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  • SmasHits - Sept 29, 2008-Markets End in Red As US Contagion Spreads

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    Indian equity markets ended sharply lower as the US financial crisis spread to other countries and the US Congress approved a diluted bailout plan. The key Indian indices (Sensex and Nifty) fell around 4% each as investors grew nervous about the negative global macroeconomic factors. All industry sectors declined, with banks, consumer durables, IT and realty seeing the largest losses. Only one of the 30 Sensex stocks (Hindustan Unilever) managed to gain as the rest fell sharply, led by double-digit drops in ICICI Bank, Jaiprakash Associates and Satyam Computers.

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    SmasHits_Sept 29, 2008-Markets End in Red as US Contagion Spreads

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    Indian equity markets ended sharply lower as the US financial crisis spread to other countries and the US Congress approved a diluted bailout plan. The key Indian indices (Sensex and Nifty) fell around 4% each as investors grew nervous about the negative global macroeconomic factors. All industry sectors declined, with banks, consumer durables, IT and realty seeing the largest losses. Only one of the 30 Sensex stocks (Hindustan Unilever) managed to gain as the rest fell sharply, led by double-digit drops in ICICI Bank, Jaiprakash Associates and Satyam Computers.

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    3 views1 page

    SmasHits - Sept 29, 2008-Markets End in Red As US Contagion Spreads

    Uploaded by

    Jagannadham
    Indian equity markets ended sharply lower as the US financial crisis spread to other countries and the US Congress approved a diluted bailout plan. The key Indian indices (Sensex and Nifty) fell around 4% each as investors grew nervous about the negative global macroeconomic factors. All industry sectors declined, with banks, consumer durables, IT and realty seeing the largest losses. Only one of the 30 Sensex stocks (Hindustan Unilever) managed to gain as the rest fell sharply, led by double-digit drops in ICICI Bank, Jaiprakash Associates and Satyam Computers.

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    of 1

    Markets end in red as US contagion spreads

    Posted: 6:33p.m IST, September 29, 2008

    Mumbai, Sep 29(IANS) Indian equities market ended deep in the red on all round nervousness
    following the US financial contagion spreading to Britain and Europe and the US Congress
    announcing a much diluted version of the $700 billion bailout plan, analysts said.

    “There was no conviction and almost no buying in the Indian markets because at the moment all
    macroeconomic factors around the world is negative,” said Jagannadham Thunuguntla, 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)
    breached the 13,000 mark and closed at 12,595.75, down 506.43 points or 3.87 percent from its
    previous close Friday at 13,102.18.

    The broader based 50-share S&P Nifty index of the National Stock Exchange (NSE) finished at
    3850.05, down 135.2 points or 3.39 percent from its previous close last Friday at 3,985.25.

    The BSE mid cap index ended at 4,729.33, losing 211.49 points or 4.28 percent against its
    previous close at 4,940.82.

    The BSE small cap index finished at 5,553.03, down 308.75 points or 5.27 percent from its
    previous close at 5,861.78.

    While all sectoral indices showed losses, banks, consumer durables, information technology and
    realty indices fell the most.

    Among the Sensex component stocks only Hindustan Unilever at Rs.254.50 gained by Rs.2 or
    0.79 percent from its previous close last Friday at Rs.252.50.

    The top losers were ICICI Bank at Rs.493.30, losing Rs.67.95 or 12.11 percent from its previous
    close last Friday at Rs.561.25. Jaiprakash Associates at Rs.106.70 lost Rs.14.35 or 11.85 percent
    from its previous close at Rs.121.05. Satyam Computers lost Rs.29.40 or 9.13 percent and fell to
    Rs.292.55 from its previous close at Rs.321.95. TCS Ltd. at Rs.619.65 lost Rs.56.80 or 8.4
    percent from its previous close at Rs.676.45. As many as 2,287 or 85.18 percent stocks declined,
    only 357 or 13.30 percent stocks advanced and 41 or 1.53 percent remained unchanged.

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