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Sensex ends 445 points down

Indo-Asian News Service Mumbai,


September 26, 2008

Indian equities markets opened weak and continued to slide to end following the news
that $700 billion US bailout plan is still to be cleared and the US troubles are far from
over, analysts said.

There was news on Friday that a crucial meeting between US presidential candidates
Barak Obama of the Democratic Party and John McCain of the Republican Party has
been postponed.

This together with the news of the buy-out of Washington Mutual, the largest US thrift
fund, to JP Morgan Chase indicates that there could be more bad news over the weekend,
analysts said.

“Consequently, traders went into sell mode to avoid taking any positions before there was
more clarity about the situation,” said security analyst Jagannadham Thunuguntla.

He is the head of the capital markets arm of India's fourth largest share brokerage firm,
the Delhi-based SMC Group.

The 30-share benchmark sensitive index (Sensex) of the Bombay Stock Exchange (BSE)
closed at 13,102.18, down 445.00 points or 3.28 per cent against its previous close on
Thursday at 13,547.18.

The broader based 50-share S&P Nifty index of the National Stock Exchange (NSE)
finished at 3,985.25, down 125.3 points, or 3.05 per cent from its previous close on
Thursday at 4110.55.

The BSE mid-cap index closed at 4,940.82, down 152.23 or 2.99 per cent against its
previous close on Thursday at 5,093.05.

The BSE small cap index ended at 5,861.78, down 188.25 points or 3.11 per cent from its
previous close on Thursday at 6,050.03.

Only 442 scrips or 16.54 per cent advanced while 2,172 or 81.26 per cent declined and 59
remained unchanged.

Realty, metal, bank and capital goods stocks were the major losers. Only fast moving
capital goods gained.

ITC, Hindustan Unilever and ACC were the only gainers among the Sensex component
stocks.

Ranbaxy Laboratories, Sterlite Industries, ICICI Bank and Grasim Industries were the
major losers.

The sentiment was negative throughout, analysts said.