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Sensex tanks 325 pts in early trade, slips below 18K level

  •   Tue, Aug 20 2013 11:40:35 AM

Mumbai, Aug 20 (PTI) : The BSE benchmark Sensex today tanked over 325 points to dip below 18,000 level in the early trade on sustained selling, extending losses for the third straight day, as rupee plunged to fresh lows amid a weakening trend overseas.

The 30-share index slipped below 18,000 mark by plunging 325.64 points, or 1.78 per cent, to 17,981.88. All sectoral indices led by financials and realty trading in negative territory with fall up to 3.08 per cent. Sensex had lost over 1,060 points in the previous two sessions.

Similarly, the wide-based National Stock Exchange index Nifty slipped below 5,400 points mark by falling 91.75 points, or 1.69 per cent, to 5,323.

Brokers said sentiments remained extremely bearish on heavy selling on free-fall in the rupee's value that hit another record low of 63.75 against the dollar, and a weakening trend in the global market as investors bet that the US Fed will soon announce a wind-down of its massive bond-buying programme.

In the Asian region, Hong Kong's Hang Seng index was down 0.30 per cent, while Japan's Nikkei Index shed 0.53 per cent in the morning trade today.

The US Dow Jones Industrial Average ended 0.47 per cent lower in yesterday's trade.
  

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Comment on this article

  • fds, bangalore

    Tue, Aug 20 2013

    most of the scamsters are originally from the BJP ruled state of Gujarat.
    Fisrst it was Harshad Mehta ,then Ketan Parekh and now Jignesh Shah.

    DisAgree [6] Agree [4] Reply Report Abuse

  • Matthew, Nitte

    Tue, Aug 20 2013

    Rudolph, you're absolutely right about the mid-cap and small-cap Indian IT companies that are listed on BSE/NSE. It is not just circular trading ( which really is a nice term for pump-and-dump scheme ). Many of these small companies have dozens of subsidiaries that are used to either create fictitious profits or hide debt. I know one such company that had a buyback within an year of its public listing. It was a nice way for promoters to sell their holdings as the company bought back the shares at a high market price. SEBI is well aware of such activities, but is toothless to act thanks to political pressure. How else to explain someone like Ketan Parekh who is not just trading but wining and dining cinema stars and politicians instead of spending time behind prison walls ?

    Going back to the economy,the rupee free fall has just started and it will continue to fall. The signs have been there for a while now it is just that the US fed low interest rate policies was helping channel money into emerging economies like India. Indian bond interest curves have been close to flipping since 2010 which should have been a sign for the government to tighten its belts. And instead they started MNREGA and the new food security bill. This crisis will make 1991 look like a walk in the park.

    DisAgree Agree [3] Reply Report Abuse

  • Rudolf, Mangalore/Mumbai

    Tue, Aug 20 2013

    Though the index and Nifty have not fallen much most of the mid and small cap stocks have eroded by 75% in value and are quoting below 2008 lows!! Every other day one more co. defaults and the stock just falls off a cliff nonstop to 1/10th of the value!! Most of the cos. especially in IT sector are dubious!!! Majority come with IPO at high premium, then jack up share price to phenomenal highs by circular trading and pledge the shares to institutions including our PSU banks and avail of 1000s of crores of loans and then default on repayment of loan leading to carnage of the stock price leading to clean shave to retail investors and the loan money is siphoned off, our banks quickly make them NPAs!!!

    Another big scam to be looming over the markets is the payment crisis of about 5000 crores in NSEL, which if it really is a default will open a big can of worms sending the market into a tizzy!!

    In our markets those who earn are only the promoter groups, analysts, brokerage houses, insiders, operators, and the biz channels and the retailer is always the loser!! If no retailer would invest money in the markets the operators would literally have no money source to suck from and would close down!!

    In short, markets are only meant for those who are privy to insider info or connected with the promoters/operators/media etc. and a strict no no to the aam aadmi!!

    And our regulators, though well armed, are the last to come to crack the whip when the game is over and the promoters vanished with the booty!!

    Because of all these defaulting cos. PSU banks are sitting on all time high NPAs, which is another loss as it is the taxpayer money!!

    Financial markets and India story is really in shambles and it is the funeral of the common man who earns his rozi-roti by hard work and by God fearing means!!

    Rich are getting richer and the poor poorer which is a very bad sign for any economy!! Jai Jawan-Jai Kisan!!!

    DisAgree Agree [9] Reply Report Abuse

  • ER, Mangalore

    Tue, Aug 20 2013

    This financial mess is due to RBI governer Subba and our FM chiduu.

    DisAgree Agree [9] Reply Report Abuse

  • Vikram, Dubai

    Tue, Aug 20 2013

    Look at our country, world's 3rd largest economy!!! we don't want more speech from you Congress Government. Pls. step down now...

    DisAgree [2] Agree [12] Reply Report Abuse

  • RAJESH SHETTY, MLORE-SHJ

    Tue, Aug 20 2013

    EVERY DAY WE KEPT PROMPTING HIM AND PUSHING HIM TO TALK. ONE DAY (15TH AUG) FINALLY HE SPOKE AT REDFORT OR MORE THAN 30 MIN FOLLOWING WHCIH THE STOCK MARKET CRASHED,RUPEE COLLAPSED,GOLD RATE REACHED SKY, NO MORE TAKING LED'S FOR NRI'S.
    DEAR MMS'SJI, ITS BETTER YOU KEEP YOUR MOUTH SHUT ONLY & WE WILL RESPECT YOUR SAILENCE FROM HEREON.

    DisAgree Agree [16] Reply Report Abuse

  • R.N. Pujari, Manglore - Mumbai

    Tue, Aug 20 2013

    Anna has gone to New York for India I Day Parade, and here in India, we can see Naked Parade of Congress Scamsters. If Congress govt stays back in power- some day they will put tax on breathing- claiming "fresh oxygen belongs to govt"!!...god bless Our economy will be incurably damaged, China and will occupy 70% of North India, and Madam and her entourages will flee to Italy Scot-free. That's all.

    DisAgree Agree [18] Reply Report Abuse

  • CONRAD JOHN TAURO, SHIRVA/UDUPI/DUBAI

    Tue, Aug 20 2013

    Vibrant Indias Financial Vibration.

    DisAgree Agree [16] Reply Report Abuse

  • Jayarama, Udupi/Riyadh

    Tue, Aug 20 2013

    Economy in 2013 is worse than 1991, Reserve Bank is fighting a lost battle against Dollar. Maun Sigh is boasting around about 280 Billion Foreign Reserve will see him through but forgot about 480 Billion Current Account Deficit he is carrying along. Markets and FII lost faith in UPA it opened all sectors for FDI but no takers. The small and medium companies-the companies that actually create jobs-are simply bleeding abundantly. Subsidy reached 16% of the GDP from 8% and now with newly introduced Food Security Bill will take it up by another 1%. Damaad and Dollar become Malaamal and rest of India become Kanjaal. Latest news is “Damaad already got Dubai resident permit”. The only thing save India is to call for an early election. In rest of the world people put the effigy of a Prime Minister on fire but in India effigy Prime Minister put India on fire, Jai Hind.

    DisAgree Agree [12] Reply Report Abuse

  • Sandy, Mangalore

    Tue, Aug 20 2013

    And our congi's talk of getting a meal for Rs 5. If not for Mahatma's image and Indian emblem on it, I am sorry to say, its not even worth plain paper

    DisAgree [1] Agree [16] Reply Report Abuse

  • avani, mlore

    Tue, Aug 20 2013

    People were talking about NRIs gaining due to Rupee fall. But I am sure most of educated mid & high bracket NRIs have lost good amount of money in Share market as well. May be more than what they gained due to rupee fall. Present economy system is such that a common man whether a NRI or RI never gains. If he gains one hand loses on the other. Gain is only for those having vested interest capable of manipulating things.

    DisAgree Agree [14] Reply Report Abuse

  • Sandy, Mangalore

    Tue, Aug 20 2013

    I read this happen in few African countries & I am afraid its not far, one will need to carry the currency notes in a gunny bag to by 1 kg onion even in India!

    DisAgree [2] Agree [13] Reply Report Abuse

  • Arun Kumar, Udupi

    Tue, Aug 20 2013

    Rupee is falling, shares are falling. Man mohan image also falling. Only Namo is raising.

    DisAgree [3] Agree [23] Reply Report Abuse

  • Sampath , Mlore/ Blore

    Tue, Aug 20 2013

    This is not a new thing to hear.... as long as we are ruled by the selfish politicians prepare to hear much more shocking news.
    Only GOD can save this country.
    on one hand economy is dipping down.
    other hand Pakistan and china are killing our soldiers.
    Internal conflicts like Telangana, Communal roits are comman.
    Richer is getting Richer Poorer still poorer.

    Still our politicians ours is a strong economy. ruled by the Best Statesman in the world?

    DisAgree Agree [16] Reply Report Abuse

  • Rajesh Shetty, Mlore-Shj

    Tue, Aug 20 2013

    .....& the Indian Govt as a counter measure announces total ban or "Baby Diapers" Import of any brand by NRI travelers. Diapers which were free until now, will be charge 85% customs vat sat taxes.

    DisAgree Agree [20] Reply Report Abuse


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