Sensex drifts lower in choppy trading

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OPEN MARKET OPERATIONS OF RBI ARE A PART OF REGULAR LIQUIDITY MANAGEMENT
STEEL MINISTRY FORMS COMMITTEE TO RESTRUCTURE PSU'S LIKE MSTC, KIOCL
STEEL MINISTRY FORMS COMMITTEE TO RESTRUCTURE PSU'S
TO TALK TO PM ON IRON ORE EXPORTS
CRUDE FALLS BELOW $60/BBL FOR THE 1ST TIME SINCE MAY ON ECONOMIC JITTERS
CIC ISSUED AN ORDER AGAINST SEBI IN THE MATTER ON JUN 26, 2009
BHOJ RAJ SAHU ASKED FOR LIST OF SHAREHOLDERS OF ALL DELISTED COS
CIC ORDER FAVOURING BHOJ RAJ SAHU ASKED FOR DATA ON DELISTED COS
CHALLENGES CENTRAL INFORMATION COMMISSION'S ORDER ON RTI
CRUDE FALLS BELOW $60/BBL ON THURSDAY ON ECONOMIC JITTERS
SEEKS RS.9000/TN CUT IN STEEL PRICES IN FY'10: NW
SENIOR MGMT CHANGES TO HELP IN POSITIONING THE COMPANY IN FUTURE
TO LAUNCH 100CC DISCOVER, POSITIONING AS A 'LONG DISTANCE BIKE'
TO LAUNCH 100CC DISCOVER, POSITIONING AS A 'LONG DISTANCE BIKE'
DISCOVER 100CC NOT TO REPLACE PLATINA 100, NOT AN ENTRY LEVEL BIKE
TO LAUNCH 100CC DISCOVER, POSITIONING 100 CC BIKE AS A 'LONG DISTANCE BIKE'
SEBI WANTS MIN 26% FREE FLOAT, FM TO GIVE TIME FOR IMPLEMENTATION: SRCS
APPOINTS INVST BANKS FOR FUND RAISING EXERCISE, PLANS TO RAISE $400MN: SRCS
FUND RAISING LARGELY TO REDUCE DEBT TO RS.7000 - 8000 CR
SUZLON PLANS TO RAISE $400MN: SOURCES
SUZLON APPOINTS INVESTMENT BANKS FOR FUND RAISING EXERCISE: SOURCES
LEAD BANKERS INCLUDE CREDIT SUISSE, CITI & DEUTSCHE BANK: SOURCES
SUZLON TO RAISE FUNDS VIA GDR OR QIP ROUTE: SOURCES
NEED TO REVAMP SAT WILL BE REVIEWED IN THE MEETING: SOURCES

Updated: 30/12/2008 | 12:34 PM IST

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Tuesday, December 30, 2008 (Mumbai)

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Key benchmark indices retreated from higher level on selling pressure in index heavyweight Reliance Industries. Market breadth, however, remained positive.

Planning Commission Deputy Chairman Montek Singh Ahluwalia on Monday said the government will come out with a second stimulus package for this fiscal and another package for fiscal year 2009-10 in the next few days to spur economic growth.

With industrial production contracting by 0.4% in October 2008, for the first time in 15 years, and the exports declining by over 12% during the month, the government came out with a stimulus package on 7 December 2008 to spur growth and help the industry combat the impact of global financial meltdown.

As part of the stimulus package, the government cut excise duty by 4% across the board, except on petroleum products, and announced raising of the public expenditure by Rs 20,000 crore to boost demand.

Meanwhile, Prime Minister Manmohan Singh has reportedly directed the Reserve Bank of India (RBI) to reduce the mandatory cash reserve ratio (CRR) for banks and short-term interest rates. Reports suggest that the RBI may cut the CRR by one percentage point that will give banks more headroom to lend. It may also slash the short-term lending rate (repo rate) and the short-term borrowing rate (reverse repo rate) for banks by half percentage points each.

Asian markets were trading firm today, as rally in shares of energy companies triggered by higher oil prices offset concerns that increased fuel costs will drag on corporate earnings. Key benchmark indices in Hong Kong, Japan, South Korea, Singapore, Taiwan were up by between 0.08% and 3.91%. However China's Shanghai Composite fell 0.14%.

Wall Street slid on Monday, after Kuwait pulled out of a joint venture with Dow Chemical due to the deepening global recession, threatening Dow's planned takeover of Rohm & Haas. The Dow Jones industrial average slipped 31.62 points, or 0.37%, to 8,483.93. The S&P 500 index fell 3.38 points, or 0.39%, to 869.42; the Nasdaq composite index fell 19.92 points, or 1.30%, to 1,510.32.

The BSE 30-share Sensex was down 18.16 points, or 0.19%, to 9,515.58. The Sensex opened 91.61 points higher at 9,625.13. The Sensex rose 117.88 points at day's high of 9,651.40 in midmorning trade. At the day's low of 9,494.70, the Sensex lost 38.82 points in midmorning trade.

The S&P CNX Nifty fell 1.22 points, or 0.02%, to 2,920.25

The market breadth, indicating the overall health of the market, was positive on BSE with 1064 shares advancing as compared with 687 that declined. 56 shares remained unchanged.

Among the 30-member Sensex pack, 16 gained while the rest slipped. Grasim (down 0.81%), TCS (down 0.49%), and Hindustan Unilever (down 0.50%), edged lower from the Sensex pack.

Jaiprakash Associates (up 3.12%), Sterlite Industries (up 3.28%), and Ranbaxy (up 2.37%), edged higher from the Sensex pack

India's fourth largest IT exporter by sales Satyam Computer Services came off day's high of Rs 156.90 but was still up 3.20% to Rs 153, extending yesterday's over 8% rally after the Indian outsourcer said it would consider more options to improve its business practices, including strengthening corporate governance. It was the top gainer from the Sensex pack.

Satyam on Monday, 29 December 2008, said three more independent directors, Krishna Palepu, Vinod Dham and Mendu Rammohan Rao, had quit. On Friday, 26 December 2008, the company announced the resignation of independent director Mangalam Srinivasan.

India's largest private sector company by market capitalization and oil refiner Reliance Industries (RIL) declined 0.83% to Rs 1237, off day's high of Rs 1267.50 on concerns the recent sharp fall in crude prices will hit refining margins.

Private sector banking shares advanced tracking rally in American depository receipts (ADR). India's largest private sector bank by net profit ICICI Bank rose 1.01% to Rs 449 after its ADR surged $8.94. India's second largest private sector bank by net profit HDFC Bank gained 0.51% after its ADR jumped $9.61

Auto shares Tata Motors (up 2.64%) and Maruti Suzuki India (0.87%) gained on reports the government is likely to remove an additional excise duty of Rs 10,000-20,000 on large cars and sports-utility vehicles as part of the package for the automobile industry which is facing downturn in sales for want of cheap retail credit. The additional duty was imposed in June this year.

India's second largest cellular services provider by sales Reliance Communication advanced 2.21% on reports the firm raised funds at less than prevailing commercial rate of interest to fund expansion. According to reports, Reliance Communication (RCom) has raised a fresh line of credit of $1.5 billion from leading international export development banks at less than prevailing commercial rate of interest.

India's largest oil exploration firm ONGC lost 1.68% to Rs 647.35 and was the top loser from the Sensex pack. The stock fell on fears of a higher subsidy burden post reports the government is cutting petrol and diesel prices.

PSU OMCs slipped after the Petroleum Minister Murli Deora reportedly said the government was considering passing on the benefit of the fall in international crude oil prices to consumers by cutting petrol and diesel prices. HPCL (down 2.49%), BPCL (down 1.92%), and IOC (down 0.94%), slipped.

Hindustan Unilever was the top loser from the Sensex pack. The stock shed 0.52% to Rs 250.75. HDFC (down 0.39%), Grasim (down 0.32%), edged lower from the Sensex pack.