Sensex slips below 8,800, Nifty at 2,650

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Just in: Profit-booking, weak Europe markets and slipping US futures dropped the Sensex into red at the last trading hour. The Nifty closed below 2,650 level while the Sensex settled below 8,800.
4:02 PM 11/19/2008

Just in: At 2:35 pm, Bombay Stock Exchange"s Sensex was at 8905.66, down 31.54 points or 0.35 per cent. The index touched an intra-day low of 8905.66 and intra-day high of 9236.71. National Stock Exchange"s Nifty was at 2672.10, down 0.41 per cent or 11.05 points. The 50-share index touched a high of 2772.40 and a low of 2671.85.
3:45 PM 11/19/2008

Just in: Fresh buying in oil, metal and realty surged markets. Sensex rose 258 points to 9,195 and the Nifty gained 75 points at 2,758, at 11:46 hrs IST. Sterlite Industries, Ambuja Cements and Reliance Industries shot up over 6 pc. HDFC Bank, Grasim, Cairn India, Hero Honda, Ranbaxy Labs, HDFC, DLF, Siemens, Reliance Power, ITC, ACC and GAIL gained 4-5 pc.
12:50 PM 11/19/2008

Mumbai, Nov 19: Bombay Stock Exchange's benchmark index Sensex opened green gaining 196 points at 9,133 and National Stock Exchange's Nifty rose by 52 points to 2,736. The markets bounced back on Wednesday, Nov 19 after five days of losing streak.

Metal, Banking, capital goods, oil, power and technology stocks saw buying interest. Major gainers in the opening session are SAIL, Tata Steel, Cipla, Idea Cellular, Suzlon Energy, BHEL, L&T, SBI, Reliance Industries, ICICI Bank, HDFC Bank, DLF, Hindalco and Infosys Technologies.

Buzz that the Reserve Bank of India (RBI) may announce steep rate cuts in a week or so and reports that the government has decided to inject a whopping Rs 50,000 crore for funding infrastructure projects in a bid to pump-prime the economy, triggered a rebound on the domestic bourses after a recent steep slide, a leading broker said.

The RBI is expected to announce another round of rate cuts in a week or so in an effort to ease liquidity and reduce borrowing costs to counter slowing economic growth. The apex bank 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.

Some other reports suggest that the government will inject Rs 50,000 crore on infrastructure projects that would be built through the public-private partnership.

The BSE Mid-Cap index jumped by 1.07 per cent to 3,092.95 and the BSE Small-Cap index rose by 0.57 per cent to 3,578.80. Both the indices underperformed the Sensex. All the 30 stocks from the Sensex pack were in the green.

Reliance Industries (RIL) jumped by 3.71 pc to Rs 1,183.05 on reports it may raise Rs 5,000 crore from the Life Insurance Corporation via 11.5 pc non-convertible debentures.

Sterlite Industries was up 4.61 pc to Rs 227.90, Grasim Industries moved up 3.11 pc to Rs 1,006.10 and Jaiprakash Associates went up 3.39 pc to Rs 70.20.

Steel stocks rose after the government yesterday imposed a 5 pc duty on imports of steel and iron products to protect domestic makers from cheaper imports. Tata Steel, Steel Authority of India, Jindal Steel & Power, JSW Steel and Bhushan Steel rose by between 0.21 pc and 2.41 pc.

Infrastructure stocks rose on hopes that the government will focus on infrastructure projects to pump-prime the economy. Gammon India, Era Infra Engineering, Hindustan Construction Company, Nagarjuna Construction Company and IVRCL Infrastructure & Projects gained by between 0.21 pc pc to 4.17 pc, brokers added.
10:05 AM 11/19/2008

UNI

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