ONGC, SBI drag Sensex to 8-week low

	Dated:17 May,2011

Market Round-up SENSEX 18137.35 -207.68 NIFTY 5438.95 -60.05 NASDAQ 2141.54 17.78 DJIA 10060.06 19.61 RS/$ 46.79 -0.14 NSE Gainers Scrip Price(Rs.) %Change Shalimar Paints Ltd. 410.60 + 20.01 Man Industries (India) Lt 129.55 + 18.26 Maan Aluminium Ltd. 59.60 + 14.73 Sabero Organics Gujarat L 78.40 + 12.97 Trident Ltd. 15.35 + 11.64 NSE Losers Scrip Price(Rs.) %Change ATN International Ltd. 1.15 -11.54 GI Engineering Solutions 14.90 -11.04 Empee Sugars and Chemical 30.10 -10.01 Parenteral Drugs (India) 125.40 -9.98 Servalakshmi Paper Ltd. 16.40 -8.64

Top Headlines ONGC, SBI drag Sensex to 8-week low Poor results from SBI, higher subsidy sharing reports on ONGC and possible delay in drilling of new wells by RIL in KG-D6 basin led to sharp selling. SBI Q4 net profit plunges to Rs 20.9 crore, stock falls SBI said provision for bad loans in Q4 rose to Rs 3,264 cr from Rs 2,187 cr a year ago. Net profit in Q4 was at Rs 1,867 crore a year ago. Markets not attractive at this point in time: JPMorgan Adrian Mowat, MD & chief emerging market strategist, JPMorgan, said capital preservation may be the right strategy for the next couple of months. Views on Stocks/Markets Do not short sell Reliance: Sudarshan Sukhani Do not sell ONGC now: Brics Securities Short-term traders can sell SBI: Sandeep Wagle IPO/Global Markets Indian Bank to file initial FPO papers SAIL share sale likely on June 14 European shares fall Rupee / Gold Gold sales surge Gold rises to Rs 22,270 'Re could depreciate by 20%' More 'Market' News Expect industrial goods demand to decline globally in 3-6 months: HSBC In an interview with ET Now, Arjuna Mahendran, Head of Asia Investment, HSBC, talks about the Indian market and tightening monetary policy. Excerpts: RBS, Merrill, Citi up Glenmark target; maintain 'buy' RBS, Citigroup and Bank of America-Merrill Lynch have increased price target for Glenmark Pharma after the company signed a licensing deal with Sanofi. Banking shares down after SBI earnings; SBI down 7% Shares of Indian banks were trading lower after the country's top lender State Bank of India reported lower-than-expected earnings, several dealers said.