Sensex Down 1000 points

Today morning Sensex gave a shock to everyone despite the RBI action to cut interest rates by 150 Basispoints. Sensex went down by 1070 points and Nifty by 298 points before recovering after Sun outage. Almost all the sectors suffered badly and Moneycontrol says its because of the IIP numbers.




"The August Index of Industrial Production (IIP) stood at 1.3% as against 10.9% in same period of last year. Capital Goods growth was at 2.3% versus 30.8%, Mining growth declined at 4% from 14.7% and manufacturing growth declined at 1.1% versus 10.7%. Consumer Durables growth declined at 5.1% from 6.2%. CNBC-TV18 had expected
August IIP numbers at 5.79%." Thanks Moneycontrol.

Reliance Industries, ICICI Bank, Bharti Airtel, ONGC, Reliance Communication, NTPC, BHEL, HDFC, L&T and Infosys Technologies are major draggers to benchmark indices.
The two exchanges will halt trading if the Sensex falls 1275 points or the Nifty loses 390 points, which is 10% circuit."

2008 has been very bad for Investors and the Halt in trading has become an usual event from un-usual. :( :(



Telecomm Stocks are hit badly with Reliance Communication losing 15%, Bharti Airtel - 8.31%, Tata Communication -6.98%, MTNL -6.77% and Idea Cellular -2.89%.

JP Associates one of the Voted Profitable Stocks of 2008 is down at 75 Rs.and the Sensex Weightage for the stock has come down to 0.6% :( :( Among the Sectors- Capital Goods, Realty Index, Bankex Index, Power, Metal Index,Telecomm were hit badly.Most of the Stocks are at their 52 week low and the $/Rs. was seen at 49 today :( :(

Even Dow lost 690 points yesterday,( yesterday BSE,NSE were closed due to Local Holiday), which has also made more than Equal impact in Indian Markets.



Yesterday in UTVi, Rakesh Jhunjhunwala was agreeing to the fact that Chidambaram said about Indian banking system that they were more Robust and they are well regulated. Rakesh Jhunjhunwala also said that the Consolidation may take more than 6 months- 2 years for the Indian Markets. About IT Sector he mentioned the BPO
industry is still doing Well.

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