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Carnage Continueddd...
Intense selling pressure by funds and worries on economic slowdown also weigh down the sentiment Some selling pressure where seen from traders side, rumours was floating in market that NSE will revise lot size, this impact directly to retail traders and after this news, unwinding of long position seen. This Impacted the dalal street and let market to close below 10000 lelvls for the first time after 20th June 2006. The Sensex ended the day with a loss of 606.14 points, or 5.73% at 9,975.35 after touching a high of 10,786.93 and a low of 9,911.32. The broad-based NSE Nifty fell 194.95 points, or 5.96% at 3,074.35 after hitting a high of 3,335.95 and a low of 3,046.60. The benchmarks touched their new 2008 lows today. However Indian market managed to open in Green 181.85 points or 2.11%, at 10,763.34 taking strong signals form U.S and asian market but intense selling made all things wrongs and market went in negative zone and fall below 10000. Both Sensex and Nifty touched lows of 9,911.32 and 3,046.60 respectively. All sectors traded weak. Indian markets were down the most among all the Asian markets. Persistent selling by foreign investors has been a major concern for the markets. BSE Midcap and Smallcap index shed 3.07% and 2.76% respectively.
Sectoral : All the BSE sectoral indices closed in red. Realty and Power indices saw the deepest cut, losing 10.25% and 8.09% respectively. All 30 sensex stocks were down with Reliance Infra and JP Associate being hammered the most, down 11.96% and 10.7% respectively.
Weekly : On weekly basis, sensex is down 5.25% while Nifty has lost 6.27%, making it a fourth consecutive negative week. Among the sectoral indices, BSE Metal and Oil & Gas indices are down the most on weekly basis, losing 11.3% and 11% respectively, while Bankex and Realty indices managed to closed in green, gaining 4.3% and 0.07% respectively.
Currencies : The rupee was at 48.89/48.90 per dollar, off a high of 48.57, as the local share market tumbled over 5 per cent, raising more concerns about capital outflows. It closed at 48.82/83 on Thursday.
Asian Market : Asian markets ended mixed Friday, with Japanese shares rebounding as they found bargain buyers a day after being mauled, while the rest of the region finished mostly lower on concerns the financial crisis might evolve into a full-blown recession in the U.S. and Europe. Hang Seng was down about 676 points, Shanghai closes on green for 1% @ 1930.65 on buying in large caps , Straits Times closed in red for more than 4% @ 1878.51 on economy woose. South Korea's Kospi, which tumbled 9.4% in the previous session, dropped another 2.7% to 1,180.67. India Key index fall more than 6% on economy concern and possible recession in U.S and economy slowdown in European countries.
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Aluminium Association of India (AAI) is working on a long-term mission report on how to exploit the hidden bauxite potential in India, increasing the usage of aluminium in various applications, increasing the percapita consumption as compared to other countries and generating jobs for the downtrodden apart from making the industry stronger and most competitive, said KSS Murthy, general secretary, AAl.
extract from Financial Exp
Data released by the Securities & Exchange Board of India (Sebi) on the details of the securities lent for short sales or derivative instruments that have a similar effect, by the foreign institutional investors reveals that there was a strong short position build up during October 7 to October 10
extract taken from Financial Exp
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extract of Article published in Business Std
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