Market closes, restricts losses to 875 pts

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Posted online: Tuesday , January 22, 2008 at 03:16:32
Updated: Tuesday , January 22, 2008 at 03:32:37

Mumbai, January 22: After what appeared like another day of mayhem, the Indian stock market restricted losses to 875.41 points as funds and investors returned to Dalal Street, lapping up fundamentally strong scrips available at lower levels.

The 30-share Sensex, which tumbled nearly 2273 points causing trade to be suspended for one hour, closed the day at 16,729.94, after touching the day's low of 15,332.42 points.

The index had tanked 1408 points on monday on fears of a possible recession in the US.

Finance Minister P Chidambaram's statement on the economy's health appears to have had a positive impact on investor sentiment.

The National Stock Exchange index Nifty ended the day with a loss of 309.50 points at 4899.30. It had touched the day's low 4448.50 and a high of 5230.35 points depicting the volatile trend of the markets.

Market men said tumbling commodities prices and a drop in Asian markets added to the concern that world economic growth is faltering.

"We had anticipated that markets will open today (on Tuesday) on a downward note and may hit the circuit breaker," Chidambaram said in New Delhi after exchange authorities suspended trading due to a fall in stock prices minutes after the bourse opened.

The circuit breaker is activated when the market moves 10 per cent, either up or down.

"I am assured by RBI and all the banks that enough liquidity will be provided to brokers and market players. Liquidity will not be an issue," Chidambaram said.

The Sensex has now slumped more than 25 per cent from its closing peak on January 8, joining benchmarks in Asia and Europe into a bear market and extending a global selling.

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CNN IBN: sycophant propagandist journalists by Ranjit on 23 Jan 2008

Market crashed the day on which CNN IBN crowned P. Chidambaram "Indian of the year". These sycophant propagandist journalists are one of the biggest threats for the national security. Chidambaram, who cannot even hold his lungi intact (his position, without washing saree of an almost illiterate Sonia Maino, who might be an agent of vatican in disguise), how can he be "Indian of the year"?

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Nothing to do with common men by Syed Zainulabedin on 22 Jan 2008

It has nothing to do with the common men in India. This news item is only to be concern for the rich people who have invested thier money.

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