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Global news plays havoc as markets close after an extremely bad note

September 15th, 2008

Monday, September 15, 2008 Closing Bell IST

Lehman Brothers filing of bankruptcy, BoA taking over Merrill Lynch, AIG on bad financial numbers, USD appreciation and Crude down to $94 mark has forced Indian markets to close on a weak note.

The CNX Nifty is down at 4072.92 down 3.68%. The BSE Sensex lost 469.54points to close at 13531.27 down by 3.35%. The Midcap and Smallcap indices are even more worse in trade today. Much of the damage for the Indian markets happened barely few minutes of the opening bell. The markets continued to fall till mid day and later took a piece of relief as they reversed the course to recover a bit. Overall a very tough volatile day.

Surprising the Realty took up the most of the beating. Investors and traders both alike seens to be selling realty stocks as the BSE Realty index closed down by 7.65%. IT index is down 5.51% as the markets began assessing the impact of the US financial giants would cause on the software projects that the Indian IT companies are working on. Few IT companies such as TCS and Wipro came out and gave up their initial reactions. The Metal and Power index is down over 4.3% each.

Looking into stock specific action, Reliance Infra and Satyam Computers are down over 9.5% each. Ranbaxy, Unitech, Tata Communications, Cairn, DLF (all down over 7%), Siemens, Reliance Power and Power Grid (all down over 6% each) are the top Nifty losers today.

Surprisingly, Nifty stocks Maruti, HDFC, BPCL and ACC managed to close the day in the green.

1 U.S. dollar = 45.6100 Indian Rupees
1 U.S. dollar = 104.5041 Japanese Yens
1 U.S. dollar = 0.7013 Euros
1 Ounce Gold = $774.20
1 Barrel Crude Oil = $96.26

Entry Filed under: Equity Markets, Closing Bell