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Bear on prowl; Sensex in the red
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CRASH! Sensex loses 1,071 points

October 24, 2008

Mirroring negative cues from the global markets, the Sensex opened with a negative gap of 237 points at 9,535. But after the RBI's Credit Policy announcement the index began to extend its losses and plunged to a low of 8,635.

The Sensex finally ended with a huge loss of 1,071 points (10.96%) at 8,702. This is its second highest fall and the lowest level since November 2006.

The NSE Nifty too sank by 359 points (13.90%) at 2,584.

The uncertainty in Dalal street is likely to linger further as the markets on Friday gave a thumbs down to the Reserve Bank of India's mid-term Credit Policy and investors would adopt a cautious approach following weak global

RBI on Friday kept its key rates unchanged in the mid-term review of annual monetary policy and lowered economic growth projections to 7.5-8 per cent for 2008-09.

Hindalco has slumped 18.5% to Rs 43, and Ranbaxy has tumbled nearly 18% to Rs 189.

ONGC has plunged over 16% to Rs 651. Sterlite, Tata Motors, Tata Steel and Mahindra & Mahindra have crashed around 14% each to Rs 211, Rs 167, Rs 179 and Rs 295, respectively.

DLF, Reliance, Reliance Communications and Reliance Infrastructure have shed around 13% each at Rs 232, Rs 1,054, Rs 200 and Rs 391, respectively.

SBI and ICICI Bank dropped over 12% each to Rs 1,160 and Rs 321, respectively.

HDFC Bank and Maruti have slipped 11.7% each to Rs 946 and Rs 523, respectively.

Tata Power, Jaiprakash Associates, HDFC and Wipr are down around 10% each.

Rupee sinks in early trade.. .

Image: Investors watch share prices tumble.| Photographs: Sajjad Hussain/AFP/Getty Images

Also read: Of falling property prices and when to buy a house

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