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Market Recap: Dow Loses 806 Points, Battles Back - Still Loses 370 Points
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It just seems that the market cannot get the hang of Mondays. If you recall, last Monday brought about a 778-point drop - and at the market`s worst, today wasn`t any better. U.S. stock futures were pointed significantly lower as the opening bell approached, as investors across the globe were concerned over the world`s economic health. Europe failed to come up with its own bailout plan to rescue financials, leading to international stocks plunging. Elsewhere, a little tug-of-war was developing between Citigroup (C) and Wells Fargo (WFC) over Wachovia (WB). With no economic news on the slate, investors focused on the ever-dropping market. At the lowest point, the Dow Jones Industrial Average dropped 806 points, and was trading well below the 10,000 level. A bout of bargain-hunting took place in the final hour, helping to limit the market`s drop. That said, the Dow still closed substantially lower, finishing below 10,000 for the first time in 4 years.
At first, it seemed as if the Dow Jones Industrial Average (DJIA – 9,955.5) would defy odds and gravity by closing atop the 10,000 level. That was not the case. The Dow finished the day with a loss of 369.9 points, well off its intraday nadir of 9,525.3, but below 10,000, as well. All 30 of the blue chip components slipped, with Chevron (CVX), Procter & Gamble (PG), and Boeing (BA) leading the way.
The S&P 500 Index (SPX – 1,056.89) dropped, as well, shedding 3.85%. The SPX`s intraday low checked in at 1,007.97, territory not seen since October 2003. The Nasdaq Composite (COMP – 1,863.0) fell more than 84 points on the day, logging the largest percentage drop at 4.34%.
Turning to equities in focus, Genentech (DNA) and OSI Pharmaceuticals (OSIP) announced that a Phase III Trial for Avastin combined with Tarceva did not meet its primary endpoint ... Crocs (CROX) announced plans to sell its Foam Creations business unit ... EMC Corp. (EMC) fell to a 2-year low following a price-target cut ... VMware (VMW) was downgraded by Wachovia ... Ambac Financial (ABK) fell, despite heavy call activity on Friday ... and today`s Quote of the Day is given to us by the wonderful world of college football commentators. Rod Gilmore noted to his play-by-play partner, Joe Tessitore, that the alternating blue and orange colors in the Boise State student section, "makes me happy." Tessitore responded:
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SEBI revised P-Notes norms & removed cap on ODI`s in Derivatives frm pr.40% for Fii & their sub accounts,cap imposed lst oct`2007 last year, P-notes news +ve for mrkt as predicted by us, we may see gap up opening tomm Nifty 100 pts gap up possible if no new bad news comes from US ...
In reply to:
Sebi revises P-notes norms, scraps ODI restrictions
Posted by :
MMB Messenger
CB Bhave, Chairman, Securities and Exchange Board of India (SEBI), said norms on participatory notes have been revised and the limit on overseas-derivative instruments (ODIs) in both cash and derivates will be removed. “The 40% cap on assets under custody in cash market will be removed,” he said. 
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Is SEBI trying to manipulate the market?...
In reply to:
Sebi revises P-notes norms, scraps ODI restrictions
Posted by : MMB Messenger
CB Bhave, Chairman, Securities and Exchange Board of India (SEBI), said norms on participatory notes have been revised and the limit on overseas-derivative instruments (ODIs) in both cash and derivates will be removed. “The 40% cap on assets under custody in cash market will be removed,” he said.
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It\\\\`s Good News For mkt....? or just for short terms ki khusi.............
In reply to:
Sebi revises P-notes norms, scraps ODI restrictions
Posted by : MMB Messenger
CB Bhave, Chairman, Securities and Exchange Board of India (SEBI), said norms on participatory notes have been revised and the limit on overseas-derivative instruments (ODIs) in both cash and derivates will be removed. “The 40% cap on assets under custody in cash market will be removed,” he said.
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CB Bhave, Chairman, Securities and Exchange Board of India (SEBI), said norms on participatory notes have been revised and the limit on overseas-derivative instruments (ODIs) in both cash and derivates will be removed. “The 40% cap on assets under custody in cash market will be removed,” he said....
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Shares of exporters, after a hectic weekend in Europe as the financial crisis gathered steam there, knocking the euro to the lowest in a year.
The BSE Mid-Cap index was down 6.47% at 4,375.04. Monnet Ispat (down 29.54% at Rs 298.35), S.Kumars Nationwide (down 25.90% at Rs 28.75), Spice Communications (down 21.45% at Rs 52), ICSA India (down 20.30% at Rs 174), and Great Offshore (down 16.45% at Rs 399), plunged.
The Small-Cap index was down 6.10% at Rs 5,132.22. Deep Industries (down 20% at Rs 69.70), XL Telecom & Energy (down 20% at Rs 102.35), Vakrangee Softwares (down 19.15% at Rs 107.85), Prajay Engineers Syndicate (down 17.41% at Rs 27.75), and Seamec (down 17.09% at Rs 77.85), slumped.
The BSE Mid-Cap index had underperformed the market over the past one month till 3 October 2008, falling 19.86% compared to the Sensex\`s 16.77% fall. It had also underperformed the market in the past one quarter, falling 9.38% compared to Sensex\`s 4.34% decline.
The BSE Small-Cap index had underperformed the market over the past one month till 3 October 2008, falling 21.73% compared to the Sensex\`s 16.77% fall. It had also underperformed the market in the past one quarter, falling 13.92% compared to Sensex\`s 4.34% decline.
-CM courtesy -
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BNP Paribas acquires Fortis operations for 14.5 bn euro...
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Stocks in Tokyo plunged to their lowest levels in five years on worries about the deepening global crisis despite the US Congress\` approval of a $700-billion Wall Street bailout....
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Sensex Extends Fall To 700 Points Trading At 11813...
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BSE Block Deal
NICHOLAS PIRAMAL INDIA 350985 Shares At 299
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Sensex Falls Below 12,000 Points For First Time Since Sept 2006...
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Time to sell Oct ober Nifty Future
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Damage from impaired financial systems in developed economies would almost certainly cause equity market to shrink and dip.
Oil and Gold are on less demand as economy of the users has crashed and affordable limit is not the same.
Recession is on the way and investors must be ready to accept it.
Those who have cash should keep it and those who can book and manage cash must do it.
Market is on very bad turn. Everybody will come up with new ideas and predictions. But it is of no use for small and midium investors. As they will loose only and will not be able to survive or come again if market rise. It is very necessary and must, to understand that market will not give them chance to survive unless you have funds to buy in a situation which is on the way.
If your fund is in the market then there are all the chances you are fixed and on more losses but not on profit. Now on only those who have funds in hand will make profit as the stocks are on their lowest level. Profit time is on the way. Still market to fall to a level beyond your imagination and expectations, as the world economy is in dol-drum and survival package is for time being which is not going to solve the problem unless one time heavy crash finish everything specially unwanted and unnecessary small investors who by booking profits all the time created this present scenario to some extent. They will be punished in this market as every business have some rules and principles but when it is infested and infected, you do not see green harvest but only bare land.
Economy is on the paper basically thing are not in good shape and it is very important for small and medium investors specially small investors to keep funds in hand and remain out side till market crosses 17000 level. If they do not then when they loose there is no chance to gain again.
World crisis is asking 2 Trillions dollars package for economy crisis. 700 bln was a part and it did solve the problem for some days but in long run it will not feed economy.
Its very interesting to watch market as well as economic situation as everyday there is a new crisis and new suggestions. It’s a time to observe and learn market as well as economic situation.
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Indian GDRs: Gail tumbled 28.46% at USD 37.20, Sterlite slipped 7.34% at USD 8.21, Infosys was down 5.62% at USD 30.58, Satyam plunged 3.53% at USD 15.60, Dr Reddys lost 2.05% at USD 11.01 and Tata Motors slipped 2.02% at USD 7.26, while Grasim was up 7.61% at USD 38.20, ICICI Bank gained 2.30% at USD 24.50 and Tata Comm was up 1.2% at USD 21.14....
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what is the the reason to slip gail in nse...
In reply to:
Indian GDRs: Gail down 28%, Sterlite slips 7.3%
Posted by : MMB Messenger
Indian GDRs: Gail tumbled 28.46% at USD 37.20, Sterlite slipped 7.34% at USD 8.21, Infosys was down 5.62% at USD 30.58, Satyam plunged 3.53% at USD 15.60, Dr Reddys lost 2.05% at USD 11.01 and Tata Motors slipped 2.02% at USD 7.26, while Grasim was up 7.61% at USD 38.20, ICICI Bank gained 2.30% at USD 24.50 and Tata Comm was up 1.2% at USD 21.14.
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