DLF NEWS (OCT-10)

DLF drops after fresh allegations by Kejriwal

DATE: 10/10/2012

A bout of volatility was witnessed as key benchmark indices weakened once again after staging a recovery from an initial slide in morning trade as investors fretted about the world's economic prospects after the International Monetary Fund (IMF) downgraded its global growth estimates for 2012 and 2013. The barometer index, BSE Sensex, was down 97.16 points or 0.52%, off 44.43 points from the day's high and up 36.43 points from the day's low. The market breadth was negative. Euro-zone debt worries also weighed on sentiment as protests in Greece during German Chancellor Angela Merkel's visit on Tuesday, 9 October 2012, raised doubt about a quick resolution of euro-zone debt crisis.

Index heavyweight and cigarette maker ITC edged higher in volatile trade. Another index heavyweight Reliance Industries (RIL) reversed initial decline. Pharma stocks were mostly higher, with Sun Pharmaceutical Industries hitting record high. Realty major DLF fell for third day in a row after India Against Corruption (IAC) activist-turned-politician Arvind Kejriwal on Tuesday, 9 October 2012, renewed his attack on DLF stating that DLF had received large favours from the Congress-ruled Haryana state government over the past few years and added that the company's business links with Congress chief Sonia Gandhi's son-in-law Robert Vadra were responsible for the favourable treatment.

The market edged lower in early trade on weak Asian stocks. The Sensex hit its lowest level in almost two weeks. A bout of volatility was witnessed as key benchmark indices weakened once again after staging a recovery from an initial slide in morning trade

BSE Sensex was down 97.16 points or 0.52% to 18,696.20. The index lost 133.59 points at the day's low of 18,659.77 in early trade, its lowest level since 27 September 2012. The index fell 52.73 points at the day's high of 18,740.63 in morning trade.

The S&P CNX Nifty was down points or 0.52% to 5,674.80. The index low of 5,660.10 in intraday trade, its lowest level since 5 October 2012. The index hit a high of 5,686.50 in intraday trade

The market breadth, indicating the overall health of the market, was negative. On BSE, 1,113 shares declined and 894 shares rose. A total of 111 shares were unchanged.

The total turnover on BSE amounted to Rs 539 crore by 10:20 IST compared with Rs 136 crore by 09:20 IST

From the 30-share Sensex pack, 19 stocks declined while the rest of them gained.

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