SENSEX FALLS 704 PTS

Thursday, Sep 22, 2011 SENSEX FALLS 704 PTS; FED, RUPEE PLAY SPOILSPORT   Sensex on Thursday suffered the biggest plunge in over 26 months on heavy sell-offs - mirroring losses worldwide after the U.S. Fed disappointed investors with its stimulus plan, while warning of serious downside risks to growth amid severe euro zone debt crisis. The selloff picked up pace after European stocks tumbled nearly 4%. The stocks slide sent the rupee skidding to its weakest in more than 26 months and triggered concerns about more pressure on inflation. Sensex plunged by 704 points to end at 16,361.15 on panic selling across sectors. The heaviest fall was seen in Reliance Industries which fell 6.16%, followed by the second heaviest Infosys by 3.28%. Global sell-off triggered the biggest point fall on Nifty since October 2008 and biggest percentage fall since August 2009. Nifty fell 209.60 points, to close at 4,923.65. read more   U.S. MKTS PLUNGE 3% AMID GLOBAL ECONOMIC FEARS   Stocks tumbled sharply across the board Thursday after a gloomy outlook from the Federal Reserve and weak manufacturing reports from Europe and China raised further concerns the global economy could sink back into recession. read more   LEAD STORIES FED LAUNCHES 'TWIST' STIMULUS INITIATIVE   U.S. Fed launched a scheme - dubbed Operation Twist - to help stimulate the flagging U.S. economy. The Fed will sell about $400 bn worth of bonds. read more PM, CHIDAMBARAM HAD 43 DAYS TO STOP RAJA: CBI NOTE   A detailed note prepared by the CBI submitted to the Supreme Court points out to some uncomfortable truth in 2G scam case. read more 2G SCAM: CBI DEFENDS CHIDAMBARAM IN SC, BLAMES DoT   The CBI told the Supreme Court that Finance Ministry has been in favour of auctioning the 2G spectrum but it was DoT which was adamant. read more TOP STORIES • Legendary cricketer Tiger Pataudi (71) passes away   • U.S., China, Germany slumps hammer world stocks   • Investors lose Rs 2.15 lk cr in market meltdown   • Re breaches 49-mark, biggest single day fall in 3 yrs   • RBI suspected to have intervened in FX market   • Food inflation slips to 8.84% vs 9.47% WoW   • 2G note: PM, Congress back Chidambaram   • Govt move on KG-D6 cost-recovery illegal: RIL   • Sunil Mittal's next goal: To be a top-3 realtor   • Infy, Wipro to foray into new markets together?   • NMDC to buy 50% in Australia's Legacy for Rs 92 cr   • Stop work at Kudankulam, says TN Cabinet   • Maruti workers get support from trade bodies   • Suzuki tells VW to retract claim it breached contract   • How independent is the Reserve Bank of India?   • Warnings mount on euro crisis, credit crunch   • United Tech to buy Goodrich for $16.5 bn   • Moody's Downgrades BofA, Wells Fargo And Citi   • Greece cuts wages, pensions to clinch aid   • Gates tops Forbes rich list; Soros joins the club   more stories TOP VIDEOS The United States Is Already Experiencing The Pain Of A Double Dip Recession: George Soros, Billionaire Investor   Am Hopeful That A Resolution Might Come Through In Maruti Suzuki's Manesar Strike In The Next One-Two Days: Shiv Charan Lal Sharma, Haryana Labour Minister   Depreciating Rupee Is A Factor That Is Working Against India, This Weakness Is Due To Vulnerable Funding Position: Emil Wolter, Head Regional Asian Equity Strategist, RBS   AT A GLANCE BSE 16361.15 -704 NSE 4923.65 -209.6 TURNOVER Rs. 207,082 cr BSE CASH Rs. 2,679 cr NSE CASH Rs. 10,161 cr NSE F&O Rs. 194,241 cr BULLION GOLD 27780 -361 SILVER 62370 -2924 CRUDE NYMEX 81.85 -4.07 BRENT 106.79 -3.57 FOREX $ / Re 49.57 +1.24 £ / Re 76.025 +1.09 € / Re 66.587 +0.98 EVENTS 23 September Black Money Panel Meet Linking Budding Entrepreneurs To Government Schemes & Markets, Sikkim 23-24 September 7th E-Revolution 2011 23-25 September Finance Minister Pranab Mukherjee To Attend IMF World Bank Meet, Washington 26 September 3rd Global CSR Summit, Indispensible To Corporate DNA, Taj Mahal, New Delhi 27 September Conference On Mines, New Delhi EXPERT VIEWS "We have no reason to put a question mark on Mr Chidambaram's conduct. We stand by him. we cannot comment on the paper till court takes it into account. It is just one sided presentation of documents." Salman Khurshid Law Minister "Friends from the media have asked me why I remain silent. As reported in the media, the Prime Minister called me last night from Frankfurt and spoke to me. The Finance Minister called me from Washington and spoke to me. I have assured the Prime Minister that I shall not make any public statement on the subject until he returns to India." P Chidambaram Home Minister "The size of the operation (FED action) is somewhat bigger-than-expected which is a good thing. But risk aversion is definitely augmenting and the outlook continues to be negative." Dariusz Kowalczyk Senior Economist, Credit Agricole WATCH OUT   Power Breakfast   Equip yourself with all the decision-making tools and information as Power Breakfast analyses and forecasts trends going into the business day and the markets. 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