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Market Finalyy reached 4 digit

CA Paresh Kothari (Service) (233 Points)

24 October 2008

Hello Everybody,

You mat be recollecting my earlier post in the same category " Shares & Stock" in the month of July, 2008 where I put comments like" market to go to 4 digit level".

https://www.caclubindia.com/forum/messages/2008/7/10873_sens*x_to_go_to_4_digit_level.asp

But there were lot of counter comments.. but you can very well check now.

Further, a word of caution to investor .. You can think about entering in the market only if you have view of at least 3 years.

Happy Investing.

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3 Replies

Jeet Biswas (ACMA (in Service)) (5073 Points)
Replied 24 October 2008

Bears attack Dalal Street;Sens*x down 1000 points
24 Oct, 2008, 1439 hrs IST, ECONOMICTIMES.COM

MUMBAI: Markets were witnessing one of the worst trading sessions Friday following melt-down in global markets on concerns of slowing global economy and recession.

Markets were under pressure not only from traders but market was abuzz with reports that some long only funds had turned sellers. Statements of assurance from Finance Minister P Chidambaram did little to change bearish sentiments.

Finance Minister P Chidambaram said the RBI's policy decision to keep rates steady was on expected lines. He said the RBI would infuse liquidity and if required, would adopt conventional and unconventional tools.

Chidambaram said, RBI will continue to manage financial price stability along with sustainable growth. He asked investors to remain calm and not resort to panic selling in the market.

At 2:16 pm, Bombay Stock Exchange’s Sens*x was at 8759.48, down 1012.22 points or 10.36 per cent. The index touched a low of 8757.17.

National Stock Exchange’s Nifty was at 2624.40, down 10.83 per cent or 318.75 points. The broader index touched a low of 2611.15.

BSE Midcap Index was down 8.04 per cent and BSE Smallcap Index fell 6.83 per cent.

Hindalco Industries (-18.96%), Ranbaxy Laboratories (-18.24%), ONGC (-16.11%), Sterlite Industries (15%) and DLF (14.6%) were the worst hit.

None of the stocks in the 30-share could stay afloat.

Market breadth worsened with 2272 declines against 255 advances on BSE.

Asian markets closed sharply lower. Nikkei 225 closed 9.60 per cent lower, Hang Seng fell 8.30 per cent and Kospi was down 10.57 per cent. Things were no better in European markets. FTSE 100 was down 5.72 per cent, CAC 40 fell 7.15 per cent and DAX slumped 6.93 per cent.