MARKET UPDATE AT 11.30 AM SEPTEMBER 16

Key benchmark indices slumped for the sixth day in a row today,

16September 2008, mirroring mayhem in global markets triggered

byfears of the state of the US financial system after Lehman Brothers

filed for bankruptcy, insurer AIG struggled for survival andMerrill Lynch

was sold to Bank of America. Nifty cracked below4,000 in opening trade.

Ranbaxy Laboratories slumped over 5%. Index heavyweight Reliance

Industries hit a 52-week low of Rs 1800 in early trade. Bankingpivotals

saw divergent trend. US markets collapsed on Monday, 15 September

2008 falling the mostsince 11 September 2001 as investors worried

about the impact ofthe latest twists in the credit crisis on the economy

and theoutlook for profits. The Dow Jones Industrial Average plunged

504.48 points, or 4.42%, to 10,917.51, the Nasdaq Composite indexdropped

81.36 points, or 3.60%, to 2,179.91 and the Standard &Poor's 500 index

fell 59 points, or 4.71% to 1,192.70. Asian markets were trading weak

today, 16 September 2008 as fearsof a global financial crisis gripped

investors across Asia. Keybenchmark indices in China, Japan, Hong Kong,

Taiwan, Singapore,and South Korea were down by between 2.07% and

5.95%.