For investors, there is no worse way to start the new fiscal than to see over Rs 1.5 trillion (Rs 1.5 lakh crore) go down the drain in trading that lasted less than six hours.
The cumulative market value of all the companies listed on domestic bourses is estimated to have dropped by a whopping Rs 150,000 crore (Rs 1.5 trillion) on Monday when the Bombay Stock Exchange's 30-share benchmark Sensex lost 617 points to end at 12,455.37.
More than half of the total loss was shouldered by investors in the country's 30 biggest blue chip companies, which saw an erosion of over Rs 80,000 crore (Rs 800 billion) in market value.
The state run oil exploration major ONGC was the biggest loser in value term with a plunge of over Rs 9,500 crore (Rs 95 billion) in its market cap, followed by over Rs 5,000 crore (Rs 50 billion) loss for companies like Bharti Airtel and Reliance Industries.
IT major Wipro's market cap reduced by over Rs 4,000 crore (Rs 40 billion), while banking scrips like ICICI Bank, which suffered the brunt of the melting markets, lost close to Rs 4,000 crore (Rs 40 billion) and HDFC dropped by over Rs 1,000 crore (Rs 10 billion).
Car market leader Maruti Udyog plunged over 8 per cent taking its market cap down by about Rs 1,500 crore (Rs 15 billion).
Market experts estimate that the fair value for the 30-share BSE Sensex was around 11,500, but they do not deny that the index could fall lower than this as the fundamental picture appears to be less rosy than before.
Morgan Stanley, in a research note to its clients, has said: "As the market tries to forge ahead, we think it is more likely to encounter snakes that gulp it down to lower levels than arrows or ladders that propel it to higher levels."
The 10 biggest falls in Sensex history
@ Rediff Reutersby Ayan on Apr 03, 2007 12:39 AM Hide repliesHide-->
Hey Rediff guys, most of us are regs here, kindly help us to grow our money. Articles like this just make us loose our faith in shares/mf etc. Forward Report abuse
RE:@ Rediff Reutersby sreenath madhyastha on Apr 03, 2007 01:32 AMThats okay Ayan, if you cant take this kind of risk then dont enter this game. There are wide open options for you to grow your money! When you invest in stocks think that it is not your money; if you have guts to think like that then only it is beneficial for you to grow your money!! Remember ! No Pain, No Gain!
Why Now and Not Then.....?by Vikesh on Apr 02, 2007 09:25 PM Hide repliesHide-->
Did you ever informed us when Rs 99,99,99,99,99,99,999 was made in last 12 months????? Then why r u scaring all investors now? It is a fundamental thing that whatever goes up has to come down and vice versa. Please don't spread pessimistic news and confuse investors. Grow up Rediff!
Y so worry..It will come up again..be positiveby Indian on Apr 02, 2007 07:43 PM Hide repliesHide-->
Y so worry..It will come up again..be positive Jo gaya hein wo aa jaayega tandh rakho tandh.
Market will recover soonby govind lakhani on Apr 02, 2007 07:08 PM Hide repliesHide-->
every rise come after big fall . it is rally time buy buy rating for india
another Rs 15,00,00,00,00,000 lost tomorrowby ankil on Apr 02, 2007 06:16 PM Hide repliesHide-->
it's our prediction that another Rs 15,00,00,00,00,000 lost tomorrow bcs rumor of faught betwwen iran -america also preveling in market..........
SEE THE BOARDERS THEY ARE ALSO TRADER INVESTORS BUT THEY REACT VERY BOLDELY TO MEDIA IF MKT HAVE REASON TO BREAK OF 200 POINTS THEN IT LL BREAK UPTO 400 POINTS 200 POINTS ON RUMOURS WHICH WAS SPREADED BY MEDIA ONLY ...NOW EVERYONE IS SAYING THAT NIFTY TARGET 3200...2800..2600..AS THEY TOLD IN MAY CORRECTION NO ONE SMALL INVESTOR BUYS EVEN A SINGLE SO DONT B FOOL EVERY TIME BT TAKE ONLY CAUTION DO NOT BORROW MONEY FOR BUYING...
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