Indian market today faced across the board selling. Yesterdays rally proved short blip as our markets sold off along with other Asian and European markets. The sentiment remained bearish on the back of liquidity squeeze in the domestic market and a sharp fall in the Asian indices. Indian stock market opened the day on a negative note after a rise of 4.50% on the previous working day. The benchmark share index, BSE Sensex opened with a loss of 228.16 points, at 10,455.23 . SEBI today reaffirmed its disapproval to overseas lending and borrowing by FIIs and asked them not to take fresh overseas lending and borrowing. Sensex ended the day with a loss of 513.49 points, or 4.81% at 10,169.90 after touching a high of 10,484.85 and a low of 10,128.22. The broad-based NSE Nifty fell 169.75 points, or 5.25% at 3,065.15 after hitting a high of 3,235.75 and a low of 3,051.80.  Nifty level was lowest after 26th July, 2006.

Rating & Currencies : Rating agency Moodys downgraded the Tata Steel outlook from stable to negative. The stock plummeted by 12% today. In the currency segment, Euro and Pound tumbled on the expectation of rate cuts in Europe and UK. The Euro fell below 1.28 to a dollar for the first time since November 2006 while the Pound tumbled to a 5 year low. Rupee touched an all time low of 49.49 against the dollar in todays trade.

Sectoral : All sectoral indices finished in red except FMCG index, which managed to gain 0.6%. Metal and Realty indices were down the most, losing 7.9% and 7.6% respectively. ITC and HUL were the sole sensex gainers, up 1.04% and 0.5% respectively, while Tata Steel and Sterlite plunged by 12.04% and 10.04% respectively. BSE Midcap and Smallcap index dropped 2.70% and 2.02% respectively.




World Market : The major Asian indices like Hang Seng (Hong Kong), Kospi (South Korea), Straits Times (Singapore) and Nikkei (Japan) shed over 5-6% each. Among European exchange all were in Deep red, selling was visible across the board. Europe Key exchange FTSE down about 189.21 points at 4040.52 , DAX down about 239.72 at 4544.69 , CAC closed in red with 177.22 points at 3298.18 .

Open a Brokerages A/c with us in minimum brokerages and charges . Funding and Leverage will be provided by us . Call to know more 9933964704 or email trade@tradingideas.in

If you enjoyed this post, make sure you subscribe to my regular Email Updates!

Related Posts : 22-10-2008, Asian Market, Indian Market, MARKET OUTLOOK