Terrorists - Lehmann brothers, Merill lynch, Bear Sterns( arrested long back) had been planting bombs here in the markets for over a week. Some of them were detonated by the Indian Investors, many were silent ones but the one that blasted today 15th September, 2008 at 9.55 was the worse of its kind.. Pulling the index down 728 points and the NIFTY index down below 4000. Not even a single blue chip survived the explosion. Reliance Infrastructure ricocheted by 9% . RIL breaching its psychological 1900 mark. Even IT sector was not spared. Satyam down 8.85%..
Investors dumped shares across the board. Realty counters faced the brunt of the bear onslaught. Technology and power shares also took a sharp knock.
The crack on Dalal Street widened as global financial worries mounted. The US financial system took a turn for the worse after investment bank Lehman Brothers' filed for bankruptcy, troubled insurer American International Group asked the Fed for a lifeline and Bank of America agreed to buy Merrill Lynch.
With Lehman and Merrill out of the picture, three of the top five US investment banks have effectively departed the scene in less than six months. Bear Stearns was acquired in a fire sale by JPMorgan in March.
On a black Sunday for Wall Street, 10 of the world's biggest banks also agreed to establish a $70 billion emergency fund while the Federal Reserve said for the first time it will accept stocks in exchange for cash loans.
Tracking the weak sentiment globally, the Bombay Stock Exchange 30-share barometer tumbled by 724.99 points or 5.18 per cent at 13,275.82.
The previous terrorist OIl is nw trading below $100 a barrel...Still no respite..
Inflation now is all set to take a forward leap again. 13.5% is its next target( Base Effect). Rupee weakening by arbitragers now....
Next target 12.5k!!! Lets see how far will this take us!!
Hey mighty Lord, Spare us from this turmoil.
Monday, September 15, 2008
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