By early afternoon after opening on a rather weak note,it looked like the markets may recover the lost momentum of yesterday.but the Indian finance minister soon put an end to that.he commented on the surge in the markets with all the foreign investors pumping their money into the Indian stock markets and said that he was a bit worried about the sudden surge and implied that there should be greater control on the foreign funds flowing into the markets.
On hearing this,the markets which were already down by 200 basis points reacted predictably with the down slide continuing till the last call of the day.at the end of the day,the markets slided down to the range of 18,336-18,844 before ending the day at 18,419 level.the banking sector was the one that was the worst hit today if you compare the loss in scrip value against the other sectors like agri,IT or manufacturing.of course this does not mean that the Bull has had enough and is ready t allow the bears in.so lets hope tomorrow will bring back some of he lost momentum of the market,in the right direction this time around!
share market,
finance minister,
rupee,
foreign investors,
Friday, October 12, 2007
FM passes comments,the markets react!
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