MARKET REPORT FOR OCTOBER 6
The key benchmark indices extended steep losses of the
previoustrading session as stocks fell across the globe as global
financialcrisis deepened. A sell-off in index pivotals pulled
down Sensex by724.62 points today, 6 October 2008. US futures
were downindicating of lower opening of US markets. The Sensex
hit itslowest level in more than two years and the S&P CNX Nifty
hit 1-½year low. In a major development, the market regulator
Securities & ExchangeBoard of India (Sebi) today, 6 October 2008
, announced removal ofrestriction on issue of participatory notes
(P-notes) by foreigninstitutional investors (FIIs) against
securities, includingderivatives, as underlying. The announcement
was made shortly aftertrading hours. P-notes are issued by foreign
funds registered inIndia to unregistered overseas investors. Consumer
durables and realty stocks plummeted. Sterlite Industriesfell more
than 15%. Reliance Infrastrucutre and JaiprakashAssociates fell more
than 13.5% each. Reliance Industries (RIL)fell more than 6.5% while
Infosys fell more than 5%. The marketbreadth was weak as selling
was witnessed across the board.