Key benchmark indices tumbled in opening trade today, 18 September
2008, as fears that the global credit crisis could worsen further
rattled investors confidence across the globe. The BSE 30-share
Sensex was down 620.08 points. Reports that the number two US
investment bank Morgan Stanley was likely to the next victim of the
credit crisis and spurt in crude oil prices dampened the sentiment.
The market breadth was extremely weak. All the 30-members from the
Sensex pack were in red. Reliance Industries hit 52-week low below
Rs 1800. Bharti Airtel plunged a little under 8%.
At 10:21 IST, the BSE 30-share Sensex was down 620.08 points or
4.68% to 12,647.26. The Sensex opened with a huge downward gap of
550.08 points at 12,712.82, which is also its day's high so far. At
the day's low of 12,558.14 hit in early trade, the Sensex lost
704.76 points.
The S&P CNX Nifty lost 169.55 points or 4.23% to 3,838.70
Asian markets tumbled today, 18 September 2008, tracking declines
on Wall Street as investors feared more companies could succumb to
the global financial crisis that forced the US to bail out troubled
insurer American International Group Inc. Key benchmark indices in
China, Hong Kong, Singapore, Japan, Taiwan, and South Korea were
down by between 3.50% and 7.38%.
Wall Street tumbled to a three-year low on Wednesday, 17 September
2008 as the Federal Reserve's rescue of insurer AIG failed to calm
a crisis of confidence in global markets. The Dow Jones industrial
average plunged 449.36 points, or 4.06%, to 10,609.66. The S&P 500
index slipped 57.21 points, or 4.71%, to 1,156.39, while the Nasdaq
Composite index declined 109.05 points, or 4.94%, to 2,098.85.
US crude oil prices jumped $6.01, the largest one-day percentage
gain in three months, to $97.16 a barrel, on Wednesday, 17
September 2008 as a US government report showed nationwide energy
inventories fell in the aftermath of the Gulf Coast hurricanes and
as the greenback slid against the euro.
The market breadth was extremely weak on BSE with 1478 shares
declining as compared to just 142 that rose. 18 remained unchanged.
The total turnover on BSE amounted to Rs 661 crore by 10:30 IST
All the 30-members from the Sensex pack were in red.
India's largest cellular services provider by market capitalisation
Bharti Airtel plunged 7.79% to Rs 710.05 and was the top loser from
Sensex pack.
Banking shares were weak ahead of the weekly inflation data due
after market hours today, 18 September 2008. India's largest
private sector bank in terms of net profit ICICI Bank plunged 5.67%
to Rs 528.90. The bank on Wednesday, 17 September 2008 denied
rumours of top management selling shares over the last few days.
Other banking shares HDFC Bank (down 5.33% to Rs 1121.40), and
State Bank of India (down 3.31% to Rs 1478.05), edged lower.
India's largest private sector firm in terms of market
capitalization and oil refiner Reliance Industries fell 4.20% to Rs
1794.90 on 2.45 lakh shares. The stock had hit a 52-week low of Rs
1764 in opening trade.
Ranbaxy Laboratories, India's top drug maker by sales slumped 6.34%
to Rs 355.05. The US government has banned more than 30 generic
drugs made by the company citing poor quality in two of its Indian
factories.
Jaiprakash Associates (down 7.16% to Rs 126.20), DLF (down 7.22% to
Rs 379.20), and Reliance Communications (down 7.49% to Rs 331.50),
edged lower from Sensex pack.
Among side counters, Indisbulls Financial Services (down 14.70% to
Rs 161.90), Gujarat NRE Coke (down 13.66% to Rs 57.50), Orient
Abrasives (down 12.96% to Rs 22.50), Indiabulls Real Estate (down
13.29% to Rs 182.10), and Bank of Rajasthan (down 12.38% to Rs
66.55), plunged
No comments:
Post a Comment