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Seventh Consecutive Negative Closing , Sensex sheds 323 points while Nifty 82 points
Indian markets opened lowered on negaive sentiment across globe. It opened and closed on highly negative nod with lowering of US and other devloped economic growth forecast of 2008-10 by Fed and weak housing data in US led to sharp sell-off in global equity markets including ours, which closed down by more than 3%, making a seventh consecutive negative close. In morning markets opened on fears of global slowdown by which India cannot remain intact, sensex opened with a loss of 372.90 points, at 8,400.88 . But however sensex and nifty both managed to close above from their lows and also above sentimental 2500 mark due Bank shares led a recovery in late trade on rate cut hopes in what was a highly volatile trading session. The benchmark index Sensex ended the day with a loss of 322.77 points, or 3.68% at 8,451.01 after touching a high of 8,540.46 and a low of 8,316.39. The broad-based NSE Nifty turns off 81.85 points, or 3.11% at 2,553.15 after hitting a high of 2,634.20 and a low of 2,502.90. BSE Midcap and Smallcap index fell 3.42% and 3.09% respectively.
Sectoral : All the BSE sectoral indices ended in red. BSE realty index was down the most, plunging 8.3% followed by Consumer durable index, which was down 5%. DLF and R Com were the top losers among sensex stocks, falling 8.6% and 8.3% respectively, while ACC and NTPC gained 1.5% each
Inflation : Inflation for the week ended Nov.8 stood at 8.90% as against 8.98% for the previous week and expectation of 8.82%. Analyst is beleving that this dramatic fall in Inftation is not due to lower prices its only by lower sales and hence they are now calling it " Deflation ". Even the inflation WPI tick is down by a single and largest 3 points cut to 235.00 points from earlier 238.56 .
Crude & Currency : Nymex crude touched a fresh 22 month low of $ 51.94/bbl. Rupee touched an all time low of 50.55 against the dollar and was trading at 49.96
Asian Markets : Asian markets sold off led by Japan Premier index Nikkei 225 , which turns off by 517.24 points and finally settled at 7,703.04. HangSang shuts with 517.24 points on negative at 12,298.56 . All asian market saw a cut of 4 - 6 % in closing basis.
European Markets : Relief was not in Euro market after last night US and morning sell off in Asian Markets , now its time for Euro League. But the cut was not deep as like as US or Asian Market. All major indices were down by 1 - 2% , making a less affected in comparision to other BRIC and devloped markets. Till 1830 hours according to IST: British leading index FTSE 100 trading lower by 64.60 points or 1.16% at 3,941.08 . Germany's DAX is trading down by 68.60 points or 1.58 % at 4,285.49 . France CAC40 is trading lower by 70.19 points or 2.27% at 3,017.70. All Euro markets came off from their intraday lows and currently trading to their intra highs.
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