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Second round of global stock market bloodbath

August 18th, 2011

The global stock markets have headed over yet another round of deep single day correction after banking stocks all across the globe have corrected triggering ripples to other sectors. The trouble began in the Eurozone and has impacted the Asian stock markets that have not yet closed by then. Later, the American stock markets too reflected the troublesome situation of deep cuts.

Nikkei is down 113.5 points. Hang Seng is down 272.76 points. Nifty is sub-5k. Sensex is below 16.5k mark. FTSE is down 242.02 points at 5086.58 while DAX has shed 355.97 points at the time of this writing. Dow Jones is down 457.09 points at 10953.12 and Nasdaq is down 115.44 points at 2396.04 in early hours of trade. All major indices in the US are in the red. Gold has struck a new record high. Oil slipped on worries in the Eurozone.

Back at home, all major sectorial indices are in the red, banking being the most impacted. Reliance Infra and HCL Tech are down over 6% each. Axis Bank, ICICI Bank are down over 5% each. Wipro, IDFC, Sterlite Industries, Reliance Capital, SBI are all down over 4%.
Gainers of the day include DLF (up over 3%), Jaiprakash Associates, Hero Motorcorp, Reliance Communications (all up marginally).

Educomp Solutions (BSE: 532696; NSE: EDUCOMP; ISIN: INE216H01027) after news of Income-tax Department  raids on the offices and residences of the promotes of alleged tax evasion. The script tanked 8.90% and closed at 234.35 losing Rs. 22.90.

ICICI Bank (BSE: 532174; NSE: ICICIBANK; ISIN: INE090A01013) has once again come to sub-900 levels. The script closed the day at 864.75 losing 45.80 (5.03%) in trade today. ICICI Bank is one of the most favourite buy pick by experts amongst the banking stocks.

Entry Filed under: Equity Markets, Banks & NBFC, Closing Bell