as the Belgian, Dutch and Luxembourg governments were forced to rescue financial firm Fortis over the weekend. Stricken UK lender Bradford & Bingley was also nationalised after its branch network and deposit business was sold to Spain's Banco Santander.Most Asian markets were trading lower today, 29 September 2008. Hong Kong's Hang Seng, Japan's Nikkei, Singapore's Straits Times, South Korea's Seoul Composite fell between 1.26% 4.07%.In US, congressional leaders from both parties said they had a tentative agreement on Sunday, 28 September 2008 and lawmakers prepared to vote on Monday, 29 September 2008, on a $700 billion US government fund to buy bad debt. The bailout plan will be introduced in the House of Representatives today, 29 September 2008 and then head to the Senate.Meanwhile, the Indo-US nuclear deal moved into the last lap clearing a major hurdle when the House of Representatives approved a legislation on it that will now go to the Senate before the two countries can implement the civil nuclear agreement.The BSE 30-share Sensex plunged 506.43 points or 3.87% to 12,595.75. The index shed 699.34 points at the day's low of 12,402.82 hit in mid-afternoon trade. The Sensex edged up 11.35 points at day’s high of 13,113.53, hit at the onset of the trading session.The S&P CNX Nifty was down 135.20 points or 3.39% to 3,850.05.The BSE Sensex is down 7,691.24 points or 37.91% in the calendar year 2008 so far from its close of 20,286.99 on 31 December 2007. It is 8,611.02 points or 40.6% below its all-time high of 21,206.77 struck on 10 January 2008. The index is down 1,096.77 points from a recent high of 13,692.52 hit on 24 September 2008.BSE clocked a turnover of Rs 4,579 crore today 29 September 2008 as compared to a turnover of Rs 4,850.22 crore on Friday 26 September 2008.Nifty October 2008 futures were at 3880.40, at a premium of 30.35 points as compared to spot closing of 3850.05. NSE's futures & options (F&O) segment turnover was Rs 59,905.71 crore, which was higher than Rs 44,297.14 crore on Friday, 26 September 2008.As per the provisional figures on BSE, the foreign institutional investors (FII)s sold shares worth Rs 476.94 crore while domestic funds bought shares worth Rs 554.82 crore today,29 September 2008.The BSE Mid-Cap index was down 4.13% at 4,736.55 and the BSE Small-Cap index was down 5.12% at 5,561.42.BSE Bankex (down 6.02% to 6,175.10), BSE Consumer Durables index (down 5.68% to 2,872.39), BSE IT index (down 5.47% to 3,057.92), BSE Realty index (down 5.26% to 3407.87), BSE Power index (down 5.22% to 2225.08), BSE TEck index (down 5.13% to 2,490.01), BSE Capital Goods index (down 4.86% to 10,270.60) underperformed Sensex.BSE Metal index (down 3.77% to 9,144.23), BSE HealthCare index (down 3.06% to 3,651.18), BSE Auto index (down 2.95% to 3,624.24), BSE PSU index (down 2.88% to 6,146.61), BSE Oil & Gas index (down 1.72% to 8,925.01) and BSE FMCG index (down 0.44% to 2,179.50) outperformed Sensex.The market breadth was weak on BSE with 357 shares advancing as compared to 2,287 that declined. 41 shares remained unchanged.India’s largest private firm by market capitalization and oil refiner Reliance Industries fell 1.53% to Rs 1,930.95. The stock recovered from the session’s low of Rs 1,881.India’s largest FMCG firm by sales Hindustan Unilever rose 0.79% to Rs 254.50.India’s largest oil exploration firm by revenue ONGC was down 1.14% at Rs 1,023.30. It recovered from the session’s low of Rs 994.India’s fourth largest IT exporter by sales Wipro fell 0.19% to Rs 343.10. It recovered from the session’s low of Rs 330.10.India’s largest private sector bank in terms of net profit ICICI Bank slumped 12.11% to Rs 493.30. The bank clarified today during the market hours that 98% of ICICI Bank UK PLC's non-India investment book is rated investment grade and above. ICICI Bank UK PLC has zero exposure to US subprime-credit, it said.India’s largest real estate player by market capitalization DLF fell 5.12% to Rs 350.60. It recovered from the session’s low of Rs 329.India’s largest electric equipment maker by sales Bharat Heavy Electricals declined 2.65% to Rs 1,509.50. It recovered from the session’s low of Rs 1,441.India’s largest home loan lender HDFC fell 2.68% to Rs 2,032.75. It recovered from the session’s low of Rs 2000.Jaiprakash Associates (down 11.85% to Rs 106.70), Satyam Computer Services (down 9.13% to Rs 292.55), Tata Consultancy Services (down 8.4% to Rs 619.65), edged lower from the Sensex pack.Reliance Natural Resources clocked the highest volume of 1.42 crore shares on BSE. IFCI (89.91 lakh shares), Chambal Fertilisers and Chemicals (71.69 lakh shares), Jaiprakash Associates (63.84 lakh shares) and ICICI Bank (58.37 lakh shares) were the other volume toppers in that order.Reliance Capital clocked the highest turnover of Rs 309.01 crore on BSE. Reliance Industries (Rs 299.81 crore), ICICI Bank (Rs 295.37 crore), Axis Bank (Rs 157.21 crore) and Larsen & Toubro (Rs 134.79 crore) were the other turnover toppers in that order.US light crude for November delivery fell $1.09 to $105.85 a barrel today, 29 September 2008 pressured by gains in the US dollar.US stocks rose on Friday, 26 September 2008. The Dow Jones gained 121.07 points, or 1.10%, to 11,143.13. The S&P 500 index was up 3.83 points, or 0.32%, to 1,213.01, and the Nasdaq composite index was down 3.23 points, or 0.15%, to 2,183.34.Back home, indices tumbled on Friday, 26 September 2008 on uncertainty about the future of the US financial system. The BSE 30-share Sensex fell 445 points or 3.28% to 13,102.18 and the S&P CNX Nifty lost 137.10 points or 3.34% to 3985.25, on that day.Key benchmark indices suffered a severe setback in the week ended Friday, 26 September 2008, mirroring weak global market and amid impasse over the proposed $700 billion bailout deal for the US financial sector. The barometer index BSE Sensex lost 940.14 points or 6.69% to 13,102.18 in and the S&P CNX Nifty shed 260 points or 6.12% at 3985.25, in the week.
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Post Session Commentary - Sep 29 2008

Domestic markets crashed today to trade deep into red and ended with sharp losses. Markets plunged to its lowest since April 2007 tracking the weak cues from the European markets. The ABN Amro takeover partner Fortis was rescued in a three-way Government bailout. The governments of Belgium, the Netherlands and Luxembourg launched an 11.2 billion euro ($16.4 billion) rescue for Fortis late Sunday. The three governments agreed to inject capital to buy 49% interests in Fortis-owned banking subsidiaries operating in each of their jurisdictions.Along with this, Britain nationalized Bradford & Bingley on Monday, making the buy-to-let mortgage lender the second bank to be taken into public ownership this year as a deepening financial crisis. The Treasury would take over B&B''s mortgage portfolio 50 billion pounds ($92 billion) worth and sell its branches and deposits of 20 billion pound savings to Spanish bank Santander. The BSE Sensex had lost more than 3% and slipped below the 12500 mark. The NSE Nifty below the 3850 mark with loss of more than 3%. Markets opened on flat note and suddenly lost its ground due to the selling pressure across the board as weak Asian markets weighted on sentiment. Further, blood bath continued on the market and markets carried on its south journey after 45-minute stoppage on account of sun outage as the rescue bailout plan has not impressed the investors in the market. Finally markets ended with huge losses. From the sectoral front, all stocks ended in red and Bank index under performed the benchmark index as witnessed deep cut of more than 6%. Along with that, huge sell of was also witnessed in Capital Goods, Metal, IT, Oil & Gas, Consumer Durable and Reality stocks. The market breadth was extremely negative as 2287 stocks closed in red while 357 stocks closed in green and 41 stocks remained unchanged.The BSE Sensex closed lower by 506.43 points at 12,595.75 and NSE Nifty ended down by 135.20 points at 3,850.05. The BSE Mid Caps and Small Caps closed with losses of 211.43 points at 4,729.33 and by 308.75 points at 5,553.03. The BSE Sensex touched intraday high of 13,113.53 and intraday low of 12,402.84.Losers from the BSE are ICICI Bank Ltd (12.11%), JP Associates (11.85%), Satyam Computer (9.13%, TCS Ltd (8.40%), Tata Power (6.95%), Reliance Infra (6.56%), Reliance Com Ltd (6.11%), Ranbaxy Lab (6.08%), M&M Ltd (5.36%), DLF Ltd (5.12%) and L&T Ltd (4.98%).Only gainer from BSE is HUL ended higher by (0.79%).The BSE Capital Goods index lost 524.59 points to close at 10,270.60. Major losers are Usha Martin (12.31%), Suzlon Energy (12.19%), Bharat Bijli (9.90%), Walchand In (8.99%), Jyoti Struct (8.27%) and Reliance Industrial Infra (7.83%).The BSE Bank index dropped by 395.44 points to close at 6,175.10. As ICICI Bank Ltd (12.11%), Karnataka Bank (9.61%), OBC (8.11%), IOC (6.48%), Yes Bank (6.42%) and Kotak Bank (4.97%) closed in negative territory.The BSE Metal index plunged 357.86 points to close at 9,144.23. Major losers are JSW SL (11.67%), Jindal Saw (10.08%), Welspan Gujarat Sr (6.97), Hindustan Zinc (5.94%), NMDC Ltd (4.76%) and Jindal Steel (4.63%).The BSE Reality index closed lower by 189.11 points at 3,407.87. Losers are Housing Development (13.72%), Sobha Dev (9.59%), Orbit Co (9.51%), Anant Raj (8.47%), Akruti City (8.42%) and Indiabull Real (7.73%).The IT index lost 177.02 points to close at 3,057.92. As Aptech Ltd (13.11%), NIIT Ltd (10.62%), Moser Bayer (10.60%), Rolta India (10.04%), Satyam Computer (9.13%) and TCS Ltd (8.40%) closed in negative territory.The BSE Consumer Durable index ended down by 172.96 points at 2,872.39 as Rajesh Export (11.42%), Blue Star L (11.24%), Videocon Ind (9.16%), Gitanjali GE (3.03%) and Titan Ind (1.43%) ended in negative territory.
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Market sinks as rising failures likely to undo bailout
Nifty slips below 3900, realty & banking most hit
Rupee drops to 5-year low as stocks slide
Investors lose Rs 5 trillion since Lehman collapse
Markets tumble; Sensex loses 506 pts to 2-month low level
Citigroup to buy Wachovia's banking biz

Mitsubishi UFJ buys 21% stake in Morgan Stanley
Citibank acquires Wachovia
US stocks open sharply lower ahead of bailout vote

Source:ET,BL,Deadpresident blog

Sensex(-506), Nifty(-135) Hits new Year low as Global Fin crisis tumbles....

Mkts close sharply lower; Sensex below 13K

29 Sep, 2008, 1651 hrs IST, ECONOMICTIMES.COM
Nifty ended at 3850.65, down 135.6 points. Sensex closed at 12,595, losing 506 points.

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Equities ended on a bleak note Monday, tracking the fall of European financial giants like UK’s Bradford & Bingley Plc, Belgium’s Fortis Financial, and Germany’s Hypo Real Estate Holding AG swept in the wake of the US credit crisis. National Stock Exchange’s Nifty ended at 3869.65, down 115.6 points or 2.90 per cent from Friday’s close. The 50-share index sank to a low of 3777.30 intraday. Bombay Stock Exchange’s Sensex closed at 12,629.60, below the 13K level, losing 472.58 points or 3.61 per cent. It slumped to the day’s low of 12,402.84. All eyes are on the financial market turmoil sweeping across the world. Bear Stearns, Fannie Mae, Freddie Mac, Lehman Bros, AIG, Washington Mutual, Fortis Financial, Bradford & Bingley... and more are expected to join this list of banks and investment firms seeking bailout. In the latest development, the UK government seized the biggest lender to landlords after its failure to get funds and competitors refused to buy mortgage loans gone bad. It is the second British bank after Northern Rock Plc to be nationalised this year. Spain's Banco Santander has agreed to pay 612 million pounds ($1.1 billion) for Bradford & Bingley's 197 branches and 20 billion pounds of deposits. Meanwhile, regulators in Belgium, the Netherlands and Luxembourg injected 11.2 billion euros ($16.3 billion) to save Fortis. In Washington, the House of Republicans authorised spending $700 billion to buy assets impaired by the collapse of the subprime mortgage market. Banks worldwide have reported writedowns and loan losses $554 billion since the crisis started. Back home, the losers were led by ICICI Bank (-12.11%), JP Associates (-11.85%), Satyam Computer (9.13%), TCS (-8.4%), Tata Power (-6.95%), among others. Hindustan Unilever was the only stock standing among the 30 index components. It was up 0.79 per cent. Advances across BSE were 357 against declines of 2,287. Stocks unchanged were 41. (All figures provisional)

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Bush confident bailout bill will stabilize economy
Falling share price sees promoters take to buy backs
Wachovia's shares fall 55%
TCS, Satyam Computer hit 52-week lows intraday

Rupee falls past 47.04 to 5-yearr low

US unveils $700 bn bailout deal
"US crisis will have impact in China"
AIG mulls sale of 15 businesses to repay $85 bn govt loan

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Another bearish day: Sensex sheds 4%, ICICI drags

The Sensex opened almost flat at 13,110 - up eight points, touched a high of 13,114, and soon slipped into the negative zone owing to weak global cues.

Asian markets were weak this morning on uncertanaity over the $700 billion US bailout plan. Later on, the European markets, too, opened on a weak note, and US futures also indicated a negative start from Dow and Nasdaq.
Bank home, banking, realty and technology stocks bore the brunt of the selling, as the index tumbled to a new calender year low of 12,403 - down 699 points from the previous close.

However, some buying towards the end helped the Sensex recoup some of its losses, and finally end at 12,596 - down 506 (3.9%) points. In the process, the index has now shed 8% (1,097 points) in the last three trading sessions.
The market breadth was extremely negative - out of 2,684 stocks traded, 2,282 declined, 361 advanced and 41 were unchanged today.
INDEX SHAKERS...
ICICI Bank and Jaiprakash Associates slumped around 12% each to Rs 493 and Rs 107, respectively.
Satyam plunged over 9% to Rs 293, and TCS tumbled 8.4% to Rs 620.
Tata Power shed 7% at Rs 918. Mahindra & Mahindra and Reliance Infrastructure slipped over 6.5% each to Rs 495 and Rs 794, respectively.
Reliance Communications and Ranbaxy declined over 6% each to Rs 326 and Rs 256, respectively.
DLF and Larsen & Toubro dropped around 5% each to Rs 351 and Rs 2,345, respectively.
Tata Motors and NTPC slipped over 4.5% each to Rs 356 and Rs 166, respectively.
Infosys, Bharti Airtel and HDFC Bank were down nearly 4% each to Rs 1,392, Rs 747 and Rs 1,200, respectively.
VALUE & VOLUME TOPPERS
Reliance Capital topped the value chart with a turnover of Rs 309 crore followed by Reliance (Rs 299.80 crore), ICICI Bank (Rs 295.40 crore), Axis Bank (Rs 157.20 crore) and Larsen & Toubro (Rs 134.70 crore).
Reliance Natural Resources led the volume chart with trades of around 1.42 crore shares followed by IFCI (89.90 lakh), Chambal Fertilisers (71.70 lakh), Jaiprakash Associates (63.80 lakh) and ICICI Bank (58.40 lakh).

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Sensex ends 506 pts down; Nifty loses 135 pts

Source:Sify,ET,BS