The National Stock Exchange (NSE) index Nifty moved down by 314.70 points, or 9 per cent to 3,198.95 with all the heavy-weight stocks trading in negative zone. The markets were closed on Thursday, Oct 9 because of Dussehra. The Sensex is at its lowest levels since 25 July 2006. It has fallen below 10300. It has plunged over 1000 points on bad global cues. Stocks plunged at open on Friday, Oct 10 as the global credit crisis worsened.
Besides, other losers were Reliance Industries, Reliance Infra, RCom, ICICI Bank, State Bank of India, Bharti Airtel, Satyam Computers, Tata Consultancy, Wipro, BHEL, Larsen and Toubro, Grasim Industries, HDFC Ltd and ACC.
Wall Street fell for the seventh day in a row, as co-ordinated interest rate cuts by the world's leading central banks did little to thaw the credit freeze and lift confidence in the financial sector. In Asia, trading opened on Friday with waves of selling in Japan and South Korea. Japan's Nikkei index was off more than 10 per cent, while South Korean share prices plunged 8 per cent.
Reserve Bank of India decided to cut Cash Reserve Ratio(CRR) by 150 bpts.
Meanwhile oil prices hit 12 months low at $85.