In a complete reversal of trend, the market lost ground on concerns about sharply deteriorating major global economies. High volatility in some Asian markets spilled over to Indian bourses. The BSE 30-share Sensex lost 207.59 points or 2.33%, shedding 487.27 points from the day’s high.

The market was volatile with volatility in some Asian markets causing volatility here. After an initial surge on the back rally in global stocks triggered by US government’s rescue of Citigroup, the market came sharply off the higher level on concerns about India’s fiscal deficit, on slightly lower US index futures and easing of Asian stocks from higher level. The market bounced back later as Asian shares firmed up again after they had pared gains from an initial surge, as the US rescue of Citigroup bolstered badly needed confidence in the broader banking sector.

Later Hong Kong’s Hang Seng pared gains and Chinese stocks slipped into the red after the World Bank said China’s growth could well slow to its weakest pace in almost two decades next year. China’s Shanghai Composite slipped 0.44%. Hang Seng was up 3%. Key benchmark indices in Japan, Singapore, South Korea and Taiwan were up by between 1.36% and 5.22%. The BSE Sensex swung 533.40 points in the day between the day’s high and low.

Data continues to confirm the weakness of the global economy. South Korea on Tuesday, 25 November 2008, said consumer confidence slumped to a four-month low in November 2008, while in Germany, corporate sentiment plunged to its lowest level in nearly 16 years this month.

In Europe, Britain’s top share FTSE 100 rose 1% by midday on Tuesday, 25 November 2007, with gains in embattled financials outweighing a slide in resources as the world’s top miner, BHP Billiton dropped its hostile bid for Rio Tinto.

But trading in US index futures indicated the Dow could fall 43 points at the opening bell.

Closer home, Finance Minister P Chidambaram on Monday, 24 November 2008, said India is likely to miss the revenue and fiscal deficit targets in the current financial year as the government wants to spend additional money to boost the aggregate demand in the economy which has shown signs of slowing down. Thus, he said, the Centre would have to go for additional borrowings this year to meet higher expenditure. Higher government borrowing will restrict a further fall in interest rates.

The RBI has aggressively cut rates over the past two months to support growth and cushion the economy against the spreading global turmoil. The repo rate, the main short-term lending rate has been cut by 150 basis points to 7.5% since October 2008 and the cash reserve ratio, the proportion of deposits that banks have to keep with the central bank, has been reduced by 350 basis points to 5.5%.

The BSE 30-share Sensex lost 207.59 points or 2.33%, to 8,695.53. At the day’s low of 8,649.40, the Sensex lost 253.72. The Sensex opened 267.16 points higher at 9,170.28. At the day’s high of 9,182.80, the Sensex gained 279.68 points in early trade.

The S&P CNX Nifty fell 54.25 points or 2% to 2654. Nifty November 2008 futures were at 2643.25, at a discount of 10.75 points as compared to the spot closing.

Turnover in NSE’s futures & options (F&O) segment was Rs 44,612.44 crore, which was lower than Rs 46,218.94 crore on Monday, 24 November 2008.

The barometer index BSE Sensex is down 11,591.46 points or 57.13% in the calendar year 2008 so far from its close of 20,286.99 on 31 December 2007. It is 12,511.24 points or 58.99% below its all-time high of 21,206.77 struck on 10 January 2008.

The BSE Mid-Cap index slipped 1.02% to 2,872.59 and the BSE Small-Cap index was down 0.91% at 3,333.42. Both these indices outperformed the Sensex.

Volatility may rise in the coming days ahead of the derivatives expiry for November 2008 series on Thursday, 27 November 2008. As per reports, rollover of Nifty positions from November 2008 to December 2008 series stood at 30%, as on Monday, 24 November 2008.

The market breadth, indicating the overall health of the market, was negative after strong star as small and mid-cap shares succumbed to selling pressure. On BSE, 1449 shares declined as compared with 1006 that advanced. 85 shares remained unchanged.

The total turnover on the BSE amounted to Rs 3159 crore as compared to Rs 3,206.82 crore on Monday, 24 November 2008.

The BSE FMCG index (down 0.40% to 1,900.84), the BSE Auto index (down 1.40% to 2,282.02), the BSE Consumer Durables index (up 1.38% to 1,775.99), the BSE HealthCare index (down 0.42% to 2,818.26), the BSE IT index (down 1.24% to 2,432.44), the BSE PSU index (down 0.93% to 4,554.34), the Bankex (down 2.01% to 4,365), the BSE Power index (down 1.09% to 1,601.74), the BSE Teck index (down 1.55% to 1,912.38), the BSE Metal index (down 1.06% to 4,264.17 ) outperformed the Sensex.

The BSE Oil & Gas index (down 3.86% to 5,409.37), the BSE Realty index (down 2.51% to 1,543.49), the BSE Capital Goods index (down 2.56% to 6,386.68), underperformed the Sensex.

Among the 30-member Sensex pack, 23 declined while the rest gained. Tata Motors (up 1.20% to Rs 135), Maruti Suzuki India (up 1.14% to Rs 536), and Hindustan Unilever (up 0.13% to Rs 236.25), edged higher from the Sensex pack.

Mahindra & Mahindra (down 7.51% to Rs 277), Sterlite Industries (down 6.57% to Rs 200.50), and Reliance Communications (down 5.44% to Rs 194.60), edged lower from the Sensex pack.

India’s largest private sector company by market capitalization and oil refiner Reliance Industries (RIL) crashed 8.21% to Rs 1051 on high volumes of 29.95 lakh shares. The stock retreated sharply from day’s high of Rs 1184.90 as concerns a global slowdown would hit demand for petrochemicals offset reports of fall in rig rentals. It was the top loser from the Sensex pack.

India’s largest oil exploration firm Oil & Natural Gas Corporation (ONGC) was up marginally by 0.15% to Rs 680 after it struck oil at an oil block in Andhra Pradesh.

State run oil marketing companies were mixed after the oil minister, Murli Deora, today, 25 November 2008, said the government may cut fuel prices after 24 December 2008. HPCL (down 3.45% to Rs 235), BPCL (down 1.69% to Rs 331.15), slipped. However IOC rose 0.60% to Rs 409.

The government would be unable to cut prices before 24 December 2008 because of the Election Commission’s code of conduct for ongoing assembly elections in a handful of states.

US crude oil fell 3% to $52.88 a barrel today, 25 November 2008 after rising more than 9% on Monday, 24 November 2008.

Most banking & financial shares slipped on worries that more global banks might be forced to seek government’s help after US government’s rescue of Citigroup. India’s largest state-run bank by net profit State Bank of India plunged 7.52% to Rs 1061.

India’s largest private sector bank by net profit ICICI Bank fell 0.78% to Rs 320.05 after hitting a high of Rs 342.

However India’s largest private sector bank by net profit HDFC Bank rose 0.67% to Rs 837.15 following a 12.96% surge in its American depository receipt on 24 November 2008.

India’s top mortgage lender by net profit Housing Development Finance Corporation (HDFC) slipped 1.50% to Rs 1353 despite reports several investors, including sovereign wealth funds, have expressed interest in buying Citigroup’s stake. Citigroup is the single-largest shareholder in HDFC with a 11.74% stake.

India’s top pharma company by sales Ranbaxy Laboratories by sales fell 5.83% to Rs 201.20 on reports the company’s subsidiary Ranbaxy Fine Chemical’s (RFCL) plans to acquire the US-based speciality chemicals maker Mallinckrodt Baker is facing delays because of valuation problems.

Other shares from the healthcare sector also fell. Dr Reddy’s (down 2.49% to Rs 419), Sun Pharma (down 0.75% to Rs 1073), and Cipla (down 0.67% to Rs 186.40) slipped.

GlaxoSmithKline Pharma rose 1.66% to Rs 1170.50 after a block deal of 47,100 shares was executed on BSE at Rs 1175 a share. The block deal constituted 0.06% of the company’s equity.

IT pivotals fell on concerns about the weakening US economy and on a stronger rupee. India’s second largest software services exporter Infosys Technologies slipped 1.35% to Rs 1180. The stock retraced from day’s high of Rs 1230

Wipro (down 1.01% to Rs 231.10), and TCS (down 3.78% to Rs 501), also edged lower.

India’s fourth largest software services exporter Satyam Computer Services shot up 1.81% to Rs 233.75 on a 8.56% gain in its American depository receipt on Monday, 24 November 2008. It was the top gainer from the Sensex pack.

HCL Technologies slumped 8.24% to Rs 137 after its chief executive said margins will be squeezed by the acquisition of British software firm Axon.

The partially convertible rupee was at Rs 49.92/93 per dollar, 0.3% above Monday’s close of Rs 50.09/10. A stronger rupee impacts operating margins of IT firms as they earn most of their revenues from exports with US as the major market.

Telecom companies slipped despite reports the much delayed spectrum allocation process is all set to be kicked off with the government likely to begin spectrum allocation in the next 10 days. India’s top cellular services provider by marketcapitalisation Bharti Airtel fell 2.83% to Rs 618. India’s top cellular services provider by marketcapitalisation Reliance Communication slumped 5.44% to Rs 194.60.

Tata Communications spurted 0.10% to Rs 397.45 after its American depository receipt galloped 27.41% on the New York Stock Exchange on 24 November 2008.

Capital goods shares dropped on worries a slowing economy would crimp orders. The country’s largest power equipment maker by sales, Bharat Heavy Electricals, slipped 1.40% to Rs 1283 despite reports it is in talks with Japan-based Toshiba Corporation to set up a joint venture, which will enable it to offer turnkey services in the country and provide high-rated equipment for the domestic transmission sector.

India’s top engineering and construction firm by sales, Larsen & Toubro (L&T), fell 3.51% to Rs 732.25, despite reports it has lined up investments of Rs 2,000 crore in its proposed forging plant at Hazira.

Consumer durable stocks rose on hopes falling interest rates will help revive demand. Titan (up 4.96% to Rs 896), and Blue Star Industries (up 2.87% to Rs 156), gained.

Reliance Industries topped the turnover chart on BSE with turnover of Rs 337 crore followed by State Bank of India (Rs 198 crore), Reliance Capital (Rs 182.70 crore), Educomp Solutions (Rs 143 crore) and Reliance Infrastructure (Rs 132.20 crore).

GVK Power Infrastructure led volumes chart on BSE clocking volumes of 2.20 crore shares followed by Suzlon Energy (1.23 crore shares), Unitech (1.12 crore shares), Reliance Natural Resources (64.80 lakh shares) and Sesa Goa (63.25 lakh shares).

Sandesh rose 19.83% to Rs 119.95 after the company’s board scheduled a meet on 1 December 2008 to consider buyback of its equity shares. The company announced the board meet after trading hours on Monday, 24 November 2008.

Atlanta soared 4.92% to Rs 58.60 at 10:53 IST on BSE, on bagging an order worth Rs 146.48 crore from Gujarat Industrial Development Corporation for infrastructure works for Dahej special economic zone (SEZ) at Dahej, Gujarat.

Tata Chemicals fell 1.49% to Rs 138.45 on reports the company has put on hold expansion of its soda ash plant in Gujarat because of weak market conditions. Tata Chemicals had planned the expansion of its Mithapur soda ash plant in Gujarat to 1.2-million tons a year from 9,75,000 tons.

Dabur India jumped 6.96% to Rs 80.20 after the company acquired 72.15% stake in skin care products firm Fem Care Pharma for Rs 203.7 crore in an all cash deal. Shares of the latter rose 0.21% to Rs 688.95. Dabur had announced the acquisition after trading hours on Friday, 21 November 2008.

Weak global markets pulled the domestic bourses down for the seventh consecutive trading session. It was a choppy trading session with wild swing in share prices. The BSE 30-share Sensex lost 322.77 points, or 3.68%. World stocks fell on worries of a deep global recession and fears that there could be another wave in the global credit crisis.

Selling by foreign funds pulled the domestic bourses lower. As per the provisional data released by the stock exchanges after trading hours, foreign institutional investors (FIIs) today, 20 November 2008, sold shares worth a net Rs 762.94 crore. FIIs are dumping stocks in Indian and other emerging markets to shore up resources to beat the global liquidity crunch. FII outflow reached Rs 52,820.80 crore in calendar 2008, so far, till 19 November 2008, as against an inflow of a huge Rs 71,440.10 crore in the corresponding period last year.

Volatility was high. The market cut losses in the last 20 minutes of trade as bank shares recovered on rate cut hopes. Earlier, an intraday recovery from a steep slide had proved short lived.

A further fall in inflation has raised hopes the central bank will cut interest rates further to shield the domestic economy from the global economic slowdown. Lower interest rates boost stocks as lower borrowing costs help lift corporate profits. Inflation based on the wholesale price index rose 8.90% in the 12 months to 8 November 2008, marginally below the previous week’s annual rise of 8.98%, data released by government data at about 12:00 IST showed. Inflation has been softening since peaking at 12.91% on 2 August 2008.

The RBI has aggressively cut rates over the past two months. The repo rate has been cut by 150 basis points to 7.5% since October this year and the cash reserve ratio, the proportion of deposits that banks have to keep with the central bank, has been reduced by 350 basis points to 5.5%. In response, government owned banks lowered prime lending rates by up 75 basis points, but large private lenders like ICICI Bank and HDFC Bank are yet to do so.

European stocks fell, led lower by pharmaceuticals, banks and commodities stocks, as investors remained nervous due to the prospect of a prolonged global economic downturn. The key benchmark indices in France, Germany and UK were down by between 1.23% to 1.88%. Trading in US futures suggested Dow could fall 47 points at the opening bell.

Asian shares tumbled as economic data indicated a global recession could get even uglier. In Japan the Nikkei 225 average slumped nearly 7% as exports registered a biggest annual decline in seven years in October 2008, the latest data showed. Key benchmark indices in Hong Kong, South Korea, Singapore, China and Taiwan were down by between 1.67% to 6.7%.

Federal Reserve officials on Wednesday, 19 November 2008, pared their outlook for growth in the world’s biggest economy to minimal levels. The weaker forecast came on a day in which data showed US consumer prices in October 2008 posted their biggest drop since monthly records began in 1947, while new-home buildings slumped to fresh lows.

US stocks plunged to their lowest in five-and-a-half years on Wednesday, 19 November 2008, as investors girded for a lengthy economic downturn and automotive executives predicted a far-reaching calamity without a government lifeline. The Dow Jones industrial average tumbled 427.47 points, or 5.07%, to 7,997.28. The Standard & Poor’s 500 Index fell 52.54 points, or 6.12%, to 806.58. The Nasdaq Composite Index lost 96.85 points, or 6.53%, to 1,386.42.

Turmoil in the US commercial real estate market deepened on Wednesday as securities backed by loans on commercial properties such as office buildings fell in value. Citigroup shares tumbled to a 13-year low as investors questioned survival prospects on concerns about mounting losses from credit cards, mortgages and toxic debt.

The BSE 30-share Sensex was down 322.77 points, or 3.68%, to 8,451.01. At the day’s high of 8,540.46 hit in late trade, the Sensex fell 233.32 points. The Sensex lost 457.38 points at the day’s low of 8,316.39 in early afternoon trade.

The S&P CNX Nifty was down 81.85 points, or 3.11%, to 2,553.15.

Fears of a global recession, slowdown in the domestic economy and selling by foreign funds have pulled the Sensex down 2,085.15 points or 19.79% in the last seven trading sessions from 10,536.16 on 10 November 2008. The barometer index is down 11,835.98 points or 58.34% in the calendar year 2008 so far from its close of 20,286.99 on 31 December 2007. It is 12,755.76 points or 60.14% below its all-time high of 21,206.77 struck on 10 January 2008.

The BSE clocked a turnover of Rs 2,893 crore today as compared to a turnover of Rs 3,545.97 crore on 19 November 2008.

Nifty November 2008 futures were at 2574, at a premium of 20.85 points as compared to the spot closing of 2553.15. Turnover in NSE’s futures & options (F&O) segment was Rs 37,983.83 crore, which was lower than Rs 41,656.37 crore on Wednesday, 19 November 2008.

The market breadth, indicating the overall health of the market, was weak. On BSE, 594 shares rose as compared with 1,899 that declined. 68 shares remained unchanged.

The BSE Mid-Cap index down 3.42% to 2,895.79 and The BSE Small-Cap index down 3.09% to 3,385.34. Both the indices outperformed the Sensex.

The BSE Realty index (down 8.3% to 1,679.06), the BSE Consumer Durables index (down 4.95% to 1,763.93), the BSE Oil & Gas index (down 4.64% to 5,252.01), the BSE Bankex (down 4.32% to 4,398.29), the BSE Metal index (down 4.18% to 4,250.39), the BSE Auto index (down 4.14% to 2,252.97) underperformed the Sesex.

The BSE FMCG index (down 0.51% to 1,856.56), the BSE HealthCare index (down 1.44% to 2,764.43), the BSE PSU index (down 1.91% to 4,368.94), the BSE Power index (down 2.24% to 1,495.70), the BSE IT index (down 2.77% to 2,343.84), the BSE Capital Goods index (down 2.93% to 6,209.38), the BSE Teck index (down 3.49% to 1,831.93) underperformed the Sensex.

Reliance Infrastructure (down 6.7% to Rs 425.35), Jaiprakash Associates (down 6.66% to Rs 59.55), Tata Power Company (down 6.39% to Rs 633.90) were the major losers from the Sensex pack.

NTPC (up 1.54% to Rs 138.10), Ranbaxy Laboratories (up 0.79% to Rs 218.10) and Hindustan Unilever (up 0.32% to Rs 234.30) were the major gainers from the Sensex pack.

State Bank of India (SBI) led recovery in banking pivotals on hopes a further fall in interest rates may boost lending growth. SBI rose rose 1.21% to Rs 1,092.55, recovering from the session’s low of Rs 1025. Though down 7.87% to Rs 320.35, India’s largest private sector bank by net profit ICICI Bank, recovered sharply from the day’s low of Rs 308.50. ICICI Bank’s ADR lost 13.63% on Wednesday, 19 November 2008. India’s second largest private sector bank by net profit HDFC Bank slipped 7.3% as ADR slumped 10.14% on Wednesday.

India’s largest home loan lender by operating income HDFC fell 5.59% on fears Citigroup may sell its stake in the company to offset its sub-prime related losses.

India’s largest private sector company by market capitalization and oil refiner Reliance Industries (RIL) slipped 6.58% to Rs 1,058.60 on concerns a global slowdown would hit demand for petrochemicals.

Oil exploration firms fell on falling crude oil prices. India’s largest oil exploration firm by revenue ONGC fell 0.33%. Cairn India slipped 5.37% on reports the union cabinet has rejected an oil ministry proposal to award a deepwater block off the west coast to the company.

Oil prices dropped for a fifth straight session to below $53 a barrel. Oil on Wednesday, 19 November 2008, fell to its lowest settlement since late January 2007 as investors expect a sharp slowdown in demand for a commodity that just in July this year hit a record high at about $147 a barrel.

Real estate stocks declined after real estate body, Confederation of Real Estate Developers’ Associations of India (CREDAI) asked realty firms to lower prices given the general slowdown in the economy. Unitech, Indiabulls Real Estate, DLF, Housing Development & Infrastructure, and Omaxe were down by 5% to 11%.

Sobha Developers dropped 1.12%, as reports of the realty firm cutting property prices raised concerns of fall in margins.

Metal stocks declined as worries that global economic slowdown will hit demand offset imposition of 5% import duty on steel by the government on 18 November 2008 to protect the domestic industry. Hindalco Industries, Sterlite Industries, Tata Steel, Jindal Steel, JSW Steel, National aluminum Company fell by between 0.4% to 7.96%.

Steel Authority of India slipped 0.51% on reports it may consider cut in production due to the global economic slowdown.

Hindustan Copper declined 10.03% on reports it expects 10% fall in production in the year ending March 2009

IT stocks slipped on mounting worries about the US economy after the Federal Reserve slashed its growth forecasts for the economy. India’s second largest IT exporter by sales Infosys slipped 3.82%, as ADR fell 1.23% on Wednesday. India’s fourth largest IT exporter by sales Wipro lost 1.33% as ADR lost 7.25% on Wednesday. India’s third largest IT exporter by sales Satyam Computer Services lost 0.02% as ADR fell 6.09% overnight.

India’s largest IT exporter by sales Tata Consultancy Services was down 2.36% despite reports it has emerged the lowest bidder for an e-governance contract to computerise Employee State Insurance Corporation and provide smart cards, beating Wipro and Infosys. TCS bid at Rs 1677 crore, suggest reports.

Indian IT firms derive a lion’s share of revenue from exports to US. The Indian rupee recovered from a record low of 50.60 per dollar reached in early trade on Thursday, helped by heavy dollar selling by the central bank. The partially convertible rupee was at 50.00/02 per dollar, off a high of 49.94, and little changed from its close of 50.02/03 on Wednesday. A stronger rupee affects the operating margins, as IT firms earn most of their revenues from exports.

Auto stocks fell on a worsening global economic outlook and declining domestic demand due to high interest rates and higher fuel prices. Maruti Suzuki India, Mahindra & Mahindra, Hero Honda Motors, Tata Motors slipped by between 0.64% to 6.52%.

Capital goods stocks slumped on worries global economic slowdown would crimp orders. Larsen & Toubro, Bharat Heavy Electricals and Suzlon Energy fell by between 2.72% to 3.46%.

Cement stocks were mixed despite slowdown in cement demand. Ambuja cements, Grasim Industries fell by between 1.27% to 3.61%. However, Ultratech Cement, ACC rose by between 1.55% to 1.58%.

The 205 million-tonne domestic cement industry has seen the lowest despatch growth rate in the last four years. During April-October 2008, the despatches growth stood at 6.27% against 8.7% during the same period last year.

Telecom firms slipped amid a controversy regarding the award of 2G telecom licenses. Bharti Airtel, reliance Communications and Idea Cellular fell by between 3.44% to 7.92%. The controversy centres on award of 2G telecom licenses for a total of Rs 9000 crore on 10 January 2008. It has been alleged that this amounted to severe underpricing, causing a loss of almost Rs 51000 crore to the exchequer.

FMCG stocks edged higher on defensive buying as investors find a safe haven in these stocks in slowing economy. Britannia India, Hindustan Unilever, Nestle India and REI Agro rose by between 0.06% to 0.32%. While, India’s largest cigarette maker by sales ITC fell 0.33%.

GVK Power & Infrastructure clocked the highest volume of 1.78 crore shares on BSE. Suzlon Energy (89.04 lakh shares), Reliance Petroleum (86.83 lakh shares), Reliance Natural Resources (72.29 lakh shares) and Housing Development & Infrastructure (70.31 lakh shares) were the other volume toppers in that order.

Reliance Industries clocked the highest turnover of Rs 293.78 crore on BSE. Reliance Capital (Rs 154.88 crore), State Bank of India (Rs 29.44 crore), Educomp Solutions (Rs 128.72 crore) and ICICI Bank (Rs 124.97 crore) were the other turnover toppers in that order.

Cummins India tumbled 3.96% after the board approved sale of its power generation rental business.

Asian Paints plunged 4.72% on shutting phthalic anhydride plant in Gujarat due to inventory build up and for maintenance.

Wockhardt slipped 1.38% on reports US drug major Eli Lilly has sued the company for patent infringement on antidepressant drug.

Subdued-to-weak trend in global equities caused by fears of a deep global recession pulled the domestic bourses lower for the sixth day in a row. The BSE 30-share Sensex lost 163.42 points, or 1.83%, shedding 462.49 points from an intraday high struck in early afternoon trade. Weak global markets raised fears of more foreign fund sales offsetting hopes more measures from the government and the Reserve Bank of India (RBI) may revive the domestic economy.

The market was volatile, with the Sensex swinging 509.47 points in the day. The barometer index which had regained the psychological 9,000 mark earlier in the day fell below that level later.

Foreign funds are dumping stocks in Indian and other emerging markets to shore up resources to beat the global liquidity crunch. As per the provisional data released by the stock exchanges after trading hours, foreign institutional investors (FIIs) today, 19 November 2008, sold shares worth a net Rs 264.98 crore. FII outflow reached Rs 52,612.70 crore in calendar 2008, so far, till 18 November 2008, as against an inflow of a huge Rs 71,466.90 crore in the corresponding period last year.

European shares fell, led by banks and miners, as market players were spooked after US automakers gave a dire warning to lawmakers about their outlook while pleading for $25 billion of bailout funds from Congress. Key benchmark indices in France, Germany and UK were down by between 1.74% to 1.98%. Trading in US futures suggested Dow could fall 94 points at the opening bell.

Asian stocks dropped as fears of a global recession persisted. Key benchmark indices in Japan, Hong Kong, South Korea, Singapore and Taiwan were down by between 0.18% to 1.87%. But Chinese stocks bucked the weak trend, with he Shanghai Composite index surging 6.05%.

The US housing market collapse at the heart of the crisis showed signs of deteriorating further, with the National Association of Home Builders index plunging to a record low of 9 in November 2008, date released on Tuesday, 18 November 2008, showed. Japan’s recession could last even longer than feared, the country’s economy minister warned today, 18 November 2008. Japan slid into its first recession in seven years in the third quarter as the financial crisis curbed demand for Japanese exports, data on Monday, 17 November 2008 showed.

Citigroup Inc, the No. 2 US bank, on Monday, 17 November 2008, said it would cut 15% of its global workforce or 52,000 jobs, far more than had been expected.

The BSE 30-share Sensex was down 163.42 points, or 1.83%, to 8,773.78. The Sensex lost 210.40 points at the day’s low of 8,726.80 in late trade. At the day’s high of 9,236.27 hit in early-afternoon trade, the Sensex rose 299.07 points.

The S&P CNX Nifty fell 48.15 points, or 1.79%, to 2,635.

Fears of a global recession, slowdown in the domestic economy and selling by foreign funds have pulled the Sensex down 1,762.78 points or 16.72% in the last six trading sessions from 10,536.16 on 10 November 2008. The barometer index is down 11,513.21 points or 56.75% in the calendar year 2008 so far from its close of 20,286.99 on 31 December 2007. It is 12,432.99 points or 58.62% below its all-time high of 21,206.77 struck on 10 January 2008.

The BSE clocked a turnover of Rs 3538 crore today as compared to a turnover of Rs 3,031.86 crore on Tuesday, 18 November 2008.

Nifty November 2008 futures were at 2619.70, at a discount of 15.30 points as compared to the spot closing of 2635. Turnover in NSE’s futures & options (F&O) segment was Rs 41,656.37 crore, which was lower than Rs 43,260.01 crore on Tuesday, 18 November 2008.

The market breadth, indicating the overall health of the market, turned weak from earlier positive breadth. On BSE, 786 shares rose as compared with 1,711 that declined. A total of 76 shares remained unchanged.

The BSE Mid-Cap index down 2.02% to 2,998.39 and the BSE Small-Cap index was down 1.84% at 3,493.12. Both the indices underperformed the Sensex.

The BSE FMCG index (up 1.52% to 1,866.02), the BSE Auto index (p 0.59% to 2,350.24), the BSE Consumer Durables index (up 0.44% to 1,855.87), the BSE Realty index (down 0.43% to 1,830.94), the BSE HealthCare index (down 0.95% to 2,804.81), the BSE Oil & Gas index (down 1.16% to 5,507.48), the BSE IT index (down 1.52% to 2,410.64), the BSE PSU index (down 1.72% to 4,453.96), the BSE Metal index (down 1.77% to 4,436.14) outperformed the Sensex.

The BSE Capital Goods index (down 3.47% to 6,396.76), the BSE Bankex (down 2.86% to 4,596.95), the BSE Power index (down 4.67% to 1,571.98), the BSE Teck index (down 2.68% to 1,898.09), underperformed the Sensex.

India’s largest private sector company by market capitalization and oil refiner Reliance Industries (RIL) fell 0.66% to Rs 1,133.15, reversing strong intraday gains, on concerns a global slowdown would hit demand for petrochemicals. Meanwhile, as per reports, the company may raise Rs 5,000 crore from the Life Insurance Corporation via 11.5% non-convertible debentures.

Jaiprakash Assocaites (down 6.04% to Rs 63.80), Reliance Communications (down 5.15% to Rs 198.80), Grasim Industries (down 4.62% to Rs 930.65) were the major losers from the Sensex pack.

Capital goods stocks slumped on worries global economic slowdown would crimp orders. Larsen & Toubro, Bharat Heavy Electricals and Suzlon Energy fell by between 2.81% to 5.74%.

Metal stocks declined as worries that global economic slowdown will hit demand offset imposition of 5% import duty on steel by the government to protect the domestic industry. Hindalco Industries, Sterlite Industries, Tata Steel, Steel Authority of India, National aluminum Company fell by between 0.05% to 5.19%.

After trading hours on Tuesday, 18 November 2008, the government imposed a 5% duty on imports of steel and iron products to protect domestic makers from cheaper imports.

Ess Dee Aluminium spurted 8.9% on reports the company will announce acquisition of a majority stake in India Foils later today, 19 November 2008.

Banking stocks fell as fears of rising defaults in a weakening economy offset hopes of increase in lending growth triggered by speculation of further rate cuts. India’s largest private sector bank by net profit ICICI Bank fell 3.62%. Its ADR lost 3.26% on Tuesday, 18 November 2008. India’s second largest private sector bank by net profit HDFC Bank slipped 3.28% as ADR slumped 2.33% on Tuesday. India’s largest commercial bank State Bank of India (SBI) fell 2.6%.

As per reports, the Reserve Bank of India (RBI) is expected to announce another round of rate cuts in a week or so in an effort to shield the domestic economy from the global economic slowdown. The RBI on, 1 November 2008, had cut its repo rate or main short-term lending rate by 50 basis points (bsp) to 7.5% and banks’ cash reserve ratio (CRR) by 100 basis points to 5.5%. The repo rate is the rate at which the RBI lends cash to banks. The CRR is the percentage of deposits which the banks must keep with the central bank.

IT stocks fell on mounting worries about the US economy highlighted by data overnight showing confidence at US home builders plunging to a record low. India’s third largest IT exporter by sales Satyam Computer Services fell 3.57% as ADR fell 4.37% overnight. India’s second largest IT exporter by sales Infosys lost 0.76%, as ADR fell 1.23% on Tuesday. India’s fourth largest IT exporter by sales Wipro fell 3.18% as ADR slipped 2.91% on Tuesday. India’s largest IT exporter by sales Tata Consultancy Services slipped 0.36%.

Indian IT firms derive a lion’s share of revenue from exports to US. Weak US economic data offset a weaker rupee. The Indian rupee fell to 50 per dollar in late trade on Wednesday, hit by losses in the domestic equity market and heavy dollar demand from banks looking to arbitrage between onshore spot and offshore forward rates. The partially convertible rupee was at 49.9800/9875 per dollar, off a low of 50.01, its weakest since 27 October 2008 when it had hit a record low of 50.29. A weaker rupee augurs well for the sector as IT firms earn most of their revenues from exports.

Realty stocks fell on slowdown in the sector due to lower demand and a liquidity crunch. Unitech, Indiabulls Real Estate, Housing Development & Infrastructure, and Omaxe were down by 1.14% to 8.67%. India’s largest real estate player by market capitalization DLF rose 0.13%.

The Reserve Bank of India (RBI) had on Saturday (15 November 2008) announced fresh steps to free up liquidity for the troubled realty sector.

Auto stocks rose on hopes a further cut in interest rates will spur demand which is mainly driven by finance. Maruti Suzuki India, the country’s top car maker by sales, rose 0.73% after Chairman R.C. Bhargava today said the company does not expect production and sales in the 2008/09 fiscal year to fall below the previous year’s level. He was speaking at the launch of Maruti’s new A-Star hatchback model.

Hero Honda Motors and Mahindra & Mahindra rose by between 1.03% to 3.69%. However, India’s largest commercial vehicle maker by sales Tata Motors fell 2.52%.

Suzlon Energy clocked the highest volume of 1.64 crore shares on BSE. GVK Power & Infrastructure (1.11 crore shares), Reliance Natural Resources (90.60 lakh shares), Cals Refineries (66.76 lakh shares) and Steel Authority of India (59.73 lakh shares) were the other volume toppers in that order.

Reliance Industries clocked the highest turnover of Rs 467.41 crore on BSE. Reliance Capital (Rs 288.47 crore), Bharti Airtel (Rs 140.42 crore), State Bank of India (Rs 131.98 crore) and ICICI Bank (Rs 129.40 crore) were the other turnover toppers in that order.

Great Eastern Shipping Company rose 1.47%, after a block deal of 6.24 lakh shares was executed on BSE at Rs 163.25 a share.

Kalindee Rail Nirman (Engineers) spurted 5.3% on BSE after a unit of Larsen & Toubro bought additional stake in the company.

Reports that the government will inject Rs 50000 crore on infrastructure projects to pump-prime the economy failed to soothe investors nerves. The RBI is also likely to create a special repo window to allow banks to borrow up to 100 basis points of the statutory liquidity ratio (SLR) - the percentage of deposits invested in government securities - to make available Rs 40,000 crore for infrastructure like national highway projects.

Bears ruled the roost on the boures as worries about a weakening domestic and world economy, political uncertainty due to ongoing state elections, a setback in Asian stocks, fall in US index futures and weak European shares, pulled the domestic bourses lower for the fifth day in a row. The BSE 30-share Sensex lost 353.81 points, or 3.81%. The barometer index fell below the psychological 9,000 mark. World stocks fell on prospects of a deep global recession.

Volatility was at the high, with the Sensex swinging 324.34 points, between the day’s high and low. Finance Minister P Chidambaram’s statement that the government will take steps to stimulate the economy provided only a temporary respite as a recovery from lower level in early trade from an initial slump following his comments, was short-lived with the Sensex tumbling 419.30 points in early afternoon trade.

Chidambaram today said the government will take steps to stimulate the domestic economy to compensate for the downside caused by the downturn in the world economy. He said the government may consider cutting excise duty on some items as a part of efforts to boost factory output. He, however, added that the country could miss its annual export target of $200 billion for this fiscal year as the slowdown in developed nations trims overseas demand.

The Reserve Bank of India is monitoring the economic situation and will take action at the right time, its governor, D Subbarao, said today after meeting Chidambaram and senior finance ministry officials.

India’s economy is slowing down after growing at an annual rate of 9% or more in the past three years. The economic growth slumped to 7.9% in the April-June 2008 quarter from 9.2% in the same period last year. The Reserve Bank of India has downgraded its growth forecast to 7.5% to 8% for the current financial year. Some private sector economists expect an even lower rate of growth.

Political uncertainty is weighing on the bourses as assembly elections in five states have just begun. These polls are widely seen as a test of the popularity of the country’s main political parties viz. the Congress and the BJP, ahead of national elections in the first half of calendar year 2009. The results of these five states are expected on 8 December 2008.

Japan’s recession could last even longer than feared, the country’s economy minister warned today, 18 November 2008. Japan slid into its first recession in seven years in the third quarter as the financial crisis curbed demand for Japanese exports, data on Monday, 17 November 2008 showed.

Citigroup Inc, the No. 2 US bank, on Monday said it would cut 15% of its global workforce or 52,000 jobs, far more than had been expected.

Trading in the US futures suggested Dow could slide 146 points at the opening bell. European shares extended losses on Tuesday, 18 November 2008, after concerns over the extent of a recession in major economies weighed on banks and commodity stocks. Key benchmark indices in France, Germany and UK were down by between 1.48% to 2.37%.

A sharp setback was witnessed in shares in China and Hong Kong. The Shanghai Composite index was down 6.31%, dragged down by the property sector. Hang Seng was down 4.54%, with shares of commodity-related companies suffering double-digit losses. Key benchmark indices in South Korea, Japan, Singapore, Taiwan were down by between 2.28% to 3.91%.

The BSE 30-share Sensex was down 353.81 points, or 3.81%, to 8,937.20. The Sensex fell 419.30 points at the day’s low of 8,871.71 in early afternoon trade. At the day’s high of 9,169.05 hit in mid-morning trade, the Sensex fell 94.96 points.

The S&P CNX Nifty fell 116.40 points, or 4.16%, to 2,683.15.

The BSE clocked a turnover of Rs 3,022 crore today as compared to a turnover of Rs 3,230.17 crore on 17 November 2008.

Fears of a global recession, slowdown in the domestic economy and selling by foreign funds have pulled the Sensex down 1,598.96 points or 15.17% in the last five trading sessions from 10,536.16 on 10 November 2008. The barometer index is down 11,349.79 points or 55.94% in the calendar year 2008 so far from its close of 20,286.99 on 31 December 2007. It is 12,269.57 points or 57.85% below its all-time high of 21,206.77 struck on 10 January 2008.

Nifty November 2008 futures were near spot price at 2684, compared to the spot closing of 2683.15. Turnover in NSE’s futures & options (F&O) segment surged to Rs 43,260.01 crore from Rs 41,086.89 crore on Monday, 17 November 2008.

The market breadth, indicating the overall health of the market, was weak. On BSE, 661 shares rose as compared with 1,831 that declined. 75 shares remained unchanged.

The BSE Mid-Cap index slipped 2.33% to 3,060.32 and the BSE Small-Cap index dipped 2.81% to 3,558.66. Nevertheless, both the indices outperformed the Sensex.

The BSE Teck index (down 4.96% to 1,934.79), the BSE IT index (down 4.7% to 2,447.76), the BSE Power index (down 4.67% to 1,571.98), the BSE Bankex (down 4.51% to 4,732.48), the BSE PSU index (down 4.42% to 4,532.08), the BSE Metal index (down 4.38% to 4,516.28) underperformed the Sensex.

The BSE Oil & Gas index (down 1.53% to 5,572.02), the BSE HealthCare index (down 1.55% to 2,831.60), the BSE Consumer Durables index (down 1.56% to 1,847.79), the BSE FMCG index (down 1.73% to 1,838.08), the BSE Auto index (down 2.28% to 2,336.50), the BSE Capital Goods index (down 3.52% to 6,626.50), the BSE Realty index (down 3.6% to 1,838.87), outperformed the Sensex.

Reliance Industries (RIL), India’s largest private sector company by market capitalization and oil refiner, recovered from the day’s low of Rs 1,092.50, falling 0.17% to Rs 1,140.70, on bargain hunting after a recent steep-slide. It was the lone gainer from the Sensex pack. From a recent high of Rs 1,303.05 on 10 November 2008, the stock fell 12.3% to Rs 1,142.65 on 17 November 2008.

Jaiprakash Associates (down 6.22% to Rs 67.90), Bharti Airtel (down 6.32% to Rs 623) and Tata Power Company (down 5.75% to Rs 682.70) were the major losers from the Sensex pack.

NTPC, India’s biggest power generation firm by revenue, led 4.67% fall in BSE Power index. The stock lost 7.88%. Tata Power Company, Reliance Infrastructure, Reliance Power and Power Grid Corporation of India slipped by between 1.97% to 7.08%.

Metal stocks declined on worries global economic slowdown would hit demand. Hindalco Industries, Sterlite Industries, Tata Steel, Steel Authority of India, National aluminum Company fell by between 0.93% to 13.41%.

Tata Metaliks declined 4.87% after the company said it will shut one of its furnaces for repair work that will last three weeks.

IT stocks were down as fall in ADRs offset a weaker rupee. India’s fourth largest IT exporter by sales Wipro lost 8.77% as ADR slipped 2.69%. India’s second largest IT exporter by sales Infosys slipped 4.21%, as ADR fell 1.17%. India’s third largest IT exporter by sales Satyam Computer Services fell 3.85% as ADR fell 0.91% on Monday, 17 November 2008. India’s largest IT exporter by sales Tata Consultancy Services was fell 6.96%.

The Indian rupee was lower in afternoon trade on Tuesday as a further slide in the local share market continued to fuel expectations of further capital outflows. The partially convertible rupee was at 49.72/75 per dollar, off the day’s low of 49.80 but still well below Monday’s close of 49.34/36. Weak rupee augurs well for the sector as IT firms earn most of their revenues from US in dollar terms.

Realty stocks fell on reports India’s top listed realty firm, DLF, has deferred some residential, commercial and hotel projects due to lower demand and a liquidity crunch. DLF, Unitech, Indiabulls Real Estate, Housing Development & Infrastructure, and Omaxe were down by 2.72% to 7.72%.

The Reserve Bank of India (RBI) had on Saturday (15 November 2008) announced fresh steps to free up liquidity for the troubled realty sector.

Auto stocks declined on worsening global economic outlook and declining domestic demand due to high interest rates and fuel prices. Maruti Suzuki India, Mahindra & Mahindra fell by between 1.25% to 6.74%. and Tata Motors rose by between 0.85% to 1.57%. But, India’s largest motorbike maker by sales, Hero Honda Motors rose 0.06%.

Automotive Axles tumbled 10.36% on its decision to shut down manufacturing operations for at least a week in November-December 2008.

Banking stocks extended Monday’s losses on reports ICICI Bank, India’s India’s largest private sector bank by net profit, has halved its target for growth in lending to 15% in a slowing economy. ICICI Bank fell 6.79%. India’s second largest private sector bank by net profit HDFC Bank fell 1.77%. Its American depository receipt (ADR) slumped 1.62% on Monday. India’s largest commercial bank State Bank of India (SBI) lost 5.12%.

Cement stocks slipped as slowdown in economy would result in fall in demand. ACC, Grasim Industries, Ultratech Cement, Birla Corporation, Ambuja Cements fell between 0.26% to 7.17%.

Swiss cement giant Holcim, which has stakes in Indian cement makers ACC and Ambuja Cements, may reportedly review the current capacity expansion projects in India amid a global slowdown and poor pricing situation.

Capital goods stocks declined on worries a slowing economy will crimp orders. Larsen & Toubro & Suzlon Energy slipped by between 3.41% to 7.08%. India’s largest electric equipment maker by sales Bharat Heavy Electricals lost 2.06%, even as company today said it has received a contract worth Rs 1,325 crore ($265 million) for the supply of the plant package for a power project in Andhra Pradesh.

Sugar stocks slipped on reports the government and industry are at loggerheads over estimates of sugar production in the new season that began in October 2008, trend in prices and growth in exports. Bajaj Hindustan, Dhampur Sugar and Shree Renuka Sugars fell by between 0.32% to 2.46%.

Meanwhile, sugarcane farmers are up in arms against mills for the refusal to pay the state administered prices to them.

Indian largest oil exploration firm by revenues Oil & Natural Gas Corp slipped 4.64% as falling crude oil prices offset news of its wholly owned unit ONGC Videsh bagging two exploration blocks in Colombia.

US crude for December 2008 lost $2.09 at $54.95 on Monday, 17 November 2008, the lowest settlement since late January 2007 as worries about the economic outlook in the United States and Japan stoked concerns about global fuel demand.

Binani Industries tumbled 18.87% after the company cancelled a proposed share swap with two group companies.

Kalindee Rail Nirman Engineers galloped 20% after a block deal of 4.97 lakh shares, or 4.43% of the equity, was struck at Rs 115 on NSE.

Hardcastle & Waud Manufacturing Company was locked at 5% lower limit at Rs 210.65 at 13:02 IST on BSE, on closing down synthetic resins operations due to lack of orders.

Everest Kanto Cylinder rose 2.5%, after the company said it has deferred a buyback plan.

Pantaloon Retail India declined 2.99% on divesting its stake in an equal joint venture with British airport retailer Alpha Group Plc.

GVK Power & Infrastructure clocked the highest volume of 1.61 crore shares on BSE. Suzlon Energy (1.03 crore shares), Unitech (72.12 lakh shares), Steel Authority of India (66.22 lakh shares) and Reliance Natural Resources (63.49 lakh shares) were the other volume toppers in that order.

Reliance Industries clocked the highest turnover of Rs 345.98 crore on BSE. Reliance Capital (Rs 137.56 crore), State Bank of India (Rs 133.18 crore), ICICI Bank (Rs 120.23 crore) and Reliance Infrastructure (Rs 117.68 crore) were the other turnover toppers in that order.

Key benchmark indices extended their downward journey for the fourth straight session today, 17 November 2008 despite staging a sharp pullback in late trade. The BSE Sensex recovered over 330 points in choppy trade to regain the psychological 9,000 level.

The BSE 30-share Sensex slipped 94.91 points, or 1.01%, to 9,291.01 after swinging 479.21 points in volatile trade between the day’s low of 8.956.68 and high of 9,435.89

The S&P CNX Nifty fell 10.80 points, or 0.38%, to 2,799.55. Nifty November 2008 futures were at 2795.35, at a discount of 4.20 points as compared to spot closing of 2799.55.

The market declined for a fourth day in a row today, 17 November 2008. The BSE Sensex has declined 1,245.15 points or 11.81% in the last four trading sessions from 10536.16 on 10 November 2008.

The barometer index is down 10,995.98 points or 54.2% in the calendar year 2008 so far from its close of 20,286.99 on 31 December 2007. It is 11,915.76 points or 56.18% below its all-time high of 21,206.77 struck on 10 January 2008.

Measures announced by the Reserve Bank of India (RBI) during the weekend to shield the Indian economy from the global economic slowdown had triggered a firm start. However weak global cues dragged it lower. European shares extended losses in choppy trade, pushed further into the red by banks and by oil shares that reversed a brief rally. Key benchmark indices in France, UK and Germany rose by between 1.74% to 2.3%. Moreover, trading in US index futures which indicated the Dow could fall 65 points at the opening bell, also played the spoilsport.

Key benchmark indices in Hong Kong, Singapore, South Koera and Taiwan were down by between 0.29% to 0.91%. Japan slid into its first recession in seven years in the third quarter as the financial crisis curbed demand for Japanese exports. Despite the weak data, the the Nikkei rose 0.71% in a choppy trade, with buying by pension funds lifting the market. But in China, the Shanghai China rose 2.22%.

Leaders of the G20 nations agreed on an action plan on Saturday, 15 November 2008, to restore global growth and prevent future financial upheaval while promising new spending plans and a set of reforms. But the plan was light on detail and there was no reference to coordinated stimulus packages by governments — an idea promoted by Britain.

Back home the RBI on Saturday, 15 November 2008, announced measures to improve money market liquidity and help exporters. The measures include extension of a special repurchase facility to provide liquidity for mutual funds and non-banking finance companies till March 2009, increase in the limit on export credit refinance available to banks, allowing housing finance companies to raise funds through short-term overseas borrowings, reduction in provisioning on standard assets of banks to a uniform level of 0.4%, and reduction in risk weights for banks on commercial real estate and on unrated claims on corporates.

The central bank also said it would consider proposals from local firms to buy back foreign currency convertible bonds early.

BSE clocked a turnover of Rs 3213 crore today as compared to a turnover of Rs 3,685.59 crore on 14 November 2008. Turnover in NSE’s futures & options (F&O) segment was Rs 41,086.89 crore, which was lower than Rs 41,483.17 crore on Friday, 14 November 2008.

The market breadth, indicating the overall health of the market, was weak. On BSE, 679 shares rose as compared with 1800 that declined. 60 shares remained unchanged. Out of 30 Sensex stocks 19 stocks settled with losses while the rest gained.

India’s largest private sector company by market capitalization and oil refiner Reliance Industries (RIL) slipped 0.51% to Rs 1,142.65, on concerns a global slowdown would hit demand for petrochemicals. The stock recovered from the session’s low of Rs 1,081.10. The government on Friday, 14 November 2008, said RIL cannot sell gas to anybody at a price less than $4.20 per British Thermal Units without its approving the pricing formula.

Reliance Infrastructure (down 6.23% to Rs 484.40), Tata Power Company (down 2.95% to Rs 724.35) and Hindalco Industries (down 3.36% to Rs 54.70) were the major losers from the Sensex pack.

Auto stocks recovered on the hopes government could come up with a policy initiative for the sector hit by declining demand due to high interest rates and fuel prices. India’s largest car maker by sales, Maruti Suzuki India rose 2.45% to Rs 549.80, recovering from the day’s low of Rs 521. India’s largest commercial vehicle maker by sales Tata Motors rose 2.56% to Rs 140.45, off the day’s low of Rs 130.25. But Mahindra & Mahindra and Hero Honda Motors fell by between 1.8% to 3.57%.

Realty shares fell on concerns banks may not raise lending to realty firms despite the latest Reserve Bank of India measures to ease banks’ lending to the cash-stripped sector. DLF, Unitech, Indiabulls Real Estate, Housing Development & Infrastructure, Sobha Developers, Mahindra Lifespace Developers, and Omaxe were down 3.92% to 9.23%.

The Reserve Bank of India (RBI) on Saturday (15 November 2008) announced fresh steps to free up liquidity for the troubled realty sector. The RBI reduced the risk weightage on bank exposure to the real estate sector and non-deposit taking non-banking financial institutions (NBFCs) from 150% to 100% — it means, banks will need less capital to give such loans. Additionally, standard provisioning requirements for commercial real estate sector has been reduced to a uniform level of 0.40%.

Despite the measures, it remains to be seen whether banks will raise lending to the realty sector given the severe slowdown and increasing risk of non performing assets (NPAs).

Banking stocks declined as weak American Depository Receipts (ADRs) and fears of rising delinquencies in a weakening economy offset Reserve Bank of India’s steps to augment both rupee and dollar liquidity in the banking system. India’s largest private sector bank by net profit ICICI Bank fell 2.25% to Rs 387.05 as ADR lost 6.56% on Friday, 14 November 2008. The stock recovered from the day’s low of Rs 360.50. India’s second largest private sector bank by net profit HDFC Bank fell 7.71% as ADR slumped 6.39% on Friday. India’s largest commercial bank State Bank of India (SBI) lost 0.17% to Rs 1168.10.

IT stocks were mixed amid weak ADRs and a weaker rupee. India’s third largest IT exporter by sales Satyam Computer Services fell 3.76% as its American depository receipt (ADR) fell 9.68% on Friday, 14 November 2008.

India’s second largest IT exporter by sales Infosys rose 1.12% to Rs 1232.80, recovering from the day’s low of Rs 1,172, after chief executive S. Gopalakrishnan today, 17 November 2008, said the company is on track to add 25,000 gross staff in the current fiscal year to March 2009 despite the financial sector turmoil. Gopalakrishnan said the currency movement will have an impact on revenue in Q3 December 2007 and that the company is seeing flat billing rates.

India’s fourth largest IT exporter by sales Wipro rose 4.59% to Rs 251.95 off day’s low of Rs 230.55 even as ADR slipped 13.36%. India’s largest IT exporter by sales Tata Consultancy Services lost 2.52%.

The rupee fell 0.7% today on heavy buying demand following worries a stock market slide would accelerate foreign fund withdrawals. A weak rupee benefits IT firms which derive a lion’s share of revenue in dollars.

Cement stocks slipped as concerns about slowdown in demand in a weakening economy offset government’s export incentives. Grasim Industries, Ultratech Cement, Birla Corporation, Ambuja Cements fell between 0.33% to 3.85%. India’s largest cement producer by sales ACC rose 4.29% to Rs 436.55 off the day’s low of Rs 400.05.

Steel stocks fell as a possible slump in demand offset the government declaring export incentives for the sector. Among the steel makers, Tata Steel, Steel Authority of India, JSW Steel, Maharastra Seamless, and Bhushan Steel fell by 1.34% to 7.95%.

According to a government notification, exporters of cement and several steel items will be entitled for tax refunds through duty entitlement pass book scheme. The government also announced that the two sectors cement and steel have been included in the Focus Market Scheme which will enable these distressed industries to boost their exports to the third world.

Shares of the housing finance firms slipped as investors fretted a weakening economy would raise defaults. Housing Development Finance Corporation (HDFC), LIC Housing Finance, GIC Housing Finance, were down 1.22% to 3.84%. While, Dewan Housing Finance Corporation rose 0.43%.

The Reserve Bank of India (RBI) on Saturday (15 November 2008) allowed housing finance companies to raise short-term foreign-currency loans. This is a temporary step only available to companies registered with the National Housing Bank. The move will provide much-needed funds for non-deposit taking housing finance companies, though details of this measure are awaited.

Airline stocks rose after state-run oil companies slashed jet fuel prices. Spicejet rose 0.7%. Kingfisher Airlines surged 12.88% on reports of holding exploratory talks with international carriers for diluting up to 25% stake. State-run oil companies on Saturday, 15 November 2008 slashed jet fuel prices by over 12% to a 14 month low, the cut being the third one for the month and fifth one since August 2008. While, Jet Airways fell 1.1%.

GVK Power & Infrastructure clocked the highest volume of 1.96 crore shares on BSE. Suzlon Energy (1.47 crore shares), Unitech (1.4 crroe shares), Chambal Fertilisers and Chemicals (69.52 lakh shares), Tata Tele Maharashtra (64.81 lakh shares) were the other volume toppers in that order.

Reliance Industries clocked the highest turnover of Rs 291.26 crore on BSE. ICICI Bank (Rs 180.52 crore), Reliance Capital (Rs 144.82 crore), HDFC (Rs 135.71 crore) and State Bank of India (Rs 111.76 crore) were the other turnover toppers in that order.

UTV Software Communications slipped 5.44% on projecting a loss of up to Rs 25 crore for its broadcasting vertical in the year ending March 2010.

Elecon Engineering Company rose 2.01% on news of a promoter firm acquiring shares from the open market.

Godrej Consumer Products jumped 1.21% on BSE, on share buyback plan.

Reliance Natural Resources fell 3.72% on BSE after the government said it will decide the selling price of natural gas produced from Reliance Industries’ Krishna Godavari basin.

Ispat Industries slumped 4.31%on reports the company is planning for further 10% cut in production by December 2008.

Apollo Tyres gained 1.81% on reports it plans to invest Rs 3000 crore in the next five years for expansion.