Mkts tumble, Sensex closes 506 pts down

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Posted: 2008-09-29 17:05:19+05:30 IST
Updated: Sep 29, 2008 at 1705 hrs IST

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IT stocks in green amid weak rupee Markets flat, Sensex ends up 66 points Sensex up over 300 pts on rate cut hopes Sensex closes 200 points down

Mumbai, September 29:: Amid a sharp decline in Asian and European bourses, domestic exchanges fell like a pack of cards with benchmark Sensex losing over 500 points to two-month low level on selling by funds even as the much-awaited 700 billion dollar rescue package of US inched closer to final approval.

The BSE barometer closed the day lower by 506.43 points at 12,595.75, a level last seen on July 16. During the day, the key index touched a low of 12,402.84 points.

The 30-share Sensex had cracked the crucial 13,000-point level in early trade.

The wide-based National Stock Exchange index Nifty also plunged by 135.20 points, or 3.39 per cent. to 3850.05, after dipping to 3,777.30.

Marketmen said even as the investors feared that the US government's 700 billion-dollar bailout may just fail to meet its objective of tiding over the financial crisis, came the news of two European banks-- Belgian Fortis and British Bradford & Bingeley-- going the nationalised way.

The all-round selling pressure gained further momentum after reports the US financial crisis spreading in the European markets.

Banking index suffere hefty losses of 395.44 points at 6175.10, after segment major ICICI Bank dropped a whopping 12.11 per cent at Rs 493.30, State Bank of India by 2.04 per cent at Rs 1405, Karnatka Bank by 9 per cent at Rs 120.35, Oriental Bank by 7.30 per cent at Rs 148 and HDFC Bank by 3.71 per cent at Rs 1199.50.

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» Roller coaster ride in financial market

Posted by Eswar on 2008-09-29 19:47:54.148894+05:30
The Stock market is becoming like the achilles heel as lakhs of investors are loosing all their earnings and over night becoming paupers.It is a becoming a free for all game now with speculators and international mafias having haydays at the cost of small time investors who put their hard earned savings and pension benefits hoping of making millions overnight.It is the typical greedy ,avaracious trend seen recently among the young and old alike to become millioners which is leading the Indian society to major catastrophe.We have lost the values and it is just a mad race to make money at any cost which is becoming a bane of our country.UPA govt is responsible for letting loose the economy to have a free ride by allowing international mafias disguising as foreign investors to reign on the financial market.Fly by night operators smarting as fund managers were let loose and they are responsible for the present financial crisis gripping the world.We are heading for disaster.

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» Sensex Flactuations

Posted by TRK on 2008-09-29 15:35:15.454628+05:30
There is need of pure scientific capital market analitical jurispurdence from the analists to understand the market nature of movement for a common invester. I hope indian specialists will work on it.

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Mkts tumble, Sensex closes 506 pts down

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