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    Kaumudi - Sept 29, 2008 - Markets End in Red On US Bailout Plan Uncertainty

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    Jagannadham
    Indian equity markets opened weak and fell sharply as the day progressed, ending deep in the red. Traders grew concerned as the $700 billion US bailout plan had yet to be approved and the troubles in the US financial system appeared to be ongoing. This was evidenced by the postponement of a meeting between the US presidential candidates and the buyout of Washington Mutual by JPMorgan Chase, suggesting more bad news could emerge over the weekend. As a result, traders took a cautious approach and sold positions to avoid risk until there was more clarity on the situation. The key indices, Sensex and Nifty, both fell over 3% by the close.

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    Kaumudi - Sept 29, 2008 - Markets End in Red On US Bailout Plan Uncertainty

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    Jagannadham
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    Indian equity markets opened weak and fell sharply as the day progressed, ending deep in the red. Traders grew concerned as the $700 billion US bailout plan had yet to be approved and the troubles in the US financial system appeared to be ongoing. This was evidenced by the postponement of a meeting between the US presidential candidates and the buyout of Washington Mutual by JPMorgan Chase, suggesting more bad news could emerge over the weekend. As a result, traders took a cautious approach and sold positions to avoid risk until there was more clarity on the situation. The key indices, Sensex and Nifty, both fell over 3% by the close.

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    Kaumudi_Sept 29, 2008_Markets End in Red on US Bailout Plan Uncertainty

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    Indian equity markets opened weak and fell sharply as the day progressed, ending deep in the red. Traders grew concerned as the $700 billion US bailout plan had yet to be approved and the troubles in the US financial system appeared to be ongoing. This was evidenced by the postponement of a meeting between the US presidential candidates and the buyout of Washington Mutual by JPMorgan Chase, suggesting more bad news could emerge over the weekend. As a result, traders took a cautious approach and sold positions to avoid risk until there was more clarity on the situation. The key indices, Sensex and Nifty, both fell over 3% by the close.

    Copyright:

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    2 views1 page

    Kaumudi - Sept 29, 2008 - Markets End in Red On US Bailout Plan Uncertainty

    Uploaded by

    Jagannadham
    Indian equity markets opened weak and fell sharply as the day progressed, ending deep in the red. Traders grew concerned as the $700 billion US bailout plan had yet to be approved and the troubles in the US financial system appeared to be ongoing. This was evidenced by the postponement of a meeting between the US presidential candidates and the buyout of Washington Mutual by JPMorgan Chase, suggesting more bad news could emerge over the weekend. As a result, traders took a cautious approach and sold positions to avoid risk until there was more clarity on the situation. The key indices, Sensex and Nifty, both fell over 3% by the close.

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    Markets end in red on US bailout plan uncertainty

    MUMBAI: Indian equities markets opened weak and continued to slide to end deep in the
    red following news that the $700 billion US bailout plan is still to be cleared and the US
    troubles are far from over, analysts said.

    There was news Friday that a crucial meeting between US presidential candidates Barak
    Obama of the Democratic Party and John McCain of the Republican Party has been
    postponed.

    This together with the news of the buy-out of Washington Mutual, the largest US thrift
    fund, to JP Morgan Chase indicates that there could be more bad news over the weekend,
    analysts said.

    "Consequently, traders went into sell mode to avoid taking any positions before there was
    more clarity about the situation," said security analyst Jagannadham Thunuguntla.

    He is the head of the capital markets arm of India's fourth largest share brokerage firm,
    the Delhi-based SMC Group.

    The 30-share benchmark sensitive index (Sensex) of the Bombay Stock Exchange (BSE)
    closed at 13,102.18, down 445.00 points or 3.28 percent against its previous close
    Thursday at 13,547.18.

    The broader based 50-share S&P Nifty index of the National Stock Exchange (NSE)
    finished at 3,985.25, down 125.3 points, or 3.05 percent from its previous close Thursday
    at 4110.55.

    The BSE mid-cap index closed at 4,940.82, down 152.23 or 2.99 percent against its
    previous close Thursday at 5,093.05.

    The BSE small cap index ended at 5,861.78, down 188.25 points or 3.11 percent from its
    previous close Thursday at 6,050.03.

    Only 442 scrips or 16.54 percent advanced while 2,172 or 81.26 percent declined and 59
    remained unchanged.Realty, metal, bank and capital goods stocks were the major losers.
    Only fast moving capital goods gained.ITC, Hindustan Unilever and ACC were the only
    gainers among the Sensex component stocks. Ranbaxy Laboratories, Sterlite Industries,
    ICICI Bank and Grasim Industries were the major losers.

    The sentiment was negative throughout, analysts said.

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