Monday, March 17, 2008

Sensex lose 951 Points and Nifty dropped 242

   

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Sensex crashes on Black Monday

The Bombay Stock Exchange Sensex extended losses to more than 6 percent today, joining a global equities rout on growing fears of financial trouble after a fire sale of Bear Stearns and the US Fed cut its discount rate.

The 30-share BSE barometer settled the day below 15k level at 14,809.49 points, a loss of 951.03 points. It touched the day's low of 14,838.27 and a high of 15,326.93 points. The key index is closing below the 15k level for the first time since June 29, 2007.

The 50-share National Stock Exchange index Nifty dropped 242.70 points at 4,503.10, after touching a low of 4,482.10 and a high of 4,745.45 points. Nifty's last dip below 4,500 points was on September 17 last year.

Capital goods index bore the maximum brunt of 873.63 points at 12,706.31, followed by banking index by 753.93 points at 7569.16. Bank shares remained the centre of brisk activity after the US Fed decided to cut borrowing rates.

The Fed is stepping up efforts to prevent strains on financial markets from worsening. The rate-cut decision, taken ahead of the Asian trading day, coincided with JP Morgan buying Bear Stearns for about 1/40th its share price of a month ago.

A steep fall in other Asian markets led by Hong Kong also had an adverse impact on the market.

Index heavyweights ICICI Bank and Reliance Industries led the losses.

Second-largest lender ICICI Bank fell 6.5 percent, and largest listed firm Reliance Industries was down 3.5 percent.

Source : saharasamay.com

10 comments:

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    As we all know major stock market exchanges in India are

    BSE
    and NSE. Full form of BSE is Bombay stock exchange covering SENSEX
    where as

    NSE is
    National stock exchange covering Nifty and Nifty stocks.

    Now a days USA is facing recession which is affecting world market and
    recently we have witnessed major fall in Nifty and Sensex.

    In this fall many investors were trapped and loosed around 50% to 70%
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    There are few levels which we call support and resistance level which
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    Right now Nifty is direction less

    Major suport-4660 below it next will be 4400.If breached then 4000.

    On upper side Res- 5025 closed above can take Nifty to 5150-5200 . 2-3
    closings above 5200 means 5400.

    We suggest strictly follow these level and enter in market as per these
    levels as these are very crucial levels technically.



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    ReplyDelete
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  6. Dear Visitors,

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    Again after one week of good gains in
    href="http://sharetipsinfo.com" title="Indian stock market "> Indian stock
    market
    we have seen
    title="Nifty">Nifty
    and Sensex closing very near to there major Support.
    If Nifty breaches 4850 then it can again see a fall till 4600. But
    chances of breaching 4850 is very less. Now world markets are recovering at
    faster pace
    dollar is becoming strong as against Rs. it will give good gains to
    exporters and IT sector.

    Right now Nifty is in consolidation state it can go to any direction.
    We suggest you not to take too long positions right now.



    Please feel free to contact us for any query.


    Have a Nice trading days ahead.

    Regards


    ShareTipsInfo Team

    +91 9891655316
    +91 9899056796
    +91 9891890425

    ReplyDelete
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    ReplyDelete
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    This may not be the right time for stock Trading / investing, but taking a view for the longterm, this might surely be a good bet. Investing in the SENSEX / NIFTY will be a good bet to take right now for the longterm players.
    Regards

    Indian Share Tips

    ReplyDelete
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