The barometer index BSE Sensex declined 322.69 points or 2.19% to 14,401.49 in the week ended Friday, 22 August 2008. The S&P CNX Nifty lost 103.25 points or 2.33% at 4327.45 in the week.
The BSE 30-share Sensex is down 5885.50 points or 29.01% in calendar year 2008 so far from its close of 20,286.99 on 31 December 2007. It is 6805.28 points or 32.09% away from its all-time high of 21,206.77 struck on 10 January 2008.
The BSE Mid-Cap index fell 96.57 points or 1.66% to 5,726.85 in the week. The BSE Small-Cap index slipped 184.59 points or 2.60% to 6,925.85 in the week.
Foreign institutional investors (FIIs) sold shares worth Rs 1109.50 crore in August 2008 (till 21 August 2008). FIIs sold shares worth Rs 28,411.50 crore in the calendar year 2008. Mutual funds sold shares worth Rs 983.50 crore in August 2008 (till 21 August 2008).
The market extended previous week�s losses on Monday, 18 August 2008. The BSE 30-share Sensex lost 78.52 points or 0.53% to 14,645.66. The S&P CNX Nifty was down 37.65 points or 0.85% to 4,393.05.
Fears of more losses from the US mortgage crisis globally hit domestic bourses on Tuesday, 19 August 2008. The market, however, recovered from lower level in late trade. The BSE 30-share Sensex lost 101.93 points or 0.7% to 14,543.73. The S&P CNX Nifty was down 24.80 points or 0.56% to 4,368.25.
The market posted decent gains on Wednesday, 20 August 2008, snapping losses made in the five successive trading sessions. However, it came off from a intra-day high hit in late trade. The BSE 30-share Sensex rose 134.50 points or 0.92% to 14,678.23. The S&P CNX Nifty rose 47.50 points or 1.09% to 4,415.75.
Bears took charge on Thursday, 21 August 2008 as caution prevailed ahead of the weekly inflation data to be released after the trading hours on that day. Rate sensitive realty and banking stocks took a beating. The BSE 30-share Sensex lost 434.50 points or 2.96% to 14,243.73. The S&P CNX Nifty was down 131.90 points or 2.99% to 4,283.85.
On Friday, 22 August 2008, key benchmark indices clocked decent gains after posting steep losses in the previous trading session. The BSE 30-share Sensex gained 157.76 points or 1.11% to 14,401.49. The S&P CNX Nifty gained 43.60 points or 1.02% to 4327.45.
World�s sixth largest steel maker Tata Steel fell 3.53% to Rs 594.45 in the week. Anglo-Dutch steelmaker Corus, which is controlled by Tata Steel, has entered into exclusive negotiations with Klesch & Company to sell its two aluminium smelters in the Netherlands and Germany. It follows an unsuccessful attempt in December 2007 to sell the smelters.
India�s largest private sector firm by market capitalisation and oil refiner Reliance Industries fell 1.30% to Rs 2,245.65. The Bombay High Court on Thursday, 21 August 2008, suggested that the warring Ambani brothers go back to their mother Kokilaben and have the dispute settled.
The division bench of Justices JN Patel and KK Tated are hearing the dispute between the Anil-Ambani controlled Reliance Natural Resources (RNRL) and Mukesh Ambani�s Reliance Industries (RIL) over supply of natural gas from the later's eastern offshore Krishna-Godavari gas fields. Ram Jethmalani, counsel for RNRL, said Anil Ambani was ready to meet his elder brother any time, any place. The case hearing has been adjourned to 1 September 2008.
India�a largest engineering and construction firm by sales Larsen & Toubro fell 2.09% to Rs 2,604.90. As per reports, Larsen & Toubro is close to buying equity stake in coal mines in Australia and Indonesia to increase its focus on the power sector. In the next couple of years, L&T hopes to have 4,000-6,000 megawatt (MW) of power plants under development and the equity in coal mines abroad will be to feed these power plants.
India's largest drug maker by sales Ranbaxy Laboratories rose 4.61% to Rs 522.80. Japan's Daiichi Sankyo's open offer to buy a 20% stake in Ranbaxy at Rs 737 per share commenced on 16 August 2008. The offer closes on 4 September 2008.
India�s second largest cement maker by sales Ambuja Cements fell 5.55% to Rs 80. As per reports, Ambuja Cements plans to expand in the south Indian market by transporting the building material by sea route. It is one of the few domestic cement makers having expertise in using sea routes for transporting cement.
India�s largest cigarette maker by sales ITC fell 4.71% to Rs 182.10. The company said on Tuesday, 19 August 2008, its information technology arm has acquired US-based technology firm Pyxis Solutions for an undisclosed sum.
India�s largest commercial bank State Bank of India fell 7.86% to Rs 1,346.25. The bank�s staff and its seven subsidiaries went on strike on 18 August 2008, protesting the merger of subsidiary State Bank of Saurashtra with the bank.
India�s largest private sector bank by net profit ICICI Bank fell 4.27% to Rs 644.50. The bank has reportedly sold about $275 million from its credit derivative portfolio in its foreign branches. The transaction, closed a few weeks ago, will enable ICICI Bank to cut its mark-to-market losses, reports suggested.
India�s largest real estate developer by market capitalisation DLF fell 3.42% to Rs 483.95.
India's largest passenger vehicle maker by sales Maruti Suzuki (India) fell 2.87% to 631.85. The company reportedly plans to increase its vehicle exports to 2,00,000 units annually by 2010-11.
India's largest commercial vehicle maker Tata Motors fell 1.54% to 425.60. The company scrapped a plan to raise Rs 3000 crore by issuing convertible preference shares due to adverse market conditions. However, the plan to sell rights shares worth Rs 4200 crore remains unchanged.
The wholesale price index rose 12.63% in 12 months to 9 August 2008, above the previous week's annual rise of 12.44%, government data released on 21 August 2008, showed. Inflation for the week ended 14 June 2008 was revised upwards to 11.80% from 11.42%.
The Union Cabinet on Thursday, 21 August 2008 cleared the policy guidelines for the commercial rollout of Internet Protocol TV (IPTV) services, a new cable TV delivery system that would benefit both telecom players and consumers. The Cabinet also gave its approval to amend the policy guidelines for downlinking of television channels to allow broadcasters to provide content to IPTV service providers. Currently, downlinking norms allow broadcasters only to share their channels with cable and direct-to-home platforms. IPTV involves delivery of television and video signals over a broadband network.