Monday began with the Sensex tumbling by 7.4%, the most in almost four years. All 30 Sensex stocks declined exacerbated by a sell-off from local investors as fears of the US entering a recession affected markets across the globe. European, Latin American and Asian markets across the globe tumbled. Commodities were hit and sugar and cement fell sharply. The BSE Metal index was down 13.3%. BSE Realty index (down 12.8%), BSE Oil & Gas index (down 11.9%) and BSE Power index (down 10.9%) also fell. Mid-caps were not spared and the BSE Mid-Cap index was down 11.3%. About 138 stocks advanced on the BSE, while 2,658 stocks declined and 13 stocks remained unchanged.
Tuesday was no better with the Sensex falling by 5%. Commodity prices too tumbled and Asian markets fell. The BSE and NSE halted trading for an hour.
The US market was shut on Monday because of Martin Luther King Jr. Day (a holiday). On Tuesday, the US markets tumbled soon after opening and the Federal Reserve implemented a rate cut.
This helped the Indian market pick up the next day.
On Wednesday, the Indian market snapped a 7-day slide. All 13 industry indices posted gains. The market initially rallied only to turn choppy but closed positively.
Despite the rally on Wednesday and starting off Thursday well, the bulls fell as the market wiped off all early gains. The market was extremely volatile gyrating almost 1,000 points between its days high and low. Weak cues from the Asian markets did not help. French bank Societe Generale SA made a statement that they were seeking fresh capital because of a record trading loss, added to bad global sentiment and the $120 billion of write-downs and losses reported by financial firms across the globe.
On Friday, the bulls were back with a vengeance. Friday started with a bang with a lot of activity. Banking, power and realty stocks were the star performers. All Sensex and Nifty stocks closed in the green. BSE Bankex, BSE Capital Goods, BSE Auto, BSE Metal, BSE FMCG, BSE Oil & Gas and BSE IT all closed higher. Small caps too rose but mid-caps rose higher. BSE Midcap and BSE Small Cap closed higher.
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