Sensex falls 291 pts on pre Budget jitters

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MAY JOIN RACE FOR SHELL'S EUROPEAN REFINERIES: SOURCES
SENSEX, NIFTY UP 1% EACH FOR THE WEEK
CNX MIDCAP INDEX UP 1%, BSE SMALLCAP INDEX UP 1.6%
METAL INDEX UP 3.7%, AUTO INDEX UP 2.3%, FMCG UP 1.5%
INDEX GAINERS: SUZLON UP 9.3%, TATA STEEL UP 6.3%, SAIL UP 5.3%
RIL SPOKESPERSON TO NDTV: 'REVIEWS CANNOT ASSURE TRANSACTIONS'
RIL SPOKESPERSON: 'WE ARE REVIEWING A NUMBER OF GLOBAL OPPORTUNITIES'
ESSAR-SHELL IN EXCLUSIVE NEGOTIATIONS TILL NOV 30 TO BUY 3 SHELL REFINERIES
APPROACHED SHELL FOR BUYOUTS BEFORE ESSAR'S EXCLUSIVE TALKS BEGUN
JSW ENERGY ALSO IN RACE FOR ANDREW YULE'S DPSC STAKE: NW
CESC, SREI INFRA IN RACE FOR ANDREW YULE'S DPSC STAKE: NW
GAMMON INFRA BAGS NHAI PROJECT WORTH RS.850 CRORES
NET PROFIT AT RS.48.2 CR VS RS.12 CR; SALES UP 55% AT RS.849 CR (YOY)
PROFIT UP 55% AT RS.143.50 CR; NET SALES UP 22.5% AT RS.2234.20 (YOY)
IMPORTING SUGAR BEING REVIEWED; NEED FOR ECONOMIC PRICING OF SUGAR
IN DISCUSSIONS WITH FARMERS TO COME AT PRICE COMFORTABLE FOR BOTH SIDES
TOO EARLY TO TALK OF DENA BANK MERGER WITH ANOTHER PSU BANK: NW
KEEPS OVERNIGHT LENDING RATE UNCHANGED AT 0.1%
STILL SEE DOWNSIDE RISK FOR THE ECONOMY
AIM TO CONVERT NON USERS TO USERS WITH THE HELP OF ROAMING TARIFF CUTS
PREFER TO REMAIN AGGRESSIVE WITHOUT GETTING INTO A PRICE WAR
MURTAZA KHORAKIWALA TO NDTV: CANNOT COMMENT ON SUB JUDICE MATTER
WOCKHARDT TO PAY BACK ALL SECURED, UNSECURED LOANS IN 5 YRS AS PER CDR
DBS TOP BRASS MET HABIL KHORAKIWALA TO DISCUSS WAYS OF SETTLEMENT: SRCS
EYEING TO SETTLE PAYMENT DEFAULT CASE OUT OF COURT: SOURCES
ALERT: ROAMING CONTRIBUTES 15% OF BHARTI REVENUES
ROAMING CALLS ON OTHER NETWORKS AT 80 PAISE/MINUTE
ROAMING CALLS ON OWN NETWORK AT 60 PAISE/MIN
SWAP TO REDUCE OVERALL FINANCE CHARGES FOR THE COMPANY: CFO
COMPLETES SWAP OF $875MN FOREX CONVERTIBLE BONDS

Updated: 30/06/2009 | 04:10 PM IST

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Sensex falls 291 pts on pre-Budget jitters

NDTV Correspondent and Agencies

Tuesday, June 30, 2009 (Mumbai)

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The benchmark index shed 291 points to close at 14,493 as cautious investors lightened their positions ahead of the budget. European stock markets were little changed in early trade following a mixed performance in Asia.

Anand Tandon, director of equities at Brics Securities, said that the markets are likely to remain volatile ahead of the budget. “Some part of the expectation is already built in and the market would move in a tight trading range. The manoeuvrability room for policymakers seems to be restricted," he said.

Realty, metals, power and capital goods stocks were hammered in today’s trade. The BSE realty index plummeted 7.4 per cent led by a decline in HDIL, IBREL and DLF. The stocks fell over 6 per cent each.

The BSE metal index fell 3.4 per cent and the BSE power index dropped 3.2 per cent. Welspun Gujarat Stahl, Ispat Industries and Sterlite Industries were the biggest losers in the metal space. The counters fell more than 6 per cent today.

The capital goods index on the BSE also shed 3.2 per cent.

In the 30-share Sensex pack, 27 stocks fell while the remaining stocks posted gains. Realty major DLF plunged 8 per cent to Rs 310. Tata Motors, JP Associates and Sterlite Industries were the other main losers, down more than 6 per cent each.

Hero Honda, TCS and HUL were the only stocks in the Sensex pack that ended higher.

Elsewhere, shares in GMR Infra plunged 8.7 per cent to Rs 141 after it cancelled a share sale due to poor investor demand. Airline stocks Kingfisher, Jet and SpiceJet lost 5 per cent to 6.4 per cent after oil firms raised jet fuel prices.

Shares in Apollo Hospitals ended 1 per cent higher after the company reported that its net profit rose by a third.

United Spirits tumbled fell 4.4 per cent to Rs 873 its group firm Shaw Wallace sold its entire 10.27 per cent stake in the company in the open market.

Asian markets were mixed on Tuesday. Oil powered above $73 a barrel to eight-month highs, boosting resource stocks, and the dollar fell against the yen. Japan's Nikkei 225 rose 174.97 points, or 1.8 percent, to 9,958.44, while Hong Kong's Hang Seng reversed early gains to close down 149.78, or 0.8 percent, at 18,378.73. South Korea's Kospi inched up 0.1 percent to 1,390.07.