Indian bourses tumbled in opening trade on the reports of fire sale of ailing US bank Bear Stearns and the Federal Reserve's emergency cut in its discount rate, which intensified the concerns that there could be more severe impact on the global financial market. The Sensex tanked to its lowest level in 6-1/2 month and appears set to fall below 15,000 mark, brokers added. Realty and banking stocks were major losers among sectoral indices on BSE. Jaiprakash Associates and HDFC declined sharply. The market breadth was extremely weak as selling was seen across the board. The broader based S&P CNX Nifty index of National Stock Exchange plunged over 200 points to a level at 4,500 in the early trade.
US Currency fell to a record low against the euro, sent spot gold and crude futures hurling towards record highs, deepening concerns of rising inflationary pressures throughout the Asian region. The market breadth was deep negative. BSE Mid-Cap and Small cap fell sharply 4.5 per cent. As per reports, the US Federal Reserve, on March 16 2008, had cut its discount rate to 3.25pc from 3.5pc and said that it was creating a facility to let primary dealers borrow at that rate. As per provisional data, FIIs sold shares worth a net Rs 358 crore on Friday, 14 March 2008. Domestic funds bought shares worth a net Rs 100.33 crore.