Sensex shrugs off S&P rating, indirect tax cut

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Stocks fall sharply; Realty, banks badly hit
Mumbai, Feb 24:Indian benchmarks ended volatile session flat ahead of February F&O series discounting Standard & Poor"s negative credit rating outlook on India and indirect tax cuts by the government.

Bombay Stock Exchange"s Sensex was at 8810.49, down 32.72 points or 0.37 per cent. The 30-share index slipped after touching an intra-day high of 8856.52. It touched an intra-day low of 8619.22.

National Stock Exchange"s Nifty closed at 2733.90, down 2.55 points or 0.20 per cent. The broader index touched a high of 2740.15 and low of 2677.55.

Second rung stocks continued to remain under pressure. BSE Midcap Index was down 1.83 per cent and BSE Smallcap Index slipped 1.38 per cent.

Biggest Sensex gainers were Mahindra & Mahindra (4.96 pc), Ranbaxy Laboratories (3.85 pc), Grasim Industries (2.81pc), DLF (1.81pc) and Reliance Communications (1.55pc).
Tata Steel (-5 pc), HDFC (-4.78 pc), Sun Pharmaceuticals (-2.21pc), Sterlite Industries (-2.13pc) and Wipro (-1.86pc) were the losers.
4.11PM

Sensex recovers; M&M, Grasim up

Indian equities were off lows on Tuesday as some buying emerged after major Asian markets pared early morning losses. Broader markets however continued to underperform the benchmarks. Amongst sectoral indices, metals, realty and banks were badly hit.

At 12:50 pm, Bombay Stock Exchange"s Sensex was at 8760.29, down 82.92 points or 0.94 per cent. The 30-share index hit a low of 8619.22 and high of 8763.42.

National Stock Exchange"s Nifty was at 2719.65, down 16.80 points or 0.61 per cent. The broader index touched a high of 2737.90 and low of 2677.55.

BSE Midcap Index was down 1.72 per cent and BSE Smallcap Index slipped 1.58 per cent.

Mahindra & Mahindra (2.47 pc), Grasim Industries (2.44 pc), Ranbaxy Laboratories (1.6pc), ONGC (0.45pc) and Hindustan Unilever (0.3pc) were the Sensex gainers.

Losers comprised Tata Steel (-4.67pc), HDFC (-3.93pc), Jaiprakash Associates (3.28pc), Reliance Infrastructure (-3.11pc) and Sterlite Industries (-2.82pc).
2.09 PM


Nifty falls below 2700; PNB, DLF, ICICI Bank down
Indian equities were witnessing a sell-off Tuesday after rising concerns of recession took its toll on global markets. All the sectoral
BSE indices were in the red led by the fall in realty, banks and metal stocks.
At 10:26 am, National Stock Exchange"s Nifty was at 2679.40, down 57.05 points or 2.08 per cent. The index touched an intra-day low of 2678.85 and high of 2737.90.

Bombay Stock Exchange"s Sensex was at 8629.24, down 213.97 points or 2.42 per cent. The 30-share index hit a low of 8625.95 and high of 8707.35.
12:03 PM

Stocks fall sharply; Realty, banks badly hit
Stocks opened sharply lower on Tuesday, Feb 24 tailing a global rout after a fresh wave of fears about the global financial system. All sectoral BSE indices were trading lower. Realty and banking stocks were the worst hit.

Bombay Stock Exchange"s 30-share Sensex lost 135.86 points to 8707. National Stock Exchange"s benchmark Nifty fell 41 points to 2695 from its previous close.

The Dow Jones Industrial Average and the S&P 500 slumped to a 12-year low on Monday on fading confidence that the US government will be able to stabilize the financial system.

The Dow Jones Industrial Average slid 250.89 points, or 3.41 per cent, to 7,114.78, the Standard & Poor's 500 Index fell 26.72 points, or 3.47 per cent, to 743.33 and the Nasdaq Composite Index dropped 53.51 points, or 3.71 per cent, to 1,387.72.

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