Sen*** falls 1000 points – India headed for a nasty depression with India
Inc. running for cover
Kiran Rao
Mar. 17, 2008
The market breadth was extremely negative - out of 2,716 stocks traded,
2,404 declined, 282 advanced and 30 were unchanged today. Sen*** dropped
as
US investment bank Bear Sterns had a run and the US Government had to
rescue
the bank through JP Morgan Chase. The NSE Nifty dropped 243 points (5.1%)
to
end at 4,503.
The liquidity situation in Indian stock market is dangerous. The economy
is
also plunging. India is headed for a depression. India Inc. the so called
western outsourcing based business hype is running for cover as wave of
catastrophic collapse come as Tsunami.
The BSE Bankex dropped 9% (754 points) to 7,569. The Realty index slumped
nearly 8% (606 points) to 7,106, and the Metal index declined 7.5% (1,119
points) to 13,725.
ICICI Bank crashed nearly 14% (Rs 121) to Rs 757. HDFC slumped 11% (Rs
277)
to Rs 2,226. While HDFC Bank slipped nearly 6% to Rs 1,239, SBI declined
4.7% to Rs 1,633.
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