Sensex Plunges 298 Pts; August Exports Down 17% MoM; Govt Mulls Action Against Cement Cartel

SENSEX PLUNGES 298 PTS ON WEAK GLOBAL CUES

Friday, Sep 09, 2011 Snapping a 3-day winning streak, Sensex closed below the 17,000 mark on weak global cues with renewed concerns over the health of the U.S. economy. Announcement of $447 bn job plan by U.S. President Barrack Obama failed to ignite global market sentiments. Fed chairman Ben Bernanke's speech too was devoid of quantitative easing assurance. Adding to market fall was profit booking as Foreign Institutional Investors pared their holdings following depreciation of rupee to one-year low. Sensex fell 1.74% to close at 16,866.97 and the Nifty fell 93.80 points or 1.82% to end at 5,059.45. read more   LEAD STORIES EXPORTS SHOW SIGNS OF SLOWDOWN; DOWN 17% MoM   Exports in August fell 17% month-on-month. However, year-on-year basis it rose 44.2% to $24.3 billion but that was driven by a low base. read more CCI MAY PULL UP GUJ AMBUJA, ULTRATECH, ACC CARTEL   Ministry of Corporate Affairs may ask Competition Commission of India (CCI) to initiate action against three cement companies. read more TOP STORIES • CBI closer to filing its chargesheet against Loop   • MCA not to reopen Essar-Loop case: Moily   • CAG pulls IAF attaches for equipment buying delay   • Tata Motors CEO Carl-Peter resigns in 18 mths   • Car sales dip 10.08%, bike up 15.43% in August   • Rupee dips to 1-yr low on euro slide   • Gold up by Rs 675, silver gains Rs 1,600   • GTL Infrastructure submits debt recast plan   • Govt raises Rs 11,000 cr via sale of bonds: RBI   • Indiabulls raises Rs 500 cr via NCDs   • Govt stake sale in Ennore Port put on hold   • Healthcare a key focus area in 12th Plan: Montek   • Toyota launches Etios, Liva diesel variants   • SC allows N Srinivasan to take over as BCCI chief   • 2-day Core Committee meet of Team Anna on Sept 10   • Google buys restaurant review firm Zagat   • Twitter now 100 mn active users, mobile surging   • Economic gloom piles pressure on G7 finance talks   • Barack Obama unveils $447 bn job growth plan   • Interpol issues arrest warrant for Muammar Gaddafi   more stories TOP VIDEOS It Is An Urgent Time For The U.S., With An Economic Crisis That Had Left Millions Jobless: Barack Obama, U.S. President   In View Of The Slowdown In Global Economies, I Would Recommend Investors To Allocate Some Money For Gold: Marc Faber, Author, The Gloom Boom & Doom Report   Obama's Jobs Plan Short On Facts Like The Sharp Reduction Regulations If He Had Lifted The Oil Drilling Band That Would Have Created A Million Job Instantly: Robert Heller, Former Governor, Federal Reserve   AT A GLANCE BSE 16866.97 -298.57 NSE 5059.45 -93.8 TURNOVER Rs. 132,643 cr BSE CASH Rs. 3,030 cr NSE CASH Rs. 11,960 cr NSE F&O Rs. 117,652 cr BULLION GOLD 28059 +257 SILVER 65567 -30 CRUDE NYMEX 86.52 -2.53 BRENT 112.29 -2.26 FOREX $ / Re 46.57 +0.38 £ / Re 74.056 +0.35 € / Re 63.913 -0.2 EVENTS 10 September Core Committee Meet Of Team Anna 12 September Hearing Of Amar Singh's Anticipatory Bail In Cash-For-Vote Scam 14 September Results Of Cairn Shareholder Vote On Vedanta Deal 3rd International Summit Cum Exhibition On Food Processing, Agri Business & Diary, New Delhi 15 September CBI To File 3rd Charge Sheet In 2G Scam CVC To Appear Before House Panel For Lokpal bill India Infrastructure Summit 2011, Achieving The Trillion Dollar Dream, The Imperial, New Delhi EXPERT VIEWS "I have not seen the Government lose its credibility in one single Session of Parliament. When the Session started, the Government had a lot of arrogance, but there was bitterness amongst the senior people in the Government by the time the Session ended." Arun Jaitley Leader Of Opposition, Rajya Sabha "We are looking at every threat from all over the nation. I regret what Leaders of Opposition have said, especially when families are suffering and people are dead. It is deeply unfortunate that the BJP so quickly gave up bi-partisanship and statesmanship. Perhaps it is not in the DNA of the BJP to maintain bi-partisanship when India and neighbouring countries face the grave challenge of terrorism." P. Chidambaram Home Minister "Countries must act now - and act boldly - to steer their economies through this dangerous new phase of the recovery. Obama's new $ 450 bn job plan is happening at a time when the scope for policy action is considerably narrower than when the crisis first erupted. But while the policy options may be fewer, there is a path to recovery." Christine Lagarde IMF Chief WATCH OUT   Tech Toyz   This week on the hype special of Tech Toyz, Suresh and gossip girl Miss Malini tell you of all the most hyped, underhyped, correctly hyped gadgets, music, movies and even stars! SHOW TIMINGS Fri 6:30 pm