Rs 6 trillion loss on 21st January, 2008 - but its still not over!
I was playing Table Tennis, when my cell flashed up the news - Markets down by 10%. What??
What a day for the Indian Share Market! People, who have been playing safe as Bulls - are left astonished at the sudden fall of the Market for the consecutive day. The transition of a bull to a bear did not take much of time. The Credit Suisse Asset Manager, Bob Parker, (on BBC) finds the market to be in a danger zone and calls it as cheap. It all stems from the fall of economy in the United States. A decrease in the Interest rates from 4.25% to 3% by FED brought about panic in the Indian Market as well.
The Indian brokers (middle-agents) played safe by disallowing people to invest more money. This move was not triggered to stabilize the market. This involved their selfish interested driven by self-security. India joins the European bag in becoming a ‘bear’ market.
Its just few days when almost half of the investors in India bid for the Reliance Power IPO - a total amount of Rs 8 trillion in the bid. :) With looming markets, many people preferred to stop the cheques’ issued for the Reliance Power IPO. For those who preferred to be silent - great job! They probably will get more shares now!
For those who could buy some of the most preferred stocks or for those who lost a good invested money - it is a day everyone shall remember!