10:00AM New York, 7:30PM Mumbai - Sensex plunged, India''s annual economic growth may be lowered.

Stocks in Mumbai trading fell for the fifth day in a row on a decline in large companies including Reliance Industries, DLF, and ICICI Bank.

The 30-share BSE benchmark index declined 3.5% or 687.12 to 19,013.70. The broader CNX S&P Nifty lost 3.5% or 207.90 to 5705.30.

Of the BSE shares, 2,505 shares fell, 362 shares surged, and 23 remained unchanged. Among the 30-benchmark index shares, 25 stocks slipped and the rest climbed.

Trading turnover on the BSE was recorded at 8,753 crore rupees and turnover on the National Stock Exchange stood at.19,884 crore rupees.

Reliance Industries was the most active stock with a turnover of 493.87 crore rupees on the BSE. Housing Development Finance Corporation, Reliance Natural Resources, Reliance Energy and ICICI Bank were other companies on the most active list.

Deputy Chairman of the Planning Commission, Montek Singh Ahluwalia, warned on Friday that India''s annual economic growth rate could be lowered by 0.5% if global economic growth slows.

Last year, the commission projected an annual average growth rate of 9% for the next five years.

On Thursday, Finance Minister Palaniappan Chidambaram said India cannot remain immune to U.S. recession.

Wholesale price index leapt 3.8% in the week ended January 4, 2008 compared to 3.5% during the week ended December 29 2007.

Of the BSE shares, Reliance Industries fell 6.6% to 2,799.5 rupees. Reliance Natural Resources fell 5.2% to 205.75 rupees. Reliance Energy dropped 4.01% to 2,124.05 rupees, Reliance Communications lost 3.7% to 702.15 rupees.

ICICI Bank fell 5.8% to 1245.45.rupees and State Bank of India lost 2.08% to 2,368.3 rupees.

Indian Oil Corporation slid 7.6% to 607 rupees.

Larsen & Toubro declined 3.6% to 3,930.1 rupees, Mahindra & Mahindra dropped 3.2% to 728.4 rupees.

Tata Steel slipped 3.5% to 781.9 rupees and Tata Motors slipped 3.4% to 712.2 rupees.

Grasim Industries gained 1.03% to 3340.7 rupees, Ambuja Cements rose 0.9% to 131.95 rupees, ACC gained 0.5% to 864.6 rupees, Bharti Airtel surged 0.2% to 973.9 rupees and Satyam Computers climbed 0.04% to 372.6 rupees.

Ranbaxy Laboratories jumped 5.1% to 386.65 rupees. The company reportedly said its profit may rise 25% in the current fiscal year on higher sales of treatments for infections, diabetes and AIDS in emerging markets.

On Thursday Ranbaxy reported flat result for the quarter ended in December 2007 with profits after tax at 188 crore rupees, on a consolidated basis. Consolidated net sales for the quarter increased 5% to 1,784 crore rupees.

ITC rose 2.1 to 212.6 rupees after reporting 15.79% rise in net profit to 830.72 crore rupees on 12.90% increase in sales to 3595.39 crore rupees.

Housing Development Finance Corporation lost 1.05% to 2,819 rupees after reporting net profit of 83% rise to 648.93 crore rupees.

HDFC’s capital adequacy ratio stood at 17.6% of the risk weighted assets, as against the minimum requirement of 12%. Tier 1 capital adequacy was 15.3% as against a minimum requirement of 6%.


6:00AM New York, 6:00PM Hong Kong – Stocks recover from a morning loss of 4% to close fractionally higher.

Hong Kong Stock indexes closed in positive territory after a rally in financial stocks in volatile trading.