Black Monday again: Biggest ever point fall for mkts
It was a highly dramatic and scary day for markets as markets saw their biggest ever fall. It was the worst day of trading in our trading history as the pace of the fall was unnerving. We started weak and with heavy bouts of selling was seen during the day with Sensex and Nifty down almost 12% at one point of time. Sensex went below 17,000 mark during the course of the day and Nifty sub 5000 mark.
Sensex closed down 1,408.35 points or 7.41% at 17605.35, and the Nifty down 496.50 points or 8.70% at 5208.80.
Among the Sensex pack, ACC (down 14.53% to Rs 739), NTPC (down 15.20% to Rs 203.15), Reliance Communications (down 13.84% to Rs 605), and Reliance Energy (down 14.79% to Rs 1810), collapsed.
Among index heavyweights, Reliance Industries declined 8.55% to Rs 2560.85 and ICICI Bank slipped 5.26% to Rs 1180.
However India’s fourth largest software services exporter, Satyam Computers advanced 4.67% to Rs 390, and was the lone gainer from 30-member Sensex pack. The company reported 28.58% rise in net profit to Rs 433.63 crore on 35.58% rise in total income to Rs 2266.05 crore in Q2 September 2007 over Q2 September 2006.
Satyam Computer for fiscal 2008, under US GAAP, expects revenue between $2,119 million and $ 2,122 million, implying a growth rate of 45% to 45.2% over fiscal 2007. Seperately, the company said it has entered into a definitive agreement to acquire Bridge Strategy Group, a Chicago based management consulting firm.
Indian markets today underperformed their global peers. European markets, which opened after Indian markets, were in red. Key indices in United Kingdom (down 2.17% to 5,773.80), France (down 2.88% to 4,945.5) and Germany (down 3.06% to 7,090.38) declined.
Asian markets extended early losses. Hong Kong's Hang Seng (down 5.49% at 23,818.86), South Korea's Seoul Composite (down 2.95% at 1,683.56), Taiwan's Taiwan Weighted (down 0.91% at 8,110.20), China’s Shanghai Composite (down 5.14% to 4,914.43), and Japan’s Nikkei 225 index (down 3.86% to 13,325.98), edged lower
The Dow Jones industrial average lost 59.91 points, or 0.49%, at 12,099.30, its lowest close in 10 months. The Standard & Poor's 500 Index was down 8.06 points, or 0.6%, at 1,325.19, a 16-month low. The Nasdaq Composite Index lost 6.88 points, or 0.29%, at 2,340.02, a 10-month low.
US president George Bush on Friday, 18 January 2008, called for a package of tax cuts and other measures totaling around 1% of US gross domestic product, or up to $150 billion, after weak recent reports on employment, retail sales, factory activity, and housing construction this month suggested the United States -- the world's largest economy --may be heading into recession. Under consideration in the package announced by Bush are ideas like tax rebates, incentives for businesses, and extensions of unemployment insurance.
FIIs have pressed heavy sales in the recent trading sessions. As per provisional data, FIIs sold shares worth a net Rs 2146.92 crore on Friday. FIIs pulled out a net Rs 4465.60 crore in two trading sessions from 16 January 2008 and 17 January 2008.
FIIs sold index futures worth Rs 2455 crore on Friday. They sold index options worth a net Rs 138.42 crore. FIIs sold individual stock futures worth Rs 373.76 crore on that day. Domestic funds bought shares worth a net Rs 695.56 crore on Friday, as per provisional data.
Sensex closed down 1,408.35 points or 7.41% at 17605.35, and the Nifty down 496.50 points or 8.70% at 5208.80.
Among the Sensex pack, ACC (down 14.53% to Rs 739), NTPC (down 15.20% to Rs 203.15), Reliance Communications (down 13.84% to Rs 605), and Reliance Energy (down 14.79% to Rs 1810), collapsed.
Among index heavyweights, Reliance Industries declined 8.55% to Rs 2560.85 and ICICI Bank slipped 5.26% to Rs 1180.
However India’s fourth largest software services exporter, Satyam Computers advanced 4.67% to Rs 390, and was the lone gainer from 30-member Sensex pack. The company reported 28.58% rise in net profit to Rs 433.63 crore on 35.58% rise in total income to Rs 2266.05 crore in Q2 September 2007 over Q2 September 2006.
Satyam Computer for fiscal 2008, under US GAAP, expects revenue between $2,119 million and $ 2,122 million, implying a growth rate of 45% to 45.2% over fiscal 2007. Seperately, the company said it has entered into a definitive agreement to acquire Bridge Strategy Group, a Chicago based management consulting firm.
Indian markets today underperformed their global peers. European markets, which opened after Indian markets, were in red. Key indices in United Kingdom (down 2.17% to 5,773.80), France (down 2.88% to 4,945.5) and Germany (down 3.06% to 7,090.38) declined.
Asian markets extended early losses. Hong Kong's Hang Seng (down 5.49% at 23,818.86), South Korea's Seoul Composite (down 2.95% at 1,683.56), Taiwan's Taiwan Weighted (down 0.91% at 8,110.20), China’s Shanghai Composite (down 5.14% to 4,914.43), and Japan’s Nikkei 225 index (down 3.86% to 13,325.98), edged lower
The Dow Jones industrial average lost 59.91 points, or 0.49%, at 12,099.30, its lowest close in 10 months. The Standard & Poor's 500 Index was down 8.06 points, or 0.6%, at 1,325.19, a 16-month low. The Nasdaq Composite Index lost 6.88 points, or 0.29%, at 2,340.02, a 10-month low.
US president George Bush on Friday, 18 January 2008, called for a package of tax cuts and other measures totaling around 1% of US gross domestic product, or up to $150 billion, after weak recent reports on employment, retail sales, factory activity, and housing construction this month suggested the United States -- the world's largest economy --may be heading into recession. Under consideration in the package announced by Bush are ideas like tax rebates, incentives for businesses, and extensions of unemployment insurance.
FIIs have pressed heavy sales in the recent trading sessions. As per provisional data, FIIs sold shares worth a net Rs 2146.92 crore on Friday. FIIs pulled out a net Rs 4465.60 crore in two trading sessions from 16 January 2008 and 17 January 2008.
FIIs sold index futures worth Rs 2455 crore on Friday. They sold index options worth a net Rs 138.42 crore. FIIs sold individual stock futures worth Rs 373.76 crore on that day. Domestic funds bought shares worth a net Rs 695.56 crore on Friday, as per provisional data.
Labels: Nifty.Sensex
posted by SY at 6:49 PM
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