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Monday mayhem
The Indian markets felt the tremors of China slowdown and stock prices fell sparking nervous selling. BSE Sensex hit 7-year low of 1,625 points and Nifty collapses 491 pts, thus making deep cuts with the China meltdown worries looming large over investors. Indian Rupee also hit day\'s low of 66.74 against dollar.
Hyderabad: The Indian markets felt the tremors of China slowdown and stock prices fell sparking nervous selling. BSE Sensex hit 7-year low of 1,625 points and Nifty collapses 491 pts, thus making deep cuts with the China meltdown worries looming large over investors. Indian Rupee also hit day's low of 66.74 against dollar.
While stocks declined to a 10-month low, the rupee too registered a two-year low. The benchmarking indices witnessed butchery on Monday trade recording biggest single-day fall as investor side-stepped the markets. Predicting higher degree of volatility in the markets, India VIX, the measure of market's expectation of volatility over the near term, has gained 64 per cent at 28.13.
The analysts are advising the investors not to resort panic selling, instead they can pick up the index heavyweights at hovering low prices. The market pundits feel there will be mounting pressure on Reserve Bank to cut rates in the order of 100 basis points and insist banks to pass it on instantly to create demand and regain markets.
Meanwhile, Finance Minister Arun Jaitley tried to instill confidence in the markets by blaming global turbulence for the crash and describing it as a temporary phenomenon.
By:KVVV Charya
