Sensex down 151 points on profit-booking

The BSE benchmark Sensex fell by over 151 points in opening trade Friday as participants booked gains recorded in the previous session amid a weakening trend on other Asian bourses.

The 30-share Sensex, which closed 158.52 points higher in the previous session, fell by 151.47 points, or 0.95 percent, to 15,707.02 in opening trade Friday.

In a similar fashion, the wide-based National Stock Exchange Nifty Index shed 46.75 points, or 0.98 percent, to 4,709.70.

Bucking the trend, stocks of retail firms were in good demand after the government cleared 51 percent foreign direct investment in the multi-brand retail sector yesterday.

Stocks of Pantaloon Ltd climbed 10.47 percent to Rs 221.30, while Shopper's Stop gained 7.39 percent to Rs 399.75 after the government took a decision to allow 51 percent FDI in the multi-brand retail sector, which was earlier off-limits to foreign players.

All the sectoral indices were trading in the negative zone, with losses of up to 1 percent.

Brokers said apart from profit-booking by speculators after yesterday's gains, a weakening trend in other Asian markets on concerns over the eurozone debt crisis dampened the trading sentiment at home.

Meanwhile, in the Asia region, Hong Kong's Hang Seng Index was down by 1.22 percent and Japan's Nikkei shed 0.32 percent in morning trade Friday. The US market was closed yesterday for 'Thanksgiving Day'.

Rupee hits record low past 52.2 against US dollar

The Indian rupee slid past 52.2 against the dollar in early trade on Today, dropping to its lowest level in history, as broad gains in the dollar overseas and sustained demand from domestic oil refiners weighed.

At early trade, the partially convertible rupee was at 52.48/50 per dollar, after touching an all-time low of 52.50, and 0.6 percent weaker than its previous close of 52.1550/1650.

At the lowest point, the rupee has shed 16.5 percent from its 2011 high reached in late July.

The domestic currency had tumbled by 81 paise to close at a nearly 33-month low of Rs 52.15/16 per dollar in the previous session on sustained dollar demand from banks and importers in the backdrop of an eight-session losing streak in the stock market and a deepening euro-debt crisis.

Sensex regains 16K, up over 500 points on firm global cues

The BSE benchmark Sensex gained 533 points in early trade Friday on all-round buying by operators and investors in the wake of a four-session losing streak.

The BSE benchmark Sensex resumed higher at 16,222.49 and shot up further to 16,347.48 before quoting at 16,325.55, a sharp rise of 533.14 points, or 3.38 percent, from its last close.

The National Stock Exchange's (NSE) 50-share Nifty Index was also up by 166.85 points, or 3.51 percent, at 4,918.15. All the 13 sectoral indices on the BSE were in the green.

Metal stocks surged after the London Metal Exchange, a gauge of six metals, jumped by 4.4 percent yesterday. IT stocks rose on positive economic data from the US, the largest outsourcing market for the Indian IT firms.

The major gainers in early trade were Jindal Steel (up 7.50 percent), Sterlite Industries (7.18 percent), Tata Motors (6.55 percent), ICICI Bank ((6.42 percent), DLF (6.01 percent) and Wipro (4.91 percent).

Asian stocks rose sharply in early trade, making a broad-based advance on fresh indications that Europe is ramping up efforts to shore up its financial system and prevent another global banking crisis.

The key benchmark indices in Hong Kong, Japan, Singapore, South Korea and Taiwan were up by between 1.14 percent and 3.17 percent.

Equity funds post worst quarter in nearly 3 years

India's diversified stock funds posted their worst quarterly performance in nearly three years, as rising interest rates, slowing economic growth and global debt worries led to a fall in key stock indices.

Such funds lost an average 9.84 percent in the September quarter, their weakest quarterly performance since the October-December 2008 period when they fell over 20 percent, data from fund tracker Lipper, a Thomson Reuters company, showed.

The fall mirrored the drop in the BSE Sensex which declined 12.7 percent during the same period, the index's biggest fall since shedding 25 percent in the December 2008 quarter.

"Capital goods and industrials were the biggest contributors to the poor performance of equity funds," said Dhruva Raj Chatterji, senior research analyst, Morningstar India.

"Large-cap equity funds fell more than their mid-cap cousins during the quarter."

Losses in the capital goods sector, which fell 22.7 percent in the quarter, hammered unit values as equity diversified funds had an over 20 percent exposure to this sector as of end-August, data from Morningstar India showed.

Metal stocks also contributed to the fall, as reflected in the BSE metal index which fell 27 percent.

Mutual funds were also hit by investments in financial services stocks, another favourite theme of managers with an over 20 percent allocation, as the banking index fell 15.4 percent on worries about slowing credit growth amid a rising interest rate environment.

Data showed that fund managers slowly increased their combined exposure to small- and mid-cap stocks in recent months to 36.5 percent of assets by end-August, their highest level since January 2011.

The move, however, did not help funds, as the BSE mid-cap index fell 10.6 percent and the small-cap index slumped 15.6 percent in the September quarter.

Among sectoral equity schemes, funds that invest in the IT sector fell 13.3 percent, tracking the 13.5 percent fall in the BSE IT index, while banking funds lost an average 15.3 percent in the quarter.

Gold exchange traded funds (ETFs) staged an impressive performance in the quarter, rewarding investors with an over 17 percent average return as global debt woes boosted the yellow metal's appeal, sending prices higher.

Diversified equity funds fell 1.45 percent on average in September, nearly in line with the 30-share BSE index's fall of 1.34 percent in the month, data showed.

Funds' investments in capital goods and metals proved to be a drag on unit values, as the sectoral indices fell 10.82 percent and 9.1 percent, respectively, in September.

Gold exchange traded funds (ETFs), which were star performers in August, lost 3.4 percent in September as gold prices eased.

On the continuation charts, India's gold futures ended the month at 25,989 rupees per 10 grams, down 4.4 percent.

"Fundamentally, nothing has changed on gold ... prices could go much higher," said Chirag Mehta, fund manager - commodities at Quantum Asset Management.

Among debt schemes, funds that invest in government securities returned 0.26 percent in the month, Lipper data showed.

Bombay Stock Exchange benchmark Sensex lost over 200 points today

The Bombay Stock Exchange benchmark Sensex lost over 200 points in early trade today in line with their Asian peers as prospects of a global recession continues to unnerve investors.

The 30-share index, which lost 704 points in yesterday's session, fell by 201 points to 16,159.20 in earlier trade today.  The wide-based National Stock Exchange Nifty index also plunged by 59 points to 4,864.43.

Brokers attributed the widespread losses to a massive sell-off by funds, influenced by the weak trend in global markets after the US Federal Reserve warned of significant downside risks to the American economy.

Alarm about the risk of another economic down turn, after the US Federal Reserve's dire forecast at its two-day policy meeting which finished on Wednesday, pushed world stocks to 13-month lows as investors shed risky assets from portfolios and scurried to safer havens.

Meanwhile, S&P 500 futures stabilized and were trading up 0.7 percent, though Asian stock markets looked set to extend their weakness with South Korea's KOSPI off 3.3 percent in early trading.

With Japanese markets shut on Friday for a public holiday, traders said investors looking to raise cash might do so by selling shares in Hong Kong, putting further pressure on the Hang Seng which has already lost 8 percent this week and is at a 26-month low.

Earlier on Thursday the Dow Jones industrial average dropped 391.01 points, or 3.51 percent, to 10,733.83. The Standard & Poor's 500 Index lost 37.20 points, or 3.19 percent, to 1,129.56. The Nasdaq Composite Index slid 82.52 points, or 3.25 percent, to 2,455.67.I

Bombay Stock Exchange benchmark Sensex lost over 200 points today

The Bombay Stock Exchange benchmark Sensex lost over 200 points in early trade today in line with their Asian peers as prospects of a global recession continues to unnerve investors.

The 30-share index, which lost 704 points in yesterday's session, fell by 201 points to 16,159.20 in earlier trade today. The wide-based National Stock Exchange Nifty index also plunged by 59 points to 4,864.43.

Brokers attributed the widespread losses to a massive sell-off by funds, influenced by the weak trend in global markets after the US Federal Reserve warned of significant downside risks to the American economy.

Alarm about the risk of another economic down turn, after the US Federal Reserve's dire forecast at its two-day policy meeting which finished on Wednesday, pushed world stocks to 13-month lows as investors shed risky assets from portfolios and scurried to safer havens.

Meanwhile, S&P 500 futures stabilized and were trading up 0.7 percent, though Asian stock markets looked set to extend their weakness with South Korea's KOSPI off 3.3 percent in early trading.

With Japanese markets shut on Friday for a public holiday, traders said investors looking to raise cash might do so by selling shares in Hong Kong, putting further pressure on the Hang Seng which has already lost 8 percent this week and is at a 26-month low.

Earlier on Thursday the Dow Jones industrial average dropped 391.01 points, or 3.51 percent, to 10,733.83. The Standard & Poor's 500 Index lost 37.20 points, or 3.19 percent, to 1,129.56. The Nasdaq Composite Index slid 82.52 points, or 3.25 percent, to 2,455.67.I