Bears took immediate control of Dalal Street by pulling the BSE-Sensex down 550 points just seconds after trading began for the day. The SENSEX was down by 637 points but marginally recovered and is still bleeding with a fall of 574 points at 14,427.
Banking, Metals and Real Estate Stocks are the major losers in Today’s Trade. Tata Steel, ICICI Bank, Reliance Capital, Union Bank, Axis Bank are all down over 7%. Bharti Airtel, SBI and BHEL are amongst the top losers in BSE-SENSEX.
- C. Jayram of Kotak Mahindra Bank expects the SELL-Off to continue for few more sessions. Crisis spreads to commercial paper.
- Marc Faber advises extreme caution on the Indian Markets.
- IVR Prime Urban Developer lists at 20% discount
- Indian Banks may not cut interest rates, says Bimal Jalan
- Yen hits 4 month high against USD. Indian Rupee weakens against USD. [Rs 41.03 / $]
- Merill Lynch downgraded Countrywide Financial in the US from BUY to SELL. Countrywide is weighing options to file for Bankruptcy.
Hopefully, the markets will find a bottom and consolidate soon before it can rise again. Any immediate rise should be taken as an opportunity to exit out of shady fly by night operator stocks.