The Bombay Stock Exchange down over 770 points and NSE Nifty was down 250 points on 13th March 2008
The Bombay Stock Exchange was down over 770 points or 4.7 per cent to 15,350. major selling was seen in the frontline stocks. One can spot a gravestone doji in the previous candle which is a very bearish signal in 13rd March 2008 Chart. Nifty was down 249 points. The markets Nifty slipped below 4600 mark during the day and Sensex breached 15,400 mark. Broader markets have also collapsed with CNX Midcap down over 5% and BSE smallcap index was down 5%. Markets breadth is negative with advance:decline at 1:16.
Reasons behind Stock Market Fall
- Two-year yields slipped below 1.50 percent, 10-year yields fell to a seven-week low and the three-month bill yield held at 1.4 percent after Carlyle Capital Corp. said talks with lenders failed over $16.6 billion of defaulted debt through 12th March 2008.
- Oil prices hit a record 111.00 dollars per barrel 13th March 2008, Saudi Foreign Minister Prince Saud al-Faisal said speculators were largely responsible for the price peaks.
- The Euro (EUR) traded at a record high of 1.5559 versus the dollar.
- The US currency was last quoted at 100.14 yen after reaching 100.03, the lowest since Nov. 10, 1995.
- Industrial growth slipped to 5.3 per cent in the month of January, compared to 11.6 per cent in the same month last year as growth in all major sectors comprising manufacturing, electricity and mining declined.
- China's industrial output expanded by 15.4 percent in the first two months of 2008, It compares with a growth rate of 18.5 percent in the first two months of 2007.
- The Indian currency opened weak at 40.44 on 13th March 2008 compared to a gain of 12 paise at 40.33/34 on 12th March 2008.