Monday 21 January 2008

Nothing But Blood....

It was one trading day that investors will take a long time to forget. Fears of recession in the US becoming a reality saw global indices tumble. The worst to get affected in this mayhem was the Indian market.

The bears went berserk on Dalal Street creating panic to such an extent that trading in Bombay Stock Exchange’s benchmark Sensex was halted briefly.

The moment trading resumed, the index recovered some lost ground. According to dealers, “government funds are trying to bring in some stability to the already crumbling market.”

Sensex saw the biggest absolute fall in history by falling 2062 points intra-day. It closed at 17,605.35, down 1408.35 points or 7.4 per cent. It fell to a low of 16,951.50.

National Stock Exchange’s Nifty plummeted 8.7 per cent or 497 points to close at 5208.80. It slumped to a low of 4977.10.