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Diwala on Diwali ... Dark Monday
Indian Market opened lower about 101 points on sensex around 8600
levels taking negative clues from Asian markets on economy slowdown concern it widen its losses during the course of day. Intense selling was seen across board and the Sensex plummeted further as the day proceeded. The aggressive selling pressure broke the 8,000 mark and Sensex tumbled to a low of 7,697. Sensex was down over 62% from January`s highs and has corrected over 38% in October till date, whereas Nifty slipped below 2,300 mark. But indices staged a smart comeback in the later half of the trading session and closed with much lower damage on the penultimate day of the derivative expiry of the October series.
levels taking negative clues from Asian markets on economy slowdown concern it widen its losses during the course of day. Intense selling was seen across board and the Sensex plummeted further as the day proceeded. The aggressive selling pressure broke the 8,000 mark and Sensex tumbled to a low of 7,697. Sensex was down over 62% from January`s highs and has corrected over 38% in October till date, whereas Nifty slipped below 2,300 mark. But indices staged a smart comeback in the later half of the trading session and closed with much lower damage on the penultimate day of the derivative expiry of the October series. The Sensex ended the day with a loss of 191.51 points, or 2.20% at 8,509.56 after touching a high of 8,739.48 and a low of 7,697.39. The broad-based NSE Nifty declined 59.80 points, or 2.31% at 2,524.20 after hitting a high of 2,585.30 and a low of 2,252.75. Short covering of derivative positions ahead of the expiry on Wednesday, 29 October 2008 triggered a sharp intra-day pullback in second half of the days trading session after Indices plunging to over 3-year low in the first half spooked by weak global equities. Some buying seen in realty and energy stocks which helped the index to make a smart recovery. BSE Midcap and Smallcap index plunged 4.18% and 5% respectively.
Other Asian markets closed with much larger cuts. European markets were trading with average cut of 4% while US stock futures were down by around 2%. Rupee touched a fresh all time low of 50.27 against the dollar, finally closing at 49.88. Nymex crude fell to a 19 month low of $ 61.30/bbl.
BSE Consumer Durable and Auto indices were down the most among the sectoral indices, losing 6% each, while Realty and Teck indices gained 4.2% and 1% respectively. Bharti and Reliance were the top gainers among the sensex stocks, up 5.99% & 5.83% repectively, while Tata Motors and M & M were down the most, losing 14% each.
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