Sensex, Nifty Hit Two-week Minimum In Greece By Default Fears

Data showing dismal July 2011 industrial production growth, a rebound in global stocks due to concerns about the Greek government default on its debt, and reports that the largest banks by Moody’s Investors Service may downgrade of France about their exposure to Greece, frightened the market today, September 12, 2011, with 50 units, for S & P CNX Nifty two weeks low below the psychological 5000. The barometer index BSE Sensex, also hit two weeks low. Drop today on the national stock markets were largely based. The size of the market was quite low. All 13 sectoral indices on BSE were in red. The Sensex fell 465.12 points or 2.76%, off 266.40 points, high day.

Index heavyweight Reliance Industries (RIL) fell in volatile trade. Shares of energy companies in generation of NTPC and Tata Power Company hit in 52 weeks. Metal stocks fell on fears of global economic slowdown.

The market opened on a weak note as renewed fears of a Europe of sovereign debt crisis sent Asian stocks tumbling. The market trimmed losses in morning trading, after hitting intraday low cost. The market fell in midmorning trading after recent data showed a dismal 3.3% growth in industrial production in July 2011. The data that hit the market at about 11:00 IST. Continued weakness in early afternoon trade. The market extended losses in early afternoon trade as European shares opened at a low score for fear of the standard Greek.

Investors will be looking deep data in the second quarter in September 2011 the payment of advance tax due Thursday, September 15, 2011, which could give clues Q2 September 2011 results.

At 13:25 IST on BSE Sensex was down 465.12 points or 2.76% to 16,401.85. The index fell 465.64 points to 16,401.33 few days in afternoon trade, its lowest level since August 29, 2011. The index fell 198.72 points to 16,668.25 day high in early trading.

S & P CNX Nifty fell 145.35 points or 2.87% at 4914.10. The Nifty hit a low of 4,913.55 in intraday trading, its lowest level since August 29, 2011.

Extension of the market, shows the general health of the market was rather weak. BSE, 1989 shares declined and 629 shares rose. A total of 75 shares remained unchanged.

The total turnover on BSE amounted to Rs 1379 crores by 1:25 p.m. IST

The 30-share Sensex pack, 28 declined and only two of them managed earnings. ICICI Bank (down 4.23%), Bharti Airtel (down 4.08%) and Infosys (down 3.66%), low-cut from Sensex pack.

Index heavyweight Reliance Industries (RIL) lost 2.98% to 800.50 RS. The stock was volatile. Scriptures hit high of Rs 822.80 and low of Rs 799 so far during the day. The company denied the cost inflation in its D6 gas field in Krishna-Godavari (KG) basin. RIL said that the revisions to three independent experts found that the cost of KG-D6 field is not too large, and the company had lived up to the PSC (Production Sharing Contract). With regard to the Comptroller and Auditor General of India (CAG) observation that the operator has an incentive to keep costs high, says the independent auditor Ernst & Young (E & Y) of any increase in spending capital is very harmful to the contractor and the government. Consultant Daniel Johnston noted that the evaluation activities that RIL has carried over to the various discoveries in KG-D6 block in accordance with good international petroleum industry (GIPIP).

RIL, said independent reports E & Y, IPA and Daniel Johnston & Co. Inc. RIL stand fully validate their responses to the ACG. The independence of the studies conducted by renowned consultants in the world recognized the commendable work flow RIL carrying India’s first production of hydrocarbons in deep water in record time, RIL said. The fact that the major BP Energy has entered into a strategic alliance with EFI on the block, still justifies the position of RIL, RIL said. With its new partnership with BP, RIL hopes to release the full potential of KG-D6 block and the other, bringing more benefit to the nation, RIL said.

RIL, issued a statement after trading hours on Friday 9 In September 2011, the CAG said that the final report to Parliament on Thursday 8 In September 2011, the RIL is initially estimated capital expenditures for the D -1 and D-3 gas discovery was $ 2.4 billion, later revised to $ 8.8 billion. CAG report also said that RIL has started to implement the revised capital expenditure plans, before they were approved by the government. The report also found that RIL did not give a little ‘less of a priority for the KG D6 block, which the government would be able to provide additional studies of other companies.

India’s largest oil exploration company ONGC sales rose to 0.11%. The company earlier this month, has left the set around Rs 11 000 crore, following a public tender offer for the Securities and Exchange Board of India.

Farm of India’s largest by sales of consumer goods Hindustan Unilever jumped 3.23% to Rs 347.85 and was the winner of Top Sensex pack. According to sources, the company raised prices on coffee brand Bru 10-12% in recent months in the wake of a sustained increase in raw material costs over last several quarters.

The private power production of large areas of Tata Power Company declined 1.42% to 987.30 RS. The stock hit 52-week low of Rs 982.20 today.

India’s largest power generation capacity of NTPC companies fell from 1.91% RS 160.30. In stock hit a 52-week low of Rs 160.10 today.

Auto stocks fell on worries of higher interest rates could affect demand for vehicles. India’s largest truck maker Tata Motors shed 4.69% sale of RS 145.55, after turning a former Division 5-for-1 split today, September 12, 2011. Friday’s stock advanced 3.21% loss. The company said the after-market services for nine hours Friday in September of 2011, that its CEO and President Carl-Peter Forster had resigned Friday, September 9, 2011 immediately. Forster’s resignation, the Tata Motors’ statement, because of unavoidable circumstances. Forster, who had already driven from operations of General Motors Co. ‘s European, joined Tata Motors in February 2010. Its task is to Tata Motors of its worldwide operations are included, including Jaguar, Land Rover (JLR), which was acquired in June 2008.

I deeply regret that my personal situation is difficult for me to continue to work in the difficult management of the increasingly global group of Tata Motors with its main operations in India and the United Kingdom and increasingly in other markets abroad Forster said in a statement. Forster, however, remain on the board for a short period as non-executive member. Prakash Telang, Managing Director of Operations in India and Ralf Speth, CEO of Jaguar and Land Rover, will represent their respective operations in the set.

Metal stocks fell on concern the global economic slowdown. India’s largest sponge iron producer by sales Jindal Steel & Power declined 6.42% to Rs 505.85 and was the top loser from Sensex pack.

Sterlite Industries (down 4.01%), Hindustan Zinc (down 2.06%), Nalco (-1.3%), Hindalco Industries (down 4.19%), JSW Steel (down 4.38 %), Tata Steel (down 3.62%) and Sail (down 2.72%), low cut.

LMEX, a gauge of six metals traded on the London Metal Exchange fell 3.07% Friday, September 9, 2011 NRI demat account.

Pipavav Shipyard to the top traded counter the BSE with a turnover of Rs 104.23 crore, after the State Bank of India (RS 80.83 crore), GTL (RS 54.15 crore), Reliance Industries (RS 36.69 crore ), and TD Power Systems (RS 29.54 crore).

Among the side counters, KSL & Industries (up 11.97%), Harita Seating Systems (up 9.16%), Sanjivani Parenteral (up 8.84%) and Kanchan International (up 8 , 15%) increased.

KSE (down 11.89%), Ankur Drugs (down 10.43%), Grid technologies (down 10%), Shekhawati Poly wire (up 9.52%) and Sujan Tours (down 9, 41%) decreased.

Foreign institutional investors (FIIs) sold shares worth Rs 427.67 crore on Friday, 9 In September of 2011, as the exchange of preliminary data NRI Pan Card.

India’s industrial production grew by 3.3% in July 2011 over the previous year, far below market expectations, hurt sharp decline in the production of capital goods. The figure was significantly lower than the 8.8% growth in industrial production was in June 2011, government data showed on Monday September 12, 2011. Capital goods production in July fell 15.2% year on year, compared with 38% expansion in June. Industrial production, which is 75.5%, by weight, the index rose by 2.3% year on year in July, compared to 10% increase in June. Mining and quarrying increased by 2.8% compared to a revised decrease of 1.1% in June.


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