The domestic market bounced back towards the end of the day with initial losses. The rupee hit a record low of 50.65 per dollar, raising alarm for more foreign fund outflows. Though the Reserve Bank of India was seen actively involved in selling dollars around 50.60 levels, state-run banks helped to halt the further decline in the rupee.
Also, the indices received positive signals from the US stock futures that eased selling pressure on the indices. The BSE Sensex closed down on a higher 100.63 points or 1.14% while the Nifty closed lower by 25.1 points or 0.94%.
Wall Street had seen a day of dismay on Monday as the National Bureau of Economic Research (NBER) panel of economists assigned with the Business Cycle Dating Committee.
The US Indices, after week-long profits, pitched in heavily with all yardsticks loosing on average more than 8%, almost half of what they had gained last week. The Dow Jones Industrial average plunged by 679.95 points to 8,149.09, S&P 500 dropped down by 80.03 to 816.21 and the Nasdaq Composite was down by 137.50 to 1,398.07.
The 30 share BSE Sensex opened at a lower note with 8,535.83, which is lesser by about 300 points from its last closing, touching an intraday high of 8,785.04 and a low of 8,467.43. It finally closed at 8,739.24, lower by 100.63 points or 1.14%. The index was able to record 12 advances against 18 declines at the close.
The only three sectors that managed to enter the green zone were Realty, Fast Moving Consumer Goods (FMCG) and Power. Realty Index closed up by 2.14%, FMCG index closed up by 1.04% and Power index was up by 0.48%.
Auto was down by 3.04%, Consumer Durables (CD) was down by 2.61%, Oil & Gas was down by 2.45%, Information Technology (IT) was down by 2.27% and Capital Goods (CG) sector was down by 2.02%. So these turned out to be the top losing sectors of the BSE.
If we need to highlight the gainers of the Sensex, Reliance Infra was up by 5.37%, Bharti Airtel was up by 3.05%, Jaiprakash Associates was up by 2.76%, NTPC was up by 2.46% and ITC was up by 2.45%.
Sun TV Entertainment from TECk went up by 14.32%, Unitech from Realty went up by 7.29%, Bharat Electronics from PSU went up by 7.76%, GVK Power & Infrastructure from Power went up by 6.81%, HPCL from Oil & Gas went up by 2.60%, Hindustan Zinc from Metal went up by 2.69%, NIIT from IT went up by 3.46%, Dr Reddy’s from HC went up by 4.82%, ITC from FMCG went up by 2.45%, Rajesh Exports from CD went up by 8.28%, Axis bank from Bankex went up by 3.81% and MRF from Auto was up by 1.19%. So these were the sector specific gainers.
Sensex’s top losers were M&M that went down by 8.21%, Maruti Suzuki went down by 5.24%, TCS went down by 5.21%, L&T went down by 3.46% and Sterlite Industries went down by 3.29%.
HCL Technologies from TECk went down by 7.29%, Orbit Corporation from Realty went down by 5.81%, MMTC from PSU went down by 5.43%, Suzlon Energy went from Power down by 6.46%, Cairn India from Oil & Gas went down by 4.31%, Jindal Saw from Metal went down by 6.02%, Dishman Pharma from HC went down by 3.85%, Godrej Consumer Products from FMCG went down by 4.13%, Kalpatru Power Transmission from CG went down by 8.83%, Blue Star from CD went down by 5.05% and IndusInd Bank from Bankex went down by 4.71%.
Reliance Industries with a turnover worth Rs 260.89 crore, SBI Rs 176.30 crore, Reliance Infra Rs 164.06 crore, L&T Rs 118.77 crore and DLF with trades worth Rs 90.76 crore were top turnover gainers of the Sensex.
The broader index S&P CNX Nifty opened at 2,672.90, its intraday high, with a low of 2,570.70 and finally shut down at 2,657.80, down by 25.1 points or 0.94%. There were 19 advances against 31 declines on the index.
Idea Cellular with 7.53%, Unitech with 7.29%, Reliance Infra with 5.33%, Dr Reddy’s with 4.73% and Zee Entertainment with 3.43% were the top gainers of the Nifty.
M&M with 8.53%, HCL Technologies with 7.23%, Suzlon Energy with 6.46%, Maruti Suzuki with 5.56% and TCS was down by 5.55% and so were the top losers of the index.
Asian markets also closed on a gloomy note under the dreary global signals. Nikkei 225 closed down by 533.53 points to 7,863.69, Hang Seng plunged by 702.99 down by 13,405.85, Straits Times lost 51.05 points to 1,639.18 and Shanghai Composite dipped slightly by 4.97 points to 1,889.63.
The European market has made a watchful start with major indices trading mixed in early hours of trade. FTSE 100 was a little down by 0.09 points to 4,065.40. On the other hand, CAC 40 was trading up by 13.08 points to 3,093.51 and the DAX 30 gained 52.18 points to 4,446.97.

Bharat Heavy Electricals (BHEL) tentatively plans to join hands with Japan’s Toshiba Corp through a memorandum of understanding (MoU) to acquire technology for high-quality transmission equipment and offer turnkey services in constructing transmission plants.
Toshiba will hold an equity stake in the joint venture company. Soon after the tie-up, BHEL would be able to manufacture high-powered transformer turbines with 765 Kilo Watt capacity and also offer in-depth solutions to set up gas-insulated substations and switchyards. At present, it manufactures transformers with the capacity of 400 Kilo Watt.

State Bank of India (SBI) plans to recruit approximately 4,280 clerical employees for its banks like State Bank of Bikaner and Jaipur, State Bank of Indore and State Bank of Mysore, State Bank of Hyderabad, State Bank of Patiala and State Bank of Travancore.
State Bank of Hyderabad, State Bank of Patiala and State Bank of Travancore plans to employ nearly 1,000 employees respectively. On the other hand, State Bank of Bikaner and Jaipur, State Bank of Indore and State Bank of Mysore will hire approximately 240 to 440 employees.
IDBI Bank also announced to recruit 650 employees for its retail banking and SME finance businesses.

International design studios, Tata Elxsi has launched a new Design Studio in UK based in Milton Keynes.
The design studio aims at providing high value services like product design, packaging design, graphic design and design realization services.
The move would be a major breakthrough in the technology world, which focuses on meeting the demands of current active global market.
The good news is that Tata Elxsi has gone up to Rs. 88.40 from Rs. 88.10, which is 0.30 points higher. However, there are fluctuations like Rs. 87.90 to Rs. 88.80. The highest that the BSE touched was Rs.310 on January 4, 2008 and the lowest Rs. 87.10 on November 28, 2008. Its current trading is 3,235.34, which has dipped by 1.89% from earlier.

National Mineral Development Corporation (NMDC), a government iron-ore has reported that ore shipments would take a backseat this week (Dec 2-9) due to the Naxalites.

It’s a foundation week held for the People’s Liberation Guerrilla Army (PLGA), which is going to be conducted near the mines. There will not be any trains available during the event except a single passenger train.

The route between Kirandul and Visakhapatnam is usually busy with ores shipping would be closed, which may result into a dismay on the export front.

Now IndiGo, one of the low-budget airlines is all set to take a step forward by launching new flights from cities like Delhi, Mumbai, Hyderabad, Chennai, Jaipur and Ahmedabad.

It would be a major breakthrough as the airline plans to operate 121 daily flights and also seven daily services on the busy Mumbai-Delhi route.

Irrespective of the fact that aviation industry is going through an economic setback, IndiGo president Aditya Ghosh is upbeat about the new project, which is going to boost economic growth.

Honda Siel Cars India has drawn buyers by 15% in the last month. The sales figure has gone up drastically with 5,090 units in November, which looks much more promising than 4,425 units last year.
City, Civic and the SUV–CR-V sold 4,539 units, 462 units and 186 units respectively.
However, company’s overall sales have dropped to 50,468 units in the last year, which was a whopping 57,024 units earlier.