Another Black Friday As Sensex Closes Below 16000 Mark(Day Wrap Up)

Today Indian stock markets closed with huge losses inline with its Asian peerage. Market Counters across Asia closed in red on weak cues from US on account of credit mess.Even on weekly basis markets have shaved with Sensex down nearly 9.5%. Realty index down 19% and bankex down 17%. Today, Sensex closed at the lowest level since 2007. Nifty 50 slipped below 4,800 levels and Sensex has breached down 16,000 mark.All the BSE sector indices ended in deep ravine. Bank, capital goods, power and realty stocks were the worst hit. Mundra Port, Chambal Fertiliser, Welspun Gujarat, Adlabs, Ess Dee, Spice Jet joining along with Bajaj Auto, ICICI Bank, Reliance Energy and Siemens posting huge loses in their pricing.BSE Sensex closed down 566.56 points or 3.42% at 15975.52, and the Nifty 50 down 149.80 points or 3.04% at 4771.60. Market breadth was on the ratio of 433:2560 and 55 shares are unchanged.

The BSE Midcap Index ended@ 6,804.39 down 4.4%

The BSE Smallcap Index ended @ 9,595.41 down 4.6%

The BSE Bankex ended @ 8,477.46 down 5%

The BSE Capital Goods Index closed @ 4.5% at 14,025.12

The BSE Auto Index closed @ 4,634.70 down 4.4%

The BSE Metal Index closed @ 15,453.60 down 3.5%

The BSE FMCG Index closed down @ 1% at 2,207.71

The BSE Oil and Gas Index closed @ 10,022.91 down 3%

The BSE power index closed @ 3,155.16 down 5.6%

The BSE IT Index was down @ 3% at 3,638.44

The NSE cash turnover was at Rs 14948.3 crore and the NSE F&O turnover was at Rs 38712.25 crore.
The BSE cash turnover was Rs 6261.94 crore. Total market wide turnover was at Rs 59922.49 crore.

Seven Ways To Survive A Stock Market Correction!!!

Global markets all have corrected lately. Irrespective of which market you are investing in, you would have been affected by the recent volatility. You could be an investor in America, India, China, Korea or anywhere else in the world- your situation would be pretty much the same. Many of you who are new investors might have entered panic mode, where you are unable to relax and have lots of stress and depression. I understand how it must be for somebody who just started investing in either stocks or mutual funds two months ago to see a notional loss of 30% or more now.I remember the first time several years ago when I witnessed a stock market correction, my portfolio was down by over 50% and I too had entered panic mode. But thankfully after reading books on investing and listening to more experienced investors, I decided not to panic and hold my quality stocks.  I am a much happier person today thanks to that decision. Nice post ahead here.

Devil Of India’s Budget LIES In Missing Details

Indian Finance Minister P. Chidambaram’s annual budget is one part Robin Hood and another part Houdini. It’s hard to say which one is worse. In his Feb. 29 budget speech in parliament in New Delhi, Chidambaram announced a 600 billion-rupee ($15 billion) debt waiver for farmers. This sum, which amounts to a staggering 10 percent of the government’s tax revenue in the current fiscal year, would have sufficed to create 15,000 megawatts of new power-generation capacity, enough to significantly reduce the country’s perennial and debilitating electricity shortages. There’s no denying that farming in India is facing a crisis.  Productivity gains have stalled. The overall economy has grown an average of 8 percent per annum since 2002, adjusting for inflation. In this six-year period, real agricultural output has expanded 2 percent annually with high year-to-year volatility. Reports of indebted farmers committing suicide have dominated newspaper columns and political debates, putting pressure on the government to take drastic measures. With general elections very likely to be held later this year, Chidambaram didn’t disappoint the ruling coalition.  It is, after all, impossible for any government to be returned to power in India without the support of rural voters.  So Chidambaram decided to play Robin Hood.  Great story ahead here

Wall Street Slides On Credit Mess; DowJones Down 214 Points

Wall Street fell sharply to 18-month low levels as credit concerns rattled the market and lackluster retail sales compounded worries about the economy. The biggest causes for the sell-off were that home foreclosures climbed to record levels and Thornburg mortgage and a Carlyle group bond fund missed margin calls. On the economic front, existing-home sales were unchanged in January from December, though still down 20 percent year on year and jobless claims fell more than expected last week.Financial extended losses and dropped for the sixth day. Merrill Lynch hits 52-week low when the company disclosed that it amended the terms of a series of its liquid yield option notes. Shares of Fannie and Freddie fell to their lowest circuits in more than a decade. Reports suggest that UBS may face further write-downs.The Dow plunged 214.60 points, or 1.75%, to 12,040.39. The S&P’s 500 index slipped 29.36 points, or 2.20%, to 1,304.34, and the Nasdaq composite fell 52.31 points, or 2.30%, to 2,220.50.