| Monday, Aug 08, 2011 |  | | | SENSEX ENDS BELOW 17K AS DOW FUTURES KILL HOPES
The mayhem in the global financial markets, triggered by downgrade of the U.S. creditworthiness, hit the Indian stocks hard today and sent the Sensex spiralling down 315 points to close below the 17,000-level for the first time in 14 months. Although the Sensex partly recovered intra-day losses of nearly 550 points, renewed selling in Dow futures and key European markets sent the bulls running for cover. Adding to the already gloomy mood was rating agency S&P's statement that it could lower the sovereign ratings of countries like India, Japan and Malaysia. Sensex closed at 16,990.18, while Nifty shed 92.75 points to close at 5,118.50. As a result, the market lost nearly Rs 1,00,000 crore in value in a single day -- which has taken the total loss in past five trading sessions to an estimated Rs 5,00,000 crore. Foreign institutional investors (FIIs) were net sellers of Rs 1,385.78 crore ( provisional) today. While FIIs made gross purchases of Rs 1,642.22 crore, gross sales totalled Rs 3,028 crore. read more | U.S. RATING STILL AAA, NO MATTER WHAT S&P SAYS
Warren Buffett says there's no question that the United States' debt is still AAA and that he's not changing his mind about Treasurys based on Standard & Poor's downgrade. Warren Buffett is not changing his mind about Treasurys "If anything, it may change my opinion on S&P," the legendary investor said. read more | | | | | | | | AT A GLANCE | | BSE | 16990.18 | -315.69 | | NSE | 5118.5 | -92.75 | | TURNOVER Rs. 185,276 cr | | BSE CASH Rs. 2,943 cr | | NSE CASH Rs. 13,385 cr | | NSE F&O Rs. 168,948 cr | | | | BULLION | | GOLD | 24986 | +335 | | SILVER | 59316 | +937 | | | | CRUDE | | NYMEX | 102.25 | -0.08 | | BRENT | 106.63 | -2.74 | | | | FOREX | | $ / Re | 44.965 | +0.24 | | £ / Re | 73.5 | -0.12 | | € / Re | 63.724 | -0.59 | | | | EVENTS |
| | 9 August |  | Committee Of Secretaries To Discuss Allocation Of Natural Resource | | Anna Hazare To Address Rally, Mumbai | |
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| | 10 August | | Bank Unions To Debate Further Strikes | |
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| | 11 August | | Cadbury Delisting Case At Bombay High Court | |
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| | 11-12 August | | Indian Management Conclave 2011, India International Centre, New Delhi | |
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| | 16 August | | Finance Ministry To Meet Stakeholders On Jalan Committee Report | |
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| | 17 August | | High Court Noida Extension Case Hearing | |
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| | 18-19 August | | 6th Annual Conference On Road Development In India, The Imperial, New Delhi | |
| | | | | | EXPERT VIEWS |
| | "The recent developments in the U.S. and the Eurozone have injected certain uncertainty in global markets. These developments could have some impact on India. But as India's growth story is intact and its fundamentals strong, we are in a better position than many other nations to manage the challenge."
Pranab Mukherjee
Finance Minister "What we are seeing now is a fluctuation... Reaction to this (S&P) news...and people should not overreact to it...(However) the impact will be short run. In the next months and in the medium to long run, there will be global capital in search of safe haven... We (India) can become the safe haven that a lot of global capital will be seeking."
Kaushik Basu
Chief Economic Advisor "I think S&P has shown really terrible judgment and they've handled themselves very poorly. And they've shown a stunning lack of knowledge about basic U.S. fiscal budget math. And I think they drew exactly the wrong conclusion from this budget agreement. There is no risk the United States of America would ever not be in a position to meet its obligations."
Timothy Geithner
U.S. Treasury Secretary |
| | WATCH OUT |  Storyboard
A 2-nil drubbing by the English has Team India in a slump - Storyboard analyzes what this means for the broadcaster, its sponsors, and Brand India. The research industry reacts to the Speak Asia scam, and why the telecom price wars are finally over. | SHOW TIMINGS Tues 7:30 pm
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