Just in: The Sensex fell 1,131 points to 8,639 in the worst ever weekly fall. Sensex fell below 9000 mark for the first time since June 2006. Nifty slipped below 2,700 after Reserve Bank of India (RBI) anouced no change in their credit policy.
3:53 PM 10/24/2008
Just in: RBI's decision to retain the CRR at 6.5 pc created havoc in the markets. BSE Sensex crashed below 9000 losing 650 points after the RBI CRR policy for the first time after June 2006. Nifty plunged 230 points.
12:06 PM 10/24/2008
Mumbai, Oct 24: On Friday, Oct 24 the Indian share markets opened red due to the on-going worrisome global economic crisis. Sensex, the benchmark index of Bombay Stock Exchange at 10:34 am IST was at 9,463.27, down by 308.43 points or 3.16 pc.The index touched a low of 9,439.43 and a high of 9,570.71. While National Stock Exchange"s Nifty was at 2,833.40, down 109.75 points or 3.73 per cent. The broader index touched a low of 2,836.35 and a high of 2,936.25.
Markets are keenly waiting waiting for the Reserve Bank of India's credit police review decision which will be held on Friday, Oct 24. RBI in its mid-term review of macro-economic and monetary developments report said that the overall focus of its monetary policy for the current fiscal would continue to be according high-priority to financial markets stability and well-anchored inflation expectations. The policy stance would also be conducive to continuation of the growth momentum.
Reserve Bank has slashed its key lending rate by 100 basis points to 8 pc this week, joining the Central banks across the World in easing policy to combat slowing growth.
Meanwhile Reliance Industries posted 7.42 pc rise in net profit of Rs 4122 crore for the quarter ended Sep 30, 2008 as compared to Rs 3837 crore in the same quarter previous year. Total income increased to Rs 44,938 crore in the Sep quarter from Rs 32,211 crore a year ago. The company"s refining margins for the quarter were $13.4 a barrel television news channels reported, well above the benchmark Asian Dubai crack margin, which averaged about $5.8 a barrel in the period.
11:01 PM 10/24/2008