MARKET UPDATE FOR 15 SEPTEMBER

Bears emerged victorious for the fifth consecutive day as

keybenchmark indices posted losses led by weak global cues.

Crude oilat 6-month low below $100 a barrel also failed to

boost sentiment.News that China's central bank has cut interest

rates helped thedomestic bourses cut steep intra-day losses.

Despite the recovery,the market ended the day with heavy losses.

Fears of more foreignfund withdrawals weighed heavily on the

Indian bourses today, 15September 2008, after US investment

bank Lehman Brothers filed forbankruptcy protection, making it

the largest and highest-profilecasualty of the global credit crisis.

The financial upheaval also involved other US institutions. Bank

ofAmerica has agreed to acquire Merrill Lynch & Co for $50 billion

inan all-stock deal that will give the US bank the world's largest

brokerage. Index heavyweight Reliance Industries (RIL) rebounded

aftertouching 52-week low. Maruti Suzuki India staged a sharp

recoveryfrom day's low. Banking pivotals also rebounded from

early lowsafter China's central bank today, 15 September 2008,

cut benchmarklending rates by 0.27%. All the BSE sectoral indices

declined withstocks from IT and real estate worst hit. Shares of

some of theholdings of Lehman Brothers in India as a foreign

institutionalinvestor including its holdings in sub-accounts tumbled.