UPDATE

MARKET UPDATE FOR 30 SEPTEMBER


The key benchmark indices snapped last three days

losses to postdecent gains today, 30 September 2008.

Sensex rose 264.58 points.The barometer index had

lost 1,096.77 points or 8% in the pastthree trading

sessions to 13,102.18 on Monday, 29 September 2008,

from a recent high of 13,692.52 hit on 24 September

2008 Expectations that a revised rescue package for the

US financialsector would be put forward quickly by the US

administration,triggered a recovery on the domestic

bourses today, 30 September2008, after an initial sharp

fall that pushed Sensex to 2-year low.The US House of

Representatives on Monday, 29 September 2008,unexpectedly

rejected a plan to buy toxic assets from strugglingbanks

that had been designed to revitalise strained lending

markets. US stock futures were trading higher. Nasdaq

futures wereup 32.25 points while Dow Jones futures

gained 211 points. Banking stocks climbed. Index

pivotal ICICI Bank rose more than 8%,Tata Consultancy

Services rose close to 7%. Bharat HeavyElectricals and

Bharti Airtel rose more than 5% each. Finance minister

P Chidambaram today said Indian banks are well

capitalised and regulated. He further added that foreign

institutional investors are not selling all the time.