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Indian Markets looks downwards

October 17th, 2007

Was it correction? Or was it the effect of the news from SEBI on P-Notes and Derivatives roll over, the Nifty and Sensex saw huge selling pressure. FII’s say the news on P-Notes has a tremendous impact on the way Indian markets will get the inflows.
Sensex has seen 1700 points downfall and Nifty about 500 points in just few minutes of the opening bell. The markets are shut for an hour with Nifty touching 10% low on quarterly terms. Selling is seen across all sectors and all top stocks.

Reliance Communications, Reliance Natural, Hindalco, IFCI, Tata Tele have seen huge selling pressures.

Both the BSE Sensex and NSE Nifty are shut and are scheduled to open at 10:55 PM.

The Finance Minister Chidambaram has come out and given a clarification, shortly after which the markets opened and started to take a recovery mode.  Though the recovery is slow, the panic is shortly going off, a sign that highlights that investors are clear about the Indian growth story.

On the whole, some of the stocks began to look attractive, a thing that long term investors will generally take note of in these situations.

Entry Filed under: Equity Markets, Opening trade