The domino effect that the global financial meltdown set off has left markets across the world quaking with fear and bracing for what could be worse times to come.
The fall of giants like Lehman Brothers and Bear Stearns, the sale of Merrill Lynch and the possible sale of Morgan Stanley, the bailouts of the mammoth AIG, Freddie Mac and Fannie Mae, and the erosion of billions of dollars of investor wealth have shaken up everyone.
But amidst the devastation, the infusion of over $600 billion -- that is more than half of India's GDP -- in the world markets by various central banks has given a little hope to people.
Indian stocks soar
The 30-share BSE Sensex of the Bombay Stock Exchange soared by 727 points to touch 14,042 points, up 5.46 per cent. The NSE Nifty was up 207 points at 4,245, a gain of 5.13 per cent.
Image: A ticker on the facade of the Bombay Stock Exchange. | Photograph: Indranil Mukherjee/AFP/Getty Images
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