Today’s headlines at Times read “SOS: Save Our Stocks” On Wednesday morning, India was counting down to the lunch of Chandrayaan 1 . On Friday evening, there was countdown of quite another sort – for the day’s trading in stocks to come to an end. When one of the most brutal sessions ever on the bourses finally closed, battered investors were left taking stock of the damage. The second biggest single day fall in the sensex in terms of points (1,071) and third biggest single day percentage loss (10.9%) Investors lost Rs 3.3 lakh crores in a single day. BSE’s market cap is now at Rs 27.41 lakh crores. Points stand at about 8,701.1 now. Gosh, we were hitting 21,000 just few months back if I am right. What’s happening to our economy?
Rupee breaches 50/dollar level in the intraday trade as the greenback posted gains against most major currencies. After hitting an all time low of 50.15, the rupee closed at 49.95/96. This is the 11th straight week where rupee has lost ground. Report released by Britain shows the economic output shrinking for the first time in 16 years by 0.5% for the last quarter (Jul – Sep ’08). In Japa, the Nikkei plunged 9.6%, hitting its lowest level since April 2003.
Every company is on a job cut spree. The only Indian Company's which are benefiting with the rupee slide are the exporters, like my company which exports services.
Just few months back, when the Stocks were at a 21,000 mark I had planned to invest. But my sister said, "don’t invest keep your dough in a fixed deposit". I did listen to her and didn’t invest. Thank God. Though, I feel really sad for the people who lost crores of rupees in the market presently. Hope for a better tomorrow. For more news ---> go to the end of this page.
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