Local equity markets ended the lacklustre session of trade in the red on Wednesday as global weakness weighed on sentiments. The bulls never looked convinced for the good rally on the indices today as downward revision of the Japan's annualized growth rate for July-September period to 1.3% from earlier reported 4.8% fuelled concerns about the global recovery. Back home, markets languished in the negative territory during entire session except for the very brief period of time around noon trades. Metals led by Tata Steel, Hindalco Industries and Sterlite Industries took it on the chin from the bears as dollar surged against other currencies. Banking, power and oil & gas counters were the other major losers in trade. Selective buying was witnessed in software, technology and auto sector stocks. Maruti Suzuki surged over two and a half percent in trade after some media reports indicated that Volkswagen was likely to pick up 20% stake in its parent company Suzuki Motors. Finally, the BSE Sensex plunged 102.46 points or 0.59% to close at 17,125.22, while the S&P CNX Nifty tumbled 35.95 points or 0.70% to settle at 5112. The market breadth on the BSE was marginally strong at the end; the gainers outnumbered the losers in a ratio of 1507:1306 while 75 shares remained unchanged in trade. The BSE Sensex touched a high and a low of 17,227.96 and 17,057.37, respectively. The major gainers on the benchmark index were Maruti Suzuki up 2.54%, Hero Honda up 1.74%, TCS up 1.20%, Wipro up 1.19% and RCom up 1.08%. The major losers on the Sensex were Tata Steel down 4.17%, Hindalco Inds down 3.04%, Sterlite Inds down 2.98%, HDFC down 2.30% and ICICI Bank down 1.92%. The BSE Mid-cap index declined 0.58% while the BSE Small-cap index added 0.36% in the day's trade. The government on Tuesday sought Parliament's approval for additional spending of Rs 25,725 crore in the first supplementary demands for grants. The expenditure proposals include equity infusion in national carrier NACIL, additional money towards Commonwealth Games, funds for National Calamity Contingency Fund, metro projects and additional outgo towards food and fertiliser subsidies, among others. According to the supplementary demands tabled by finance minister Pranab Mukherjee in the Lok Sabha, while public expenditure was sought to be increased by Rs 30,943 crore, the net impact would be Rs 25,725 crore as over Rs 5,200 crore would be met through savings. Among BSE sectoral indices Information Technology (IT) up 0.81%, TECk up 0.74%, and Auto up 0.69% were the main gainers. On the other hand, Metal down 2.09%, Bankex down 1.58%, Power down 0.58%, Oil & Gas down 0.55% and Realty down 0.50% were the main losers in the BSE sectoral space. Tata Steel (down 4.17%) from Metal, BoB (down 3.94%) from Bankex, GMR Infra (down 2.42%) from Power, Gail India (down 1.98%) from Oil & Gas and Orbit Corp (down 2.12%) from Realty were the main losers on the respective indices. Auto sales in India continue to surge, especially in the passenger vehicle segment, as the Indian economy recovers at a much faster-than-expected pace. In the month of November, total auto sales stood at 1,037,133 units, against 711,363 units in the same month last year, registering a growth of 46%. Sales grew at record pace in the passenger car segment as consumer sentiments improve riding on strong economic recovery. As per the figures released by the Society of Indian Automobile Manufacturers (SIAM) on Tuesday, total domestic sales of passenger car stood at 1,32,615 units in October this year compared with 99,052 units a year ago, registering a growth of nearly 60%. The performance in the month of November also erased the doubts that demand might slow after the festive season. The S&P CNX Nifty touched a high and a low of 5147.65 and 5090.60, respectively. The top gainers on the Nifty were Idea up 3.69%, Maruti Suzuki up 2.91%, RPower up 2.04%, Hero Honda up 1.94% and Wipro up 1.70%. The top losers on the Nifty were Tata Steel down 3.91%, Sterlite Inds down 3.35%, Hindalco Inds down 2.87%, SAIL down 2.61% and HDFC down 2.56%. India's steel industry continues to expand as demand from auto construction sector surges amidst a fast improving economy. However, the gains have been curtailed by increase in imports as steel companies in big producers like China try to dump the commodity in India in wake of string demand and firm prices here. According to the provisional data compiled by the steel ministry, total consumption of steel in the country has increased by 8.1% during the April-October period to touch 35.97 million tonne. Demand from automobile sector, which itself is growing at a fast pace, consumer durables and construction sector have kept the consumption of steel buoyant throughout the first nine months of the fiscal. European markets were trading in the negative terrain. France's CAC 40 declined 0.36%, Germany's DAX shed 0.68% and Britain's FTSE 100 contracted 0.32%. The Indian government might not get the full pie from the forthcoming auction of the third generation (3G) radio waves within current fiscal. A move the department of telecommunications (DoT) may allow the telecom operators to pay only 25% of the bid amount upfront and remaining over time as the spectrum is delivered to the companies. The DoT is currently not clear on the position of spectrum availability and is still finalising the roadmap to the delivery of spectrum. In fact, the DoT officials believe that despite earlier announcement of four slots for private players in each cycle, the final auction may only have three slots due to lesser spectrum availability. Asian markets finally closed in the red; all the major indices were showing weakness since beginning and could not recover despite much effort. The worst hit was the Chinese market and the Shanghai Composite closed at 3,239.57, down by 57.10 points or 1.73%, Hang Seng closed at 21,741.76, down by 318.76 points or 1.44%, Nikkei 225 closed at 10,004.72, down by 135.75 points or 1.34%, Straits Times closed at 2,797.21, down by 8.29 points or 0.30% and the Jakarta Composite was marginally down by 2.60 points or 0.10% to 2,481.30 On the other hand Seoul Composite closed at 1,634.17, up by 6.39 points or 0.39% while the Taiwan Weighted closed at 7,797.42, up by 28.71 points or 0.37%. Japan's economy grew much slower in the September quarter than was earlier believed as the companies slashed capital spending due to worries about the economic outlook. Capital investment, that was earlier expected to have increased by 1.6%, actually fell 2.8%, showed the revised data released by the government on Wednesday. As a result, the gross domestic product expanded at an annualized pace of 1.3% in the July-September quarter, nearly one-fourth of 4.8% provisional figure provided last month. The new figure corresponds to 0.3% growth over the quarter compared with 1.2% first reported. | 
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