Indian market continued its journey towards north for the third consecutive day. we can say it was a  belated celebration for our markets today as we were closed yesterday when other Global markets were partying. The Sensex ended the day with a gain of 743.55 points, or 8.22% at 9,788.06 after touching a high of 9,870.42 and a low of 9,361.66. The broad-based NSE Nifty gained 188.55 points, or 6.99% at 2,885.60 after hitting a high of 2,921.35 and a low of 2,696.30. BSE Midcap and Smallcap index fell 3.41% and 2.46% respectively.

For the week Sensex and Nifty gained 12.5% and 11.7% respectively, thereby breaking a 5-week losing streak. Sectorally, BSE Metal and Oil & Gas indices were the star performers, gaining 22% and 20% week-on-week, while Healthcare and FMCG were the only indices which closed in red, down 1.2% and 1% respectively. Bank of Japan announced a rate cut of 20 bps against the expectation of 25 bps. US stock futures were trading down nearly 2%.

All the BSE sectoral indices closed in green. Metal and Oil & Gas indices were the top gainers, up 10.20% to 5,367 and 9.11% to 6,195 respectively. M & M and HDFC were the top sensex gainers, surging 23.09% Rs372.35 and 17.48% Rs1,764 respectively, while Ranbaxy and TCS were the sole losers, down 1.97% to Rs169.45 and 0.93% to Rs537.45 respectively.

 

Positive sentiment prevailed on the bourses today mirroring spurt in global stocks triggered by a rate cut by the US Federal Reserve.

The government is unlikely to meet the 3.1 per cent fiscal deficit target set for this fiscal due to excess borrowings to meet contingencies, Planning Commission deputy chairman Montek Singh Ahluwalia said here Thursday.

"Fiscal deficit this year is likely to be more than the budgeted 3.1 per cent (Rs.1.3 trillion) due to over-exposure in terms of borrowings. In view of the exceptional circumstances and global factors, the government had to also raise oil bonds and fertiliser bonds, which are considered off-budget," Ahluwalia told reporters on the sidelines of a function.

As per the Fiscal Responsibility and Budget Management (FRBM) Act 2003, the fiscal deficit is required to be reduced to 3 per cent of the GDP (gross domestic product) by 2008-09 - at the rate of 0.3 per cent of GDP every year from 2004-05.

"The FRBM Act is effective and adoptable under normal circumstances. To make it a rigid prescription will be a complete misreading of the Act," Ahluwalia said.

Fiscal deficit is a measure of borrowings by the government in a financial year. In budgetary arithmetic, fiscal deficit is the total expenditure minus the sum of revenue receipts, recoveries of loans and other receipts such as proceeds from disinvestment.

The government raises resources to fund its expenditure through tax collections and borrowings from the Reserve Bank of India (RBI), from the public by floating bonds, financial institutions, banks and foreign institutions.

 

"Even in developed countries (the US and Europe), fiscal deficits are set to go off targets this year following re-capitalisation of banks and infusion of billions of dollars and euros in their troubled financial systems," Ahluwalia asserted.

In the wake of dramatic rise in commodity and fuel prices, followed by global slowdown and financial meltdown, economies of the developing and developed countries are facing their worst-ever crisis in recent memory.

"In India, however, we have been taking proactive fiscal and monetary measures to minimise the impact of these global factors on our resilient economy. The centre has also insulated the states to a large extent by not passing off the burden of steep rise in fuel and fertiliser subsidies," Ahluwalia said.

Ahluwalia was in the tech city to receive a report on "technology enabled transformation of power distribution", prepared by IT bellwether Infosys Technologies in association with the Centre for Study of Science, Technology and Policy (CSTEP), Bangalore, a non-profit research organisation.

Diwala on Diwali ... Dark Monday

Indian Market opened lower about 101 points on sensex around 8600 levels taking negative clues from Asian markets on economy slowdown concern it widen its losses during the course of day. Intense selling was seen across board and the Sensex plummeted further as the day proceeded. The aggressive selling pressure broke the 8,000 mark and Sensex tumbled to a low of 7,697. Sensex was down over 62% from January`s highs and has corrected over 38% in October till date, whereas Nifty slipped below 2,300 mark. But indices staged a smart comeback in the later half of the trading session and closed with much lower damage on the penultimate day of the derivative expiry of the October series.

The Sensex ended the day with a loss of 191.51 points, or 2.20% at 8,509.56 after touching a high of 8,739.48 and a low of 7,697.39. The broad-based NSE Nifty declined 59.80 points, or 2.31% at 2,524.20 after hitting a high of 2,585.30 and a low of 2,252.75.  Short covering of derivative positions ahead of the expiry on Wednesday, 29 October 2008 triggered a sharp intra-day pullback in second half of the days trading session after Indices plunging to over 3-year low in the first half spooked by weak global equities. Some buying seen in realty and energy stocks which helped the index to make a smart recovery.  BSE Midcap and Smallcap index plunged 4.18% and 5% respectively.

Other Asian markets closed with much larger cuts. European markets were trading with average cut of 4% while US stock futures were down by around 2%. Rupee touched a fresh all time low of 50.27 against the dollar, finally closing at 49.88. Nymex crude fell to a 19 month low of $ 61.30/bbl.

BSE Consumer Durable and Auto indices were down the most among the sectoral indices, losing 6% each, while Realty and Teck indices gained 4.2% and 1% respectively. Bharti and Reliance were the top gainers among the sensex stocks, up 5.99% & 5.83% repectively, while Tata Motors and M & M were down the most, losing 14% each.

This Friday will be remeber for its terrible nature in Indian Stock Market. Market faced a really really big pressure due to institutional and FII concern over global economy slowdown. It was a blood bath in equity markets across the world as almost all of them saw double digit or near double digit percentage fall. Sensex saw a whooping 11% fall in todays trade and closed at 8701, the lowest close since Nov. 24, 2005. Markets extended its losses soon after the Reserve Bank of India`s half yearly credit policy review was out. Indian stock market started the day on a negative note after a fall of 3.92% on the previous working day. The 30-share index, BSE Sensex opened with a loss of 236.29 points, at 9,535.41 on Friday. The Reserve Bank of India (RBI) has kept the Bank Rate unchanged at 6% in its mid-term review of the monetary policy for the year 2008-09. Key short term lending rate which is known as repo rate, was also kept steady at 8%, to gauge the impact of a hefty, surprise cut earlier this week to soften the economy from the global financial crisis. Repo rate is the rate at which RBI lends money to the other banks. The Sensex ended the day with a loss of 1,070.63 points, or 10.96% at 8,701.07 after touching a high of 9,570.71 and a low of 8,566.82. The broad-based NSE Nifty fell 359.15 points, or 12.20% at 2,584.00 after hitting a high of 2,936.25 and a low of 2,525.05.  The levels on Nifty was the lowest close since Nov. 24, 2005. On weekly basis Nifty has lost 16%, which is the highest ever weekly fall, while Sensex is down 12.8% week on week.

Sectoral : All the BSE sectoral indices ended in red. Realty index plummeted by 24%, while Oil & Gas index plunged by 15%. DLF and Ranbaxy were the top losers among sensex stocks, down 24% and 18% while none of the sensex stocks managed to close in green.

Asian & European Market : Asian Market get the heat as time spares...  Nikkei closed 811.90 points down at 7649.08 , Hang Seng closed down about 1142.11 points at 12618.38 , Shanghai shuts its day for 35.94 points on south at 1839.62, Straits Times closed at 1600.28 down about 145.39 points. All of Asian Market is trading to their  3 - 5 years lows.

European Market was get the fuel to burn their market from Asian Market, all of major exchange indices closed in deep red with a cut of  8 - 11 percent (%),  FTSE closed down 343.57 in south at 3744.26 , DAX ended the sorrow with 10% at 4104.19 down about 415.51 points, CAC  closed its day down by sheding 282.14 points at 3028.73. 

There was no place to hide from this carnage acroos globe. Market was reacting like it poised to sell off.

Currencies & Energy : Rupee touched a fresh all time low of 50.05 against the dollar. UK GDP declined 0.5% quarter-on-quarter, which is the first contraction since 1992. Euro made a 2-year low against the dollar. Nymex Crude fell to a 17 month low of $ 63.05/bbl. Dow and S & P 500 futures hit limit down indicating a sharply lower opening. Global equities rout on worries about a sharp global economic slowdown caused hoax on the domestic bourses, which fell to their lowest level in nearly three years.

Indian Market opened lower inline with other Asian and US market. Stiff fall  in US market last night made a ground of fall for Indian Markets. It was down on concern over Economy. Today when Indian and other Asian market when opened, it was expected a deep fall, market plunged 4%  on opening trade. After a massive correction from top of 6300 on Nifty it touched a 2 year low( 24th July 2006)  of 2920 in today trade. In noon trade, government issued a statement on short positon and the news is personally given by  Finance Minister, P. Chidambarams, He stated , on short positions could not help the market and indices continued their southern journey on the back of negative global cues. A sharp but short-lived recovery was seen after the FMs statement that SEBI has asked FIIs to reverse short positions on borrowed shares.  Sensex closed at 9,771.70, down 398.20 points or 3.92%, after touching a high of 10,260.55 and a low of 9,681.28 making the lowest close since 16th June 2006. The broad-based NSE Nifty declined 122.00 points, or 3.98% at 2,943.15 after hitting a high of 3,085.10 and a low of 2,917.15, the lowest close since 24th July 2006. BSE Midcap and Smallcap index shed 3.20% and 3.55% respectively

Inflation for the week ended Oct. 11 stood at 11.07% versus 11.44% in earlier week. Rupee touched a fresh all time low of 49.86 against the dollar.

All BSE sectoral indices ended in red except Consumer Durable and Capital Goods indices, which gained 1% and 0.2% respectively. Metal and Auto indices were the worst hit, down 11% and 7.2% respectively. Grasim and BHEL were the top gainers among the sensex stocks, up 4.7% and 2.7% respectively while Tata Steel and Tata Motors were down the most, losing 14.8% and 14.6% respectively.

Indian market today faced across the board selling. Yesterdays rally proved short blip as our markets sold off along with other Asian and European markets. The sentiment remained bearish on the back of liquidity squeeze in the domestic market and a sharp fall in the Asian indices. Indian stock market opened the day on a negative note after a rise of 4.50% on the previous working day. The benchmark share index, BSE Sensex opened with a loss of 228.16 points, at 10,455.23 . SEBI today reaffirmed its disapproval to overseas lending and borrowing by FIIs and asked them not to take fresh overseas lending and borrowing. Sensex ended the day with a loss of 513.49 points, or 4.81% at 10,169.90 after touching a high of 10,484.85 and a low of 10,128.22. The broad-based NSE Nifty fell 169.75 points, or 5.25% at 3,065.15 after hitting a high of 3,235.75 and a low of 3,051.80.  Nifty level was lowest after 26th July, 2006.

Rating & Currencies : Rating agency Moodys downgraded the Tata Steel outlook from stable to negative. The stock plummeted by 12% today. In the currency segment, Euro and Pound tumbled on the expectation of rate cuts in Europe and UK. The Euro fell below 1.28 to a dollar for the first time since November 2006 while the Pound tumbled to a 5 year low. Rupee touched an all time low of 49.49 against the dollar in todays trade.

Sectoral : All sectoral indices finished in red except FMCG index, which managed to gain 0.6%. Metal and Realty indices were down the most, losing 7.9% and 7.6% respectively. ITC and HUL were the sole sensex gainers, up 1.04% and 0.5% respectively, while Tata Steel and Sterlite plunged by 12.04% and 10.04% respectively. BSE Midcap and Smallcap index dropped 2.70% and 2.02% respectively.




World Market : The major Asian indices like Hang Seng (Hong Kong), Kospi (South Korea), Straits Times (Singapore) and Nikkei (Japan) shed over 5-6% each. Among European exchange all were in Deep red, selling was visible across the board. Europe Key exchange FTSE down about 189.21 points at 4040.52 , DAX down about 239.72 at 4544.69 , CAC closed in red with 177.22 points at 3298.18 .

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Today it was hell for shorters in Indian Stock Market. Market behaved like it was pause for a big ticket move. It was fresh spell of buying by funds and retail investors and encouraging global cues. Intense buying was seen across board. Indian markets outperformed its Asian peers as both the benchmark indices surged nearly 4% in todays trade. The Sensex ended the day with a gain of 460.30 points, or 4.50% at 10,683.39 after touching a high of 10,750.20 and a low of 10,250.23. The broad-based NSE Nifty gained 112.10 points, or 3.59% at 3,234.90 after hitting a high of 3,254.85 and a low of 3,117.35. BSE Midcap and Smallcap index rose over 2% each.

Hang Seng and Shanghai, in fact closed in red. European markets were trading with average gains of one percent. US stock futures however, were down by same magnitude. French government said it would buy subordinated debt issued by the countrys six biggest banks. Stocks extended gains as money market rates declined in London.

All the BSE sectoral indices closed in green. Consumer Durable and Realty indices gained the most, up 9% and 8.3% respectively. JP Associate and TCS were the top gainers among sensex stocks, surging 16% and 13% respectively, while M & M and Hindalco were the sole sensex losers, down 2% and 1.7% respectively.

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Intense selling pressure by funds and worries on economic slowdown also weigh down the sentiment  Some selling pressure where seen from traders side, rumours was floating in market that NSE will revise lot size, this impact directly to retail traders and after this news, unwinding of long position seen. This Impacted the dalal street and let market to close below 10000 lelvls for the first time after 20th June 2006. The Sensex ended the day with a loss of 606.14 points, or 5.73% at 9,975.35 after touching a high of 10,786.93 and a low of 9,911.32. The broad-based NSE Nifty fell 194.95 points, or 5.96% at 3,074.35 after hitting a high of 3,335.95 and a low of 3,046.60. The benchmarks touched their new 2008 lows today. However Indian market managed to open in Green 181.85 points or 2.11%, at 10,763.34 taking strong signals form U.S and asian market but intense selling made all things wrongs and market went in negative zone and fall below 10000. Both Sensex and Nifty touched lows of 9,911.32 and 3,046.60 respectively. All sectors traded weak. Indian markets were down the most among all the Asian markets. Persistent selling by foreign investors has been a major concern for the markets. BSE Midcap and Smallcap index shed 3.07% and 2.76% respectively.

Sectoral : All the BSE sectoral indices closed in red. Realty and Power indices saw the deepest cut, losing 10.25% and 8.09% respectively. All 30 sensex stocks were down with Reliance Infra and JP Associate being hammered the most, down 11.96% and 10.7% respectively. 

Weekly :  On weekly basis, sensex is down 5.25% while Nifty has lost 6.27%, making it a fourth consecutive negative week. Among the sectoral indices, BSE Metal and Oil & Gas indices are down the most on weekly basis, losing 11.3% and 11% respectively, while Bankex and Realty indices managed to closed in green, gaining 4.3% and 0.07% respectively.
Currencies :  The rupee was at 48.89/48.90 per dollar, off a high of 48.57, as the local share market tumbled over 5 per cent, raising more concerns about capital outflows. It closed at 48.82/83 on Thursday.




Asian Market : Asian markets ended mixed Friday, with Japanese shares rebounding as they found bargain buyers a day after being mauled, while the rest of the region finished mostly lower on concerns the financial crisis might evolve into a full-blown recession in the U.S. and Europe. Hang Seng was down about 676 points, Shanghai closes on green for 1% @ 1930.65 on buying in large caps , Straits Times closed in red for more than 4% @ 1878.51 on economy woose. South Korea's Kospi, which tumbled 9.4% in the previous session, dropped another 2.7% to 1,180.67. India Key index fall more than 6% on economy concern and possible recession in U.S and economy slowdown in European countries.

Sectoral:  Some  sectoral index ended in red. BSE Oil & Gas index dropped 5.57% at 6,827 followed by BSE CG (down 5.23% at 7,665), BSE IT (down 3.99% at 2,669) and BSE Auto (down 3.43% at 3,196). However, BSE Realty gained 5.15% at 2,813 and BSE FMCG was up 1.73% at 1,903. But Heavyweight stocks continued to fall, Hindalco was leading the pack with a southwards direction of 12.15% at Rs69.75 followed by TATA Motors by 11.17% at Rs250.55 . On the meanwhile some stocks tops the Sensex and helped market to recovers RCOM was leading them with jumped of 9.80% at Rs258.90 from previous close followed by DLF gained 8.25% at Rs324.90 and Hind Unilever.

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Result:  


HDFC Bank , one of India`s largest bank reported a substantial rise in standalone net profit for the quarter ended September 2008. During the quarter, the profit of the bank rose to Rs 5,279.80 million, beating analyst estimates. Interest earned for the quarter rose to Rs 39,912.10 million above analyst expectation of 22,713 million , while total income for the quarter rose to Rs 46,343.20 million. The results for the quarter and half ended September 30, 2008 includes operations of erstwhile Centurion Bank of Punjab (eCBoP) for the same period, on amalgamation of eCBoP with HDFC Bank with effect from the appointed date of Apr. 01, 2008 as per the Scheme of Amalgamation (Scheme). Hence the results for the quarter and half-year ended Sep. 30, 2008 are not comparable with that of the corresponding period of the previous year.

Shares of the bank declined Rs 47.1, or 4.15%, to settle at Rs 1,087.

GTL Q2 consolidated net up 40.26%, GTL, a network services provider offering network engineering and infrastructure management services, registered a 40.26% growth in consolidated net profit on year-on-year (Y-o-Y) basis for the second quarter ended Sep. 30, 2008. The net profit for the quarter stood at Rs 423.60 million as against Rs 302 million (post adjustment for discontinued businesses net profit) for the corresponding quarter in the previous year.




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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.


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Roller Coaster ride continued..... 

After a spectacular rally in U.S. market yesterday our indian market also withnessed a gap up opening of 472 points on sensex. Funds and retails buying happening  in heavyweights, information technology, health care and tech stocks in the afternoon surged the Sensex touch the day's high of 11,870,  but the bulls could not keep the party going on for longs as the markets lost steam and kept on sliding as the trading session progressed. Once it was assumed that it is heading towards the negative zone but late buying in some selective stocks confirms to Sensex to closed almost 174.31 points higher, while the NSE Nifty closed 27.95 points higher at 3518.65 and sensex closed at 11483.40 moved up by 174.31 points on closing basis. BSE Midcap and Smallcap index rose 1.60% and 2.25% respectively

Sectorial:- IT stocks shined the whole day.. while the index of IT flared by wooping 5.36% becaming the biggest gainer over all sectors. BSE HC ( Health Care) was the second biggest gainer on percantage terms, it gained 4.66% and closed at 3405. Stocks from the software, pharma and realty sectors gained investors' intrest; stocks from PSU and metal sectors remained at the receiving end. Worst performing sector was Metal , PSU and Consumer Durables all ended on RED.  Hindalco was down by 4.10% while RCOM shed its gain and closed 4.8% lower.




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Asian Markets :  The BSE index, among the worst performer in Asia, fell as much as 9.6 per cent at one stage to more than half below its record high of 21,206.77 hit in January, before trimming losses on domestic institutional buying. Hang Sang down about 1146.77 points at 14796.87 . Japan Key index Nikkei 225 avarage smashed 881 points at 8276.43 , South Korea KOSPI closed at 53.42 points. Taiwan @ 5130.71 down about 75.69 points. Karachi's 100-share index was little changed at 9,181.35 on extremely thin volume. Colombo's All-share index closed down 4.39 per cent at 1,924.69. Taiwan was the outperformer among all asian market. Down only odd 1.5%. Asian stocks tumbled, driving Japan`s Nikkei 225 Stock Average to its biggest weekly decline on record, on concern the deepening credit crisis will push the global economy into a recession. The Karachi Stock Exchange board will meet on Monday to review how long to keep an artificial floor under the share market and consider establishing an exit mechanism for foreign investors.

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Yesterday Indian Market witnessed sharpest fall of recent days during the first half of trading time. Market reacted to the news of US Federal reserve Chief Ben Bernanke's comments of " Central bank`s record loans to unblock credit markets were insufficient to prevent a deeper economic downturn".

The index after a weak start touched a day`s low of 10,740, down 575 points from the day`s open shedding more than 850 points.  However, the index after sunoutage break made a smart recovery on the back of renewed buying interest in select beaten down stocks.Sensex finally closed negative with 366 points at 11328 compared from last trading day closing , while NIFTY ended the day on Red at 3513 down about 92 points from its last day closing.  Consumer durables, metals, banking, IT, realty, FMCG and power stocks led the declines.

All BSE sectorail indices ended on red, but some sectors deepns the problem having cut more from index level. Consumer Durables and FMGC take the worst hit down about 6.8% and 5.2% respectively. Some stocks shined the street irrelevant to fall like Ranbaxy and Tata Power both were the leading gainer of Sensex, gaining by 9% and 4.8% respectively.  Ranbaxy was a star performer due to the news on market that US Department of Justice has withdrawn motion against the company, being probed against allegedly  bringing adulterated and misbranded medicines into U.S. On the loosing side JP Asso and Wipro were the worst performer till the end of day, both sheds 10% and 8% respectively.

In Evening ( according to IST ), 3 central bank - ECB ( European Central Bank ) , BOE ( Bank of England ) & US Federal Reserve  in a co-ordinated move cuts Interest rates by  50bps. In a move to handle situation in China , China's central bank also reduced Interst rates by 27 bps and reduced reserve requirment by 50 bps. 

Asian Markets - All Asian market closed in deep red . Japan stock exchange key index Nikkei 225 closed down by more than 9% this is the worst fall of Nikkei 225  of last 21 year.

European Market - All Eurpean market recovred on the news of Interest rate cuts but closed in red having a minimum cut of 5% in Eupore's key stock exchange. Dow Future also traded on positive having a gain of 2% in evening.. but finally ended on red falling about 190 points.

Currencies & Energies- Rupee touched a new low of 6 years, it depriciated towards the level of 48.81 against dollar and fiannly recovred 75 paisa after the rate cuts annouuncement across globe and finally closes at 48.00 / US Dollar.  Crude - Take the hit on the news of economy slowdown on global scale, it formed a new 10 months low at $86.05/barrel and fianally closed at 90.70 as dow recovred.

NSECash Rs.12819.42 BSECash-Rs.5135.12 Future Rs.57666.95

Indian Market closed on lower note despite the early gains seen on back of easing P-Notes restriction and 50 BPS cut in CRR ( Cash Reserve Ratio ) the proportion of deposit that banks must keep with RBI as a security measure to 8.5% from current 9%. This step will pump Rs20000 crores in system and is sufficient to liquidate the system for some month. The Benchmark index BSE 30 share SENSEX closed in RED at 11,695.24 shedding 106.46 points  or 0.90% while the broader exchange NSE Nifty shuts its shop on positive side with a modest gain of 4.25 points or 0.12% at 3606.60 after hitting a high of 3732.65 and low of 3537.00. BSE Midcap and Smallcap index fell over 2% each in day session. Asian stocks fell on concern surging credit costs will deepen a global slowdown. Shares pared losses after an Australian interest-rate cut spurred speculation more central banks will follow.European Market were closed mixed. London and Paris stock exchange closed on Positive Side.  Currencies - Rupee touched a new 70 month low of 48.15 / USD and finally closed at 47.92 against dollar.

 There was a mixed bag on BSE Sectorial index, Oil & Gas and PSU sector index gained 1.3% and 0.8% respectively, while Capital Goods and IT index was on downwards with lossing 4% and 3% respectively. It was ONGC who was holding Nifty and with its help it finanlly managed to close on Positive side. Sensex laggerds were LT and TCS both were down about 7% and Sparking stock on Sensex was Ranbaxy and NTPC both were up by 3.9% and 4.3% respectively.

Global Carnage

All sector on BSE ended southwards. BSE Consumer durables and Realty index was hammered badly. It plummeted 11.01% & 9.91% respectively, Metal dropped 9.27%, Power fell 7.24% and IT declined 5.82%.  All the SENSEX stocks ended in negative territory and STER and RELINFRA was the most declined stocks.. Both were down more than 14% in today trade. While Suzlon from Group A catagory down more than15% .

NSECash Rs.10366.93 BSECash-Rs.3992.08 Future Rs.46853.23

 

The minister also said there has been no increase in steel prices since May, and that prices would moderate now.

Paswan, who earlier chaired a meeting of the fertiliser advisory forum as the country's chemicals and fertiliser minister, did not specify any time frame for the steel prices coming down.

A month ago, Paswan had spoken about steps to maintain the steel prices if needed.

His observation Sunday once again showed the government's unwillingness to allow the steel firms to go for an upward price revision after their three-month voluntary moratorium on price revision ended Aug 7.

Though in India, the government does not fix prices, the major steel producers normally do not go against the state's wishes, given the say of public sector firms like Steel Authority of India Ltd (SAIL) in the market.

Steel secretary P.K. Rastogi Aug 22 had told reporters here that there was no scope for an upward revision in the prices of steel products, and had instead called for a reduction following softening of global prices.

“Since global prices of steel are softening, we do not see any immediate reason to go for any upward revision. Instead, the companies should think in terms of further reduction in the prices of steel,” Rastogi had said.

The steel manufacturers at a meeting with Prime Minister Manmohan Singh here May 7 agreed to reduce prices of flat steel products by Rs.4,000 a tonne and that of structural steel by Rs.2,000 per tonne.

They also agreed not to revise prices for the next three months.

U.S. Senate approved a revised $700 billion rescue package for the House of Representatives , following the House's rejection on earlier version. This bill , approves government to buy bad assest from financial institution due to record forcloser. Senate passed this vote on 74-25, senators authorized the Treasury secretary Mr. Henry Paulsonto buy bad assets from financial's books, allowed the Federal Deposit Insurance Corp. (FIDC) to raise its deposit-insurance cap to $250,000 from $100,000, extended several tax breaks and required government agencies to modify troubled mortgages.

The dollar rose against the euro, approaching a one-year high, after the Senate approval, bolstering expectations the U.S. will act faster than Europe to address the seizure in credit markets. The dollar advanced to $1.3880 per euro at 8:51 a.m. in London, from $1.4009 late yesterday in New York.

The most sweeping change is language to raise the limit for insured bank deposits sought by the FDIC, which asked to raise the capital temporarily to $250,000 from $100,000. This was designed to attract votes of some members of Congress who said that little was being done for Main Street.

The Senate also sweetened the measure for Republicans by authorizing the government's purchase of troubled assets with a $149 billion package of tax breaks. They would spare 24 million households from a $62 billion alternative minimum tax and extend $17 billion in benefits to companies that produce alternative energy.

No Arbitrage, CAlls & Strategy for Tomorrow , as tomorrow is trading holiday, will uploaded Arbi and calls for Oct 03  on Oct 02.