MARKET UPDATE FOR CLOSING ON SEPTEMBER 17

Intense selling pressure in key index pivotals dragged the keybenchmark

indices lower in volatile trade. The BSE 30-share Sensex,extended losses

for the seventh straight day today, 17 September2008, declining 255.90 points.

The S&P CNX Nifty settled just abovethe psychological 4,000 level. ICICI

Bank shed over 4.5% and Reliance Industries shed over 3%.Sterlite

Industries tumbled a little under 9% and ITC lost over 5%.The market

breadth was weak. All BSE sectoral indices ended in red.

The BSE 30-share Sensex lost 255.90 points or 1.89% at 13,262.90.

The Sensex opened with a upward gap of 101.94 points at 13,620.74,which

is also its day's high so far, boosted by Fed's rescue planfor AIG. At the

day's low of 13,127.96 hit mid-afternoon trade, theSensex lost 390.84

points. The S&P CNX Nifty lost 66.65 points or 1.64%, to settle at

4008.25.At the day's low of 3,974.60, the Nifty lost 100.30 points

inafternoon trade. Nifty September 2008 futures were at a

marginal0.75 premium as compared to spot closing. NSE's futures

& options(F&O) segment turnover was Rs 58,546.48 crore, which

was higherthan Rs 56,509.60 crore on Tuesday, 16 September 2008.

The BSE Sensex has lost 1682.07 points or 11.25% in sevenconsecutive

trading sessions from a recent high of 14,944.97 on 8September 2008.

The barometer index is down 7024.09 points or34.63% in the calendar

year 2008 so far from its close of 20,286.99on 31 December 2007. It

is 7943.87 points or 37.45% below itsall-time high of 21,206.77 struck

on 10 January .