This Friday will be remeber for its terrible nature in Indian Stock Market. Market faced a really really big pressure due to institutional and FII concern over global economy slowdown. It was a blood bath in equity markets across the world as almost all of them saw double digit or near double digit percentage fall. Sensex saw a whooping 11% fall in todays trade and closed at 8701, the lowest close since Nov. 24, 2005. Markets extended its losses soon after the Reserve Bank of India`s half yearly credit policy review was out. Indian stock market started the day on a negative note after a fall of 3.92% on the previous working day. The 30-share index, BSE Sensex opened with a loss of 236.29 points, at 9,535.41 on Friday. The Reserve Bank of India (RBI) has kept the Bank Rate unchanged at 6% in its mid-term review of the monetary policy for the year 2008-09. Key short term lending rate which is known as repo rate, was also kept steady at 8%, to gauge the impact of a hefty, surprise cut earlier this week to soften the economy from the global financial crisis. Repo rate is the rate at which RBI lends money to the other banks. The Sensex ended the day with a loss of 1,070.63 points, or 10.96% at 8,701.07 after touching a high of 9,570.71 and a low of 8,566.82. The broad-based NSE Nifty fell 359.15 points, or 12.20% at 2,584.00 after hitting a high of 2,936.25 and a low of 2,525.05.  The levels on Nifty was the lowest close since Nov. 24, 2005. On weekly basis Nifty has lost 16%, which is the highest ever weekly fall, while Sensex is down 12.8% week on week.

Sectoral : All the BSE sectoral indices ended in red. Realty index plummeted by 24%, while Oil & Gas index plunged by 15%. DLF and Ranbaxy were the top losers among sensex stocks, down 24% and 18% while none of the sensex stocks managed to close in green.

Asian & European Market : Asian Market get the heat as time spares...  Nikkei closed 811.90 points down at 7649.08 , Hang Seng closed down about 1142.11 points at 12618.38 , Shanghai shuts its day for 35.94 points on south at 1839.62, Straits Times closed at 1600.28 down about 145.39 points. All of Asian Market is trading to their  3 - 5 years lows.

European Market was get the fuel to burn their market from Asian Market, all of major exchange indices closed in deep red with a cut of  8 - 11 percent (%),  FTSE closed down 343.57 in south at 3744.26 , DAX ended the sorrow with 10% at 4104.19 down about 415.51 points, CAC  closed its day down by sheding 282.14 points at 3028.73. 

There was no place to hide from this carnage acroos globe. Market was reacting like it poised to sell off.

Currencies & Energy : Rupee touched a fresh all time low of 50.05 against the dollar. UK GDP declined 0.5% quarter-on-quarter, which is the first contraction since 1992. Euro made a 2-year low against the dollar. Nymex Crude fell to a 17 month low of $ 63.05/bbl. Dow and S & P 500 futures hit limit down indicating a sharply lower opening. Global equities rout on worries about a sharp global economic slowdown caused hoax on the domestic bourses, which fell to their lowest level in nearly three years.

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Related Posts : 24-10-2008, Indian Market, MARKET OUTLOOK