MARKET UPDATE FOR 30 SEPTEMBER

The key benchmark indices snapped last three days losses

to postdecent gains today, 30 September 2008. Sensex rose

264.58 points.The barometer index had lost 1,096.77 points or

8% in the pastthree trading sessions to 13,102.18 on Monday,

29 September 2008,from a recent high of 13,692.52 hit on 24

September 2008 Expectations that a revised rescue package for

the US financialsector would be put forward quickly by the US

administration,triggered a recovery on the domestic bourses today

, 30 September2008, after an initial sharp fall that pushed Sensex

to 2-year low.The US House of Representatives on Monday, 29

September 2008,unexpectedly rejected a plan to buy toxic assets

from strugglingbanks that had been designed to revitalise strained

lendingmarkets. US stock futures were trading higher. Nasdaq futures

wereup 32.25 points while Dow Jones futures gained 211 points.

Banking stocks climbed. Index pivotal ICICI Bank rose more than

8%,Tata Consultancy Services rose close to 7%. Bharat HeavyElectricals

and Bharti Airtel rose more than 5% each. Finance minister P Chidambaram

today said Indian banks are wellcapitalised and regulated. He further

added that foreigninstitutional investors are not selling all the time.