Boloji Sept 29, 2008 - Markets End in Red as US Contagion Spreads
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“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.
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Boloji Sept 29, 2008 - Markets End in Red as US Contagion Spreads
- 1. September 29, 2008 Markets End in Red as US Contagion Spreads Mumbai 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.