Sensex drops by 1.20%; metals, capital goods down

	Dated:23 September,2011

Sensex drops by 1.20%; metals, capital goods down Indian markets ended with huge losses for second straight day as investors continued to offload positions on concerns of recession Market crash wipes out over Rs 7k cr of MF assets Exposure to banking, oil & gas, auto and IT shares led to a massive erosion of fund assets, according to analysts tracking mutual funds. Rupee may head towards 50.30 per dollar in the short term The rupee has weakened nearly 7.2% against the dollar since late August, on heightened concerns over European sovereign debt. Market Round-up SENSEX 16162.06 -199.09 NIFTY 4867.75 -55.90 NASDAQ 2141.54 17.78 DJIA 10060.06 19.61 RS/$ 46.79 -0.14 NSE Gainers Scrip Price(Rs.) %Change Nagreeka Exports Ltd. 25.25 + 12.72 Nectar Lifesciences Ltd 21.85 + 11.48 Star Paper Mills Ltd. 26.60 + 9.92 AML Steel Ltd. 13.10 + 9.17 Dhunseri Investments Ltd. 93.20 + 8.88 NSE Losers Scrip Price(Rs.) %Change Sanwaria Agro Oils Ltd. 17.65 -15.75 Krishna Engineering Works 3.60 -13.25 Peacock Industries Ltd. 2.65 -11.67 Southern Ispat & Energy L 5.15 -9.65 Andhra Pradesh Paper Mill 279.15 -9.62 Views on Stocks/Markets Sell DCHL with a stop of 65: Ashwani Gujral Wait and watch for IT stocks: Mitesh Thacker Buy Ambuja Cement with target of 139-154: Mitesh Thacker IPO/Global Markets Asian markets slump World markets skittish European shares turn negative Rupee / Gold 'Rupee depreciation expected' Re posts biggest weekly fall Gold slips to 6-1/2 week low More 'Market' News Shares in Wipro, HCL Tech, TCS gain on weak rupee Shares in IT companies surged in an otherwise weak market after the rupee hit 50 against the dollar FIIs press the panic button, sell Indian shares worth Rs 1,306 cr FIIs sold Indian equities for highest amount in a month as they fled to safety amid slumping confidence in policymakers to prevent another recession. BofA Merrill expects ITC to raise cigarette prices; stock down by 0.9% Bank of America Merrill Lynch expects ITC Ltd to increase by 10 per cent prices of select cigarette brands.