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Tuesday, May 18, 2004

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Panic selling reduces Dalal Street to rubble — Erodes Rs 2 lakh cr; Sensex sheds 842 intra-day; trading suspended twice
THE spectre of "market-unfriendly" Left ideology having an overwhelming influence on economic policy-making at the Centre drove equity investors into a selling frenzy that saw the BSE Sensex fall 842 points before recovering about 300 points in ... More

SEBI allays fears of payment problems
The Securities and Exchange Board of India (SEBI) has said it does not anticipate any payment difficulties in trade settlements following the crash in stock markets. The assurance came in the wake of fears that many market participants may face ... More

All in a day's trading
TRAILING through the events that happened on Monday, one can only recall a similar day of cries, confusion and chaos more than a decade ago on the day the securities scam broke out. At 9:56 a.m. on Monday, a minute after the opening bell, the ... More

RBI offers liquidity support
IN a bid to allay the fears of a payment crisis at the stock exchanges, the Reserve Bank of India (RBI) today announced that it would provide liquidity facilities to any of the settlement banks. When contacted, none of the settlement banks ... More

Sonia to be PM; likely to take oath tomorrow
IT'S finally official: Ms Sonia Gandhi will be the country's Prime Minister. The President, Dr A.P.J. Abdul Kalam, has formally invited the Congress (I) President to form a Government at the Centre and she is likely to be sworn in on ... More

But the sun shines over bullion markets
EVEN as the equity market was witnessing massive losses on Monday, commodity exchanges enjoyed huge participation, resulting in high volumes. However, the spurt in the trade was restricted to gold and silver. Other commodities, both in terms of ... More

Manmohan warns of stern action against 'perpetrators'
THE Congress-led Government-in-waiting today sent out a stern warning that it would act decisively to punish anyone found guilty of manipulating the capital market that could have perpetrated today's crash. ``We are not in Government. We do not ... More

Jaswant urges SEBI, RBI to ensure market stability
THE outgoing NDA Government today lent a helping hand to the new Government in dealing with stock market crash with the outgoing Finance Minister, Mr Jaswant Singh, asking the Securities and Exchange Board of India (SEBI) and the Reserve Bank of ... More

Red splash across BSE-100
THE roller-coaster ride in the markets on Monday saw red splashed all over when trading was halted at about 11:20 a.m. All stocks that were part of BSE 100 were in negative territory. Twelve stocks had shed Rs 100 or more; 19 stocks had lost ... More

Can domestic FIs do the rescue act?
WHEN the markets go into a free fall, the Government often seems to look to domestic institutions to do the rescue act. But as drivers of market liquidity, domestic institutions still appear to be dwarfed by the FIIs. Just in four months ... More

There's something about Monday
THERE is something about Monday that gives the markets the jitters: even as the BSE Sensex tanked by a staggering 564 points (or 11 per cent) in what would turn out to be the second biggest fall in its history, the coincidence with similar such ... More

How circuit breakers cut trading in stock markets
AN electrical circuit breaker is a safety mechanism that cuts power whenever a building's electrical wiring has too much of it flowing through. The stock market's circuit breaker works on the same principle: cut trading when the system is ... More

Corporates blame politicians for carnage
CORPORATE circles have blamed the politicians for the crash in the stock markets on Monday. The market may have over-reacted, but has not that always been its nature? Pardoning the bourses' weakness for exaggerated response, they largely ... More

Retail investors hit hard; some pick up stocks
As the day unfolded, small investors were left gaping at TV screens and computer monitors, barely able to comprehend what the implications of Monday's crash would be to their financial goals. More

Nervous market may see TCS delay IPO
TATA Consultancy Services (TCS) is likely to postpone its initial share sale in the wake of a jittery equities market, investment banking sources have said. Said the TCS spokesman, "We do not comment on market rumours. We have never made an ... More




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