Business Daily from THE HINDU group of publications
Wednesday, Oct 01, 2008
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Business Daily from THE HINDU group of publications Wednesday, Oct 01, 2008 ePaper | Mobile/PDA Version | Audio | Blogs |
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Financial Markets Markets - Stock Markets
Our Bureau Mumbai, Sept. 30 Domestic equities that opened sharply lower on Tuesday following the failure of the US financial bailout package, bounced back on reassurance from the financial regulators. Marketmen were quite resigned to a massive fall, but back-to-back statements from the Finance Minister, the Reserve Bank of India, and the SEBI Chairman on the health of the domestic markets averted that. Tracking the overnight US markets, which fell 8 to 9 per cent, the Sensex fell 442 points to a low of 12,153 immediately upon opening. However, it ended the day with a gain of 2 per cent. The Nifty closed 1.8 per cent higher. The Indian markets are well-regulated and was merely suffering the consequences of global turbulence, the Finance Minister said. The SEBI Chairman assured the public that there were no settlement issues at the exchanges; while the RBI issued a statement to say that ICICI Bank and its subsidiaries are well-capitalised, setting at rest various rumours about the private bank’s financial health. ICICI gained 8 per cent and the BSE Bankex 5 per cent over the day. “The recovery was basically led by short covering by traders and institutions. There was value buying since some of the pivotals were beaten down badly in the previous session,” said Mr S Ranganathan, Head of Research, LKP Securities. “Today’s buyers were largely shortsellers, mainly the traders, FIIs and domestic financial institutions were less active,” said Mr Madhukar Sheth, a BSE member. Markets feel the global tremor All eyes on the US bail-out package High-level panel meet on financial turmoil More Stories on : Financial Markets | Stock Markets
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