The Dow Jones gained 105 points on news that the Italian Prime Minister agreed to step down once austerity measures were approved. Most Asian markets rose over 1% on signs of progress in Europe's debt crisis and strong Chinese economic data. However, the Indian market fell 207 points due to Moody's outlook downgrade of the Indian banking system, with banking stocks like SBI falling sharply. The rupee also weakened due to increased demand for the US dollar from oil importers.

1. Market Summary 09-11-11
 Dow Jones closed the Tuesday trade with a gain of 105 points to
12,170 points on reports from Italy firmed up the market sentiment.
 Indian Market opened on green note after the news release that the
Italian Prime Minister Silvio Berlusconi agreed to step down from the
position
 Italian PM will step down once the parliament approves the new
budget which includes austerity measures on resolving the debt
crisis in the economy.
 Asian markets were closed the Wednesday trade with decent gain
except Sensex; Japanese and Chinese shares rose above 1%.
 Policy makers progress towards European debt issue and positive
Chinese Economic data boosted up the trading sentiment on
Wednesday.
 Chinese CPI inflation slowed down to 5.5% in Sep from 6.1% while
Producer Inflation eased to 5% during the period from 6.5% in
previous month

2.  Indian market was seen with flat trade almost major hours of
the trade and fell down steeply in the last hour.
 The situation arose after the Moody’s Investors downgraded
the outlook of Indian Banking System to negative for the next
12-18 months from stable.
 Sensex watered 207 points to 17,362 points while Nifty 68
points to 5,221 points on market close.
 Moody’s weak outlook on Indian Banking sector has led the
banking index to shed 2.62% on Wednesday trade.
 Among the banking shares, the biggest loser, SBI fell down
6.7% to Rs.1,863 despite the bank has performed well in Q2.
 SBI reported 12% increase in net profit at Rs.2,180 cr in Q2 of
FY12 versus Rs.2,501 cr in Q2 of FY11.

3. • The shares of Aurobindo Pharma slipped 3.5% to Rs.119 crore
as the company incurred a net loss of Rs.80.16 crore in the
September quarter
• State run fuel Retailers shares have plunged 4-5% each after
the media release that the companies will consider to
decrease the gasoline prices on November 16, 2011.
• In IT index, TCS gained 1.77% to Rs.1,123 on news release that
the Companies subsidiary Diligenta clinched a bib outsourcing
deal worth $2.2 bn from Friends Life. Wipro rallied 2.14% to
Rs.376 per share.
• Of the total 2,974 stocks traded on BSE, 1,876 shares declined
while 993 shares advanced on Wednesday trade.
• Rupee closed at Rs.50.18 per dollar with a shed of 70 paise in
overseas FOREX market due to heavy demand for US currency
from Oil Importers.