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Indian Market saw a huge declined due to selling pressure from HNI's and Retails Investors who are on cautions on the possible recession on world economy. Market opned on downside on the mixed global cues later it overwhelmed by the bears and as the day progressed it turned from bad to worse. Todays mayhem came as dampener for those who believed that two-day rally would continue. The 30-share index, BSE Sensex opened with a loss of 238.13 points, at 11,245.27. After breaking 11000 mark and touching the day's low of 10,760, the market moved within a range with a negative bias At the end of the day sensex had plunged by 674.28 points, or 5.87% at 10,809.12 after touching a high of 11,257.15 and a low of 10,760.33 while the broad-based NSE Nifty declined 180.25 points, or 5.12% at 3,338.40 after hitting a high of 3,518.50 and a low of 3,324.55. BSE Midcap and Smallcap index plunged over 4% each
Sectoral : All the 13 sectoral indices finished in red. BSE capital goods and consumer durables saw the sharpest fall down 8.8% each, while BSE Metal ( 7.82% ) , BSE Teck , BSE Power ( 6% ) , BSE IT ( 5.43% ) , BSE Oil & Gas ( 5.15% ) were down over 5-7% each. Not even a single sensex stock managed to close in the green, While JP Associate and R comm. Were the top losers, down 14% and 12% respectively.
Results : During the Market hours Engineering & Construction major Larsen & Toubro (L&T) , announces its quarterly result for FY2008-2009 Q2 Sept08, registered a substantial rise in its standalone net profit, but failed to meet analysts expectation. During the quarter, the profit of the company climbed 32.25% to Rs 4,602.60 million from Rs 3,480.20 million in the same quarter, previous year.
HCL Technologies reported a small decline in its standalone net profit for the first quarter ended September 2008. During the quarter, the profit of the company declined 3.93% to Rs 2,537.90 million from Rs 2,641.70 million in the same quarter, previous year. Net sales for the quarter rose 6.61% to Rs 11,758.00 million, while total income for the quarter rose 6.94% to Rs 12,256.60 million, when compared with the prior year period. The company posted earnings of Rs 3.80 a share during the quarter, registering 4.52% decline over previous year period.
The Reserve Bank of India on Wednesday cut the Cash Reserve Ratio (CRR) further by 100 basis points to 6.5 per cent of NDTL with effect from the current reporting fortnight that began on October 11, 2008. This measure will release additional liquidity into the system of the order of Rs.40,000 crore.
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