Sensex Down 132 Pts; Gold Hits New Peak Of Rs 25,925; LS Adjourned After Police Lathi Charge BJP Workers

Tuesday, Aug 09, 2011 SPECIAL LEAD Click here for India Business Update Mobile Version SENSEX DOWN 132 PTS; U.S. FOMC MEET EYED Indian stocks fell to a 14-month low in choppy trade on Tuesday, as Asian markets tumbled on concerns that global policy makers were unable to tackle the widening debt crisis. After opening 472 points down, the Sensex widened its loss to 558 points within minutes. Thereafter, it recovered more than 700 points from early morning lows and was trading with a gain of over 100 points at one point of time. However, it soon turned negative with over 300-point loss and after partial recovery closed 132.27 points down at 16,857.91 -- its lowest level since June 9, 2010. Nifty dropped 45.65 points to end at 5,072.85. It appeared that markets priced in all negatives and was eyeing the U.S. Federal Open Market Committee (FOMC) meet to be held in U.S. today. The Sensex has tumbled 2,013.38 points or 10.66% in 11 trading sessions and has lost 17.8% in calendar year 2011. read more GOLD HITS NEW PEAK OF RS 25,925/10 GMS Gold continued to sprint for the seventh trading session and breached the psychologically crucial level of Rs 25,000 for the first time. It zoomed by Rs 880 per to end at Rs 25,925 per 10 grams. Continuing its record-breaking spree, gold futures prices hit yet another high of Rs 26,198 per 10 grams today by adding Rs 956 as speculators created fresh positions after the metal zoomed past $1,700 an ounce for the first time ever in history in the global markets. read more LEAD STORIES LS ADJOURNED AFTER POLICE LATHI CHARGE BJP WORKERS Lok Sabha was adjourned over allegations of Ajay Maken taking bribe. At Jantar Mantar, police lathi charged BJP workers protesting against corruption. read more MCX-SX COMPLIANT WITH SHAREHOLDING RULES: SEBI A SEBI report has found that MCX-SX promoters have complied with the required shareholding regulations. read more CORRUPTION, SCAMS DENT UPA'S IMAGE: CNN-IBN POLL A CNN-IBN poll showed that for every 1 person who believes that the UPA government is not corrupt, there are 4 who think it is corrupt. read more TOP STORIES • Rupee dips 23 paise, ends below 45-level after 10 wks • FIIs net sellers of Rs 2,105 cr in cash mkt today • $13 bn boost; foreigners can directly invest in MFs • Brent crude dives to 6-mth low below $99 • Global bonds gain $132 bn amid stock rout • Subbarao gets 2-yr extension as RBI Governor • I-T dept zeroes in on 50 high-value tax defaulters • Govt to offer "settlement" scheme for defaulting cos • HCC U-turn on Lavasa, accepts MoEF preconditions • RIL may jointly develop hotel projects with EIH • Videocon's hotel project in Ahmedabad on hold • Hero MotoCorp unveils new brand; to set up 2 plants • May cut petrol prices if crude falls further: Oil Min • Wockhardt back in black; Q1 net at Rs 194 cr • Mahindra Satyam Q1 net doubles to Rs 225 cr • Atulya Mafatlal's daughter sues step mother Sheetal • Hazare leads bike rally in Mumbai against Lokpal Bill • OPEC cuts 2011, 2012 oil demand forecast • Rioting widens in London and spreads elsewhere • Senate panel to probe U.S. downgrade by S&P more stories TOP VIDEOS Warren Buffet Said If There Were A Quadruple 'A' Rating I Would Give The United States That: Barack Obama, U.S. President Obama Said The Debt Levels Are Rising And There Has To Be Willingness To Bring It Down - That's Exactly What Our Ratings Action Was Based On: Deven Sharma, President, S&P There Are Things Far More Important Than The Debt Downgrading Of U.S....So The Market Is Telling You Something Is Rotten: Marc Faber, Editor & Publisher, The Gloom Boom & Doom Report Bottom-Fishing? Hang On, Let Market Settle: Rakesh Jhunjhunwala, Trader & Investor AT A GLANCE BSE 16857.91 -132.27 NSE 5072.85 -45.65 TURNOVER Rs. 217,297 cr BSE CASH Rs. 3,273 cr NSE CASH Rs. 15,662 cr NSE F&O Rs. 198,362 cr BULLION GOLD 25476 +234 SILVER 57171 -2017 CRUDE NYMEX 102.25 -0.08 BRENT 104.81 +1.07 FOREX $ / Re 45.17 +0.2 £ / Re 73.509 +0.14 € / Re 64.289 +0.57 EVENTS 10 August Bank Unions To Debate Further Strikes 11 August Cadbury Delisting Case At Bombay High Court 11-12 August Indian Management Conclave 2011, India International Centre, New Delhi 16 August Finance Ministry To Meet Stakeholders On Jalan Committee Report 17 August High Court Noida Extension Case Hearing 18 August Interactive Session With Members Of Parliament, New Delhi 18-19 August 6th Annual Conference On Road Development In India, The Imperial, New Delhi EXPERT VIEWS "If prices globally come down sharply, and in a stable way, naturally the price of petrol will be adjusted downwards. Our (assumption) was that oil prices for the year would be $100 per barrel. That level has not been reached." S Jaipal Reddy Oil Minister "No matter what some agency may say, we have always been and always will be a triple A country...It's not a lack of plans or policies that is the problem here. It's a lack of political will in Washington. It's the insistence on drawing lines in the sand, a refusal to put what's best for the country ahead of self-interest or party or ideology. And that's what we need to change." Barack Obama President, USA "America's recent data have been lousy: there has been little job creation, weak growth and flat consumption and manufacturing production...The misguided decision by S&P's to downgrade the U.S. at a time of such severe market turmoil and economic weakness only increases the chances of a double dip and even larger fiscal deficits." Nouriel Roubini Chairman & Co-Founder, RGE WATCH OUT Young Turks Dream Decade This week Young Turks puts the spotlight on the Indian Internet economy! The ecommerce opportunity in India has been pegged at $10 Billion by the end of 2011. So we decided to bring in a power packed panel of e-entrepreneurs and investors to discuss if this ecommerce rush is for real and what's changed for India's internet economy since the last bubble. Catch Hitesh Oberoi of Naukri.com, Kunal Bahl of Snapdeal.com, Rajesh Magow of Makemytrip.com, Alok Mittal of Canaan Partners, Mukesh Bansal of Myntra.com and Vani Kola of IndoUS Ventures on this special edition. SHOW TIMINGS Wed 7:30 pm