Mkts plunge as US auto bailout fails, weak global cues

The markets have crashed in early trade following a slump in Asian stocks and US futures, and failure of the US auto bailout to clear the Senate. Auto, real estate, capital goods, power, metal, banking, and technology stocks are under pressure.
  • Language
  • App
  • Subscriptions
  • Specials
  • Sign-In
  • Register
GeStepAhead GrowMyMoney
moneycontrol.com

Home » News » Markets » Local Markets

Dec 12, 2008, 10.50 AM | Source: Moneycontrol.com

Mkts plunge as US auto bailout fails, weak global cues

The markets have crashed in early trade following a slump in Asian stocks and US futures, and failure of the US auto bailout to clear the Senate. Auto, real estate, capital goods, power, metal, banking, and technology stocks are under pressure.

Like this story, share it with millions of investors on M3

Mkts plunge as US auto bailout fails, weak global cues

The markets have crashed in early trade following a slump in Asian stocks and US futures, and failure of the US auto bailout to clear the Senate. Auto, real estate, capital goods, power, metal, banking, and technology stocks are under pressure.

Post Your Comments

Share Cancel

09:35
The markets have crashed in early trade following a slump in Asian stocks and US futures, and failure of the US auto bailout to clear the Senate. Auto, real estate, capital goods, power, metal, banking, and technology stocks are under pressure.

At 9:56 am, the Sensex fell 334 points to 9,311 and the Nifty lost 97 points to 2,822.

Major losers are M&M, Tata Motors, Maruti, DLF, Ashok Leyland, Jaiprakash Associates and Bharat Forge.

Among the US markets futures, Dow Jones and Nasdaq Futures tumbled 4%.

In an interview with CNBC-TV18, JP Morgan said US Auto bailout failure is negative message for global capital markets. This move will stall rally and bad for auto ancillaries & financials, he said.

Asian markets also extended losses further, after that bad news on auto bailout. Japanese Yen appreciated to 89.27 to a dollar.

Nikkei, Kospi, Taiwan and Hang Seng plunged 5.5-7%. Shanghai and Straits Times are down 1.7-3.4%.

In US markets, stocks closed sharply lower led by financials after comments from JP Morgan CEO Jamie Dimon on the fourth quarter. It was a bad day for economic data too, jobless claims stood at a 26-year high. October trade deficit widens more than expected while import prices drop more than expected. The Dow Jones plunged 196.33 points, or 2.24%, to 8,565.09. The S&P 500 index declined 25.65 points, or 2.85%, to 873.59, and the Nasdaq composite index fell 57.60 points, or 3.68%, to 1,507.88.

Market cues:

Uncertainty looms over auto bailout pkg

Initial jobless claims at 26-year high, trade deficit grew by 1.1%

CNBC-TV18 poll sees IIP for Oct at 1.68% versus actual no of 4.8% (MoM), 12.22% (YoY)

Crude surges over 10% as OPEC President pledges substantial output cut

FIIs net buy USD 245 million in equity on December 10

MFs net buy Rs 167 cr in equity on December 10

F&O Open Int up by Rs 748 crore to Rs 53,381 crore

F&O cues:

Nifty down 0.3%, Futures Open Int flat, Nifty Fut trades at 9 pts prem

Stock Futures add 58.5 lakh shares in Open Int; added 7.5 crore shares in last 3 days

Nifty Open Int PCR down from 1.31 to 1.3

Nifty Puts add 3.7 lakh shares & Calls add 5.5 lakh shares in Open Int

2900 Call adds 4.6 lakh shares in Open Int

2800 Put adds 1.8 lakh shares in Open Int

2900 Put adds 1.5 lakh shares in Open Int

3200 Call sheds 2.7 lakh shares in Open Int

Tags  sensex
Buy, Hold, Sell ? Hear it first on M3
Mkts plunge as US auto bailout fails, weak global cues

See all

Get started using your favorite social network

or

Login using moneycontrol ID

Username
Password

Need help logging in? Reset password.

Don´t have an account? Sign Up

Get started using your favorite social network

or

Simply sign up using this short form

* mandatory

UserName*

Username should be atleast 4 character

Password*

Password should be 8 or more characters,
atleast 1 number, 1 symbol & 1 upper case letter

Alert

Your Password should contain
  • 8 or more characters
  • At least 1 number
  • At least 1 symbol
  • At least 1 upper case letter
Confirm Password*
Email
Already have an account? Login