Sensex recovered by late morning, and is presentle 350 points down. FM Chidambaram has assured the investors not to panic. Montek Singh Ahluwalia has asked bank depositors not to panic and that RBIO is watching and steps will be taken in terms of liquidity. Stocks which dragged the BSE barometer down are Larsen and Toubro, BHEL, Tata Steel, Reliance Industries, Reliance Infra, Rcom, ICICI Bank, HDFC Bank, State Bank of India, Bharti Airtel, Infosys Technologies, Satyam Computers, Tata Consultancy, Wipro, Grasim Industries, ACC and HDFC Ltd.
On the fallout of Bank shares, UK Govt has announced bailout of 50 billion pounds for the banking system. A further 200 billion pounds will be made available by the Bank of England for short-term borrowing to provide liquidity to banks and building societies.
2:45 PM 10/8/2008
Just in: Stocks plunge over 5 per cent across Asia. Sensex crashes 800 points, Nifty plunges 220 points. Worst fall in 20 years in Tokyo market. Jakarta trading suspended as market falls 10 per cent.
12:24 AM 10/08/2008
Sensex crashes 658 points, Nifty down by 248 points. Sensex below 11,000 first time since Aug 2006. Nifty below 3400.
11:26 AM 10/08/2008
Mumbai, Oct 8: On Wednesday, Oct 8 the Indian stocks opened sharply lower in line with its Asian counterparts as global financial crisis haunted investors. Bombay Stock Exchange's 30-share Sensex plummeted 449 points to 11245.88 from Tuesday, Oct 7's close. Nifty, the National Stock Exchange benchmark plunged 108 points to 3498.
On Tuesday, Oct 7 the US stocks plunged in their fifth straight declining session. The Dow Jones Industrial Average sank 508.39 points, or 5.11 per cent, to end at 9,447.11, the Nasdaq Composite Index dropped 108.08 points, or 5.8 per cent, to close at 1,754.88 and the Standard & Poor's 500 Index slid 60.66 points, or 5.74 per cent, to 996.23 - the first time the benchmark index has closed below the 1,000 level in more than five years.
Extending the global rout, Asian markets declined sending Hong Kong's Hang Seng below 16,000 for the first time in two years. The Nikkei slumped 4 per cent, Straits Times plunged 3.23 per cent, CSI 300 fell 2.08 per cent and Kospi lost 2.86 per cent.
10:30 AM 10/08/2008