After the bell :10-10-2008

By Abhishek on 8:51 PM

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Mahyem Continuedddd...... 

Carnage in world equity market continued on Friday also as almost all of them witnessed sharp cuts in today's trading session. The downward journey of the domestic stock market continued for the fifth straight session, as rate cuts by the seven central banks and cash injections by various governments failed to stem the fall in global indices. The benchmark index Sensex opned its day on bearish note by a gap down of 696 points at 10632. Till noon, the index extended its losses by more than 1,050 points on across-the-board selling to touch the day's low of 10,240, people was thinking for a lower circut but it bounced back from that level. Lower circut level was set for Sensex @ 10196. The index however managed to erase its losses a bit and trade above 10,500 at the end of the session. After registering losses of 1,726 points in the last four sessions, Sensex plunged by 800 points or 7.07% and closed at 10527 while Nifty smashed 234 points or 6.65% to close at 3279. On weekly basis, Nifty is down 14.1%, which is the highest everfall, while Sensex is down 15.96%, second highest fall ever since December 1990. BSE Midcap and Smallcap index plunged 8.34% and 7.31% respectively
Sectoral : All the BSE sectoral indices hamared badly and  finished in red. BSE Realty and Consumer Durables indcies saw the sharpest fall, down over 11% and 10.11% respectively. Only Ranbaxy (4.71%) and SBI (2.27%) were the sole gainer among the sensex stocks, while RCOM (21.02%) and ICICI Bank (19.71%) took the hardest hit and among the top losers.Remaning 28 stocks also take the hit of this raining fall. Overall market breadth was extremely negative. Out of the total 2,619 stocks traded at BSE, 382 advanced, 2,189 declined while 48 remained unchanged.

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Currencies & Crude : Rupee touched an all time low of 49.17 against the dollar and closed at 48.47 .  Crude Oil touched a 12 month low of $81.1 in today's trade.

Earnings & Economy : Tech boys Infosys announced its Q2 results today, which were is line with market expectation. However, company cut it's full year revenue and EPS guidance by 5% in dollar terms. On a review of the evolving liquidity situation in the context of global and domestic developments, the RBI, today decided to reduce the Cash Reserve Ratio (CRR) by 150 basis points to 7.5% of NDTL with effect from the fortnight beginning Oct. 11, 2008 instead of the 50 basis points reduction announced on Oct. 6, 2008. The step will inject about Rs 600 billion in the system (instead of the injection of Rs 200 billion announced earlier). Index for Industrial Production (IIP) plunged for the month of August 2008 to stand at meagerly 1.3% as compared to 7.1% on m-o-m basis. IIP figures stood at 10.9% a year ago i.e. August 2007. Inflation for the week ended sep 27 came at 11.80% against the expectation of 12% and 11.99% seen in previous week.

Asian Markets :  The BSE index, among the worst performer in Asia, fell as much as 9.6 per cent at one stage to more than half below its record high of 21,206.77 hit in January, before trimming losses on domestic institutional buying. Hang Sang down about 1146.77 points at 14796.87 . Japan Key index Nikkei 225 avarage smashed 881 points at 8276.43 , South Korea KOSPI closed at 53.42 points. Taiwan @ 5130.71 down about 75.69 points. Karachi's 100-share index was little changed at 9,181.35 on extremely thin volume. Colombo's All-share index closed down 4.39 per cent at 1,924.69. Taiwan was the outperformer among all asian market. Down only odd 1.5%. Asian stocks tumbled, driving Japan`s Nikkei 225 Stock Average to its biggest weekly decline on record, on concern the deepening credit crisis will push the global economy into a recession. The Karachi Stock Exchange board will meet on Monday to review how long to keep an artificial floor under the share market and consider establishing an exit mechanism for foreign investors.

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