BLACK FRIDAY!!!

Investors will remember October 24, 2008 as the blackest Friday the Indian stock market has ever witnessed and would never like to witness or experience thew same feel again in their lifetime..

Friday was one of the most hopeless session where the investors were mere spectators and just saw their so called ASSETS being washed off in the vast sell-off which took place on friday..

BSE SLAUGHTERED BY THE BEAR
The gains of the four-year bull-run were lost in just eight months. The biggest damage being suffered in last one month, with the indices losing over 36 per cent

Indian equities were the worst performers. Bombay Stock Exchange’s Sensex plunged 11 per cent or 1070.63 points to close at 8,701.07. The index touched a low of 8566.82. National Stock Exchange’s Nifty ended at 2584, down 12.20 per cent or 359.15 points. The broader index touched a low of 2525.05.

Advance to decline ratio was less than 12%, such a figure itself shows the way the market has behaved.

Even Foreign Market got slaughtered and went down by almost 10% intraday.
The Dow Jones Industrial Average futures slipped 550 points, or 6.27 percent and Standard & Poor's 500 futures shed 60 points or 6.56 per cent.
Japan’s Nikkei 225 ended -9.60 per cent lower, Kospi fell 10.57 per cent and Hang Seng declined 8.30 per cent.

Experts view it as the worst impact on big established companies who witnessed an average fall of 20% per share including Unitech loosing approximately 50%, DLF joining with 245 loss also including Ranbaxy Lab. with a fall of 18%..
Experts also stressed on the fact such a fall would shake the top 30 stocks of the Exchange as almost all of them have witnessed a fall of almost 70% in past few months with L&T scoring at more than 400% loss(from 5500 to 970 approx)..... Such a correction has made these large scale stocks comparable to small cap stocks. Providing a due recognizition to the prevailing economic errata many companies have been washed off with Reliance Industries made a new world record in intraday loss(not even Lehman lost that percentage of their value intraday).


In today’s trade, foreign funds provisionally sold equities worth Rs 1,431 crore while domestic institution bought equities worth Rs 514 crore.

Reason for such a fall can be many....
One of them is most predictable Sell-Out by FII's. They have sold thier stocks in market at any price so as to get rid of liquidity crunch at global level...
Another can be the underperformance of Indian Stocks listed n Foreign Exchanges.....
But the most important is revision in GDP growth forecasts. This led to panic among investors, already shaken by the relentless sell-off by foreign funds.
There were market reports that long only funds and domestic institutions were too on sell-side.

FM has asked people not to panic but how can a person feel free if his stake inMarket has reduced to mere 30% for nono of his ill-doings......................