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Frantic selling take markets to nadir

Stock markets plummeted still lower on Wall Street and around the world despite all efforts to slow the selling stampede.

Sensex tumbled over 800 pts on Friday and posted its biggest weekly fall in nearly 18 years.

India's gold is in sight of Rs 15,000 by the end of Oct, when two festivals most auspicious for buying gold are lined up.

The shares touched a low of 340.10 rupees, their lowest in more than three years, taking 2008 losses to 72 per cent.

The rupee fell to a record low of 49.30 in on Friday as spreading global financial crisis hurt sentiment in Asian markets.

Chidambaram said that main problem is liquidity and government would do everything to tackle it.

Oil prices fell five per cent to $82 a barrel, a one-year low, on fears that market turmoil will send demand for fuel slumping.

Economists say rupee may lose further ground and dollar is likely to hit Rs 50 in next 2 months.

Global food commodity prices could come down by up to 32 per cent if crude oil falls to 65 dollars a barrel in 2010.

Oil slid to below $88 as a series of bold rescue moves failed to lift global meltdown fears.

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