Soon after the Diwali Boom, Indian stock market is continuously heading downwards and the market which reached a level of about 18,000 at the October end is now plunged to a level of 15,700. And NSE India’s Nifty 50 has reached to a minimum level of last two years and ended at 4,706.45 points.
Nifty ended up after 2% decrease and closed at level of 4706.45 and it could have decreased further until some short coverings were made in the dying moments of trade. Sensex crashed 587 points to make an intraday low of 15,478.69 and closed down 365.45 points at 15,699.97.
Not only the Indian market but also the other European markets ended up at the low level than yesterday.
On the contrary the prices of US Dollars are rising high and high and reached to a level of near Rs.52. According to experts the overall situation continues to look gloomy because of problem seen globally and domestically too.
Oil & gas, banks, capital goods, metal, technology and select telecom stocks fell off abruptly and closed at the 2-3% loss. However, Reliance Communications and NTPC were the exceptions, rising over 0.5%. Major large capitals like Infosys, Reliance Industries, SBI Bank, ICICI Bank, HDFC Bank, L&T, Bharti Airtel, TCS, SBI, ONGC, Tata Motors, BHEL and Wipro were down between 2% and 4%.While Unitech advanced 4.5% and DB Realty shot up 20%.
