| Font Size |
The benchmark recovered partially after touching the intra-day low of 8,316.39 as a fresh fall in inflation to 8.90 per cent for the weekend ended November 8 led to anticipation that the Reserve Bank may announce a fresh set of monetary measures this evening.
The Bombay Stock Exchange 30-share barometer recorded a net fall of 322.77 points or 3.68 per cent from its previous close. It had closed at 8,308.93 on November 10, 2005.
The broader 50-share Nifty of the National Stock Exchange also tumbled by 81.85 points or 3.11 per cent to close at 2,553.15 from its last close.
Despite the government's confidence-building exercise in the past several weeks, investors looked worried about the future of the market, as the recession continued to spread to world's major economies.
Panic-stricken investors continuously placed sell orders, with buyers difficult to be located in a bearish market.
Market players said the dismal US economic data and the Federal Reserve's decision to lower the US growth forecast for 2009 almost endorsed worries that the financial crisis could pull the global economy deeper into recession.
Asian indices ended down by about 1.7 per cent to 7.0 per cent followed by sharp falls by about 2.0 to 3.0 per cent in the European markets in their early trade.
Realty sector was the worst hit today, shedding another 8.0 per cent on speculation in global markets of a fresh wave in the credit crisis.
Discuss this story on expressindia forums
|
|
The gift of the economist Prime Minister to the nation is an all time low Indian rupee against US dollar (>Re 50/1 US dollar). Does this reflect economic progress of India? Does this help the aam admi? Shame on UPA governmrnt and its allies for destrying India economically. The UPA government is best at befooling the people of India and this is all that it has done in all spheres of national life. Shame! Shame!
Every other sector of industry wants to have drop in lending rates for the prices to drop. The way of markets have now truly become synonymous to the way of jungle - an unnatural ecosystem where survival of one life depends on sacrifice of some other life. Can this system be continued again in human life ? Why aren't our leaders thinking this way ? Now industries want cheaper loans - so that they can be converted to bad loans later. What happens to banks then ? Won't they start failing ? In fact, its the banking system which is extremely vulnerable to such fluctuations - going bust is just a matter of moments - unlike other industries. That should be the last place where heads are to be chopped or rates altered. Having reached such catch-22 situation, its heights of absurdity to see FM and PM and the ruling elite dreaming and imagining India in strange ways. One can understand if an Infosys leader wants to imagine and keep everyone engaged - when the company is one of the prime players behind this grand spectacle of global busting with its wealth-creation strategies. Time is running out pretty fast and unless there is a mass mobilisation for overcoming crisis, things may never be rosy again. Lets be warned.