Its a 'Black Friday' in the Markets, Sensex at 8,639
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
Sources