6 Oct : Sensex crashed by 725 points at a two-year low and closed below twelve thousand mark on continued global financial worries while the RBI has slashed CRR by fifty basis points to 8.5 percent which is to be effective from 11th October.
It was a day of huge losses on Dalal Street. The country’s benchmark indices have closed at a new two year low, with the Sensex falling below the 12 thousand level, and the Nifty 3600.
Both indices lost more than 5 and a half percent.
On the Nifty, Gas Authority of India (GAIL) lost over 35 percent, while on the sensex Sterlite industries lost over 15 percent.
The Rupee is at a five year low at 47.70 to the US dollar.
Black Monday started with the Asian Markets.
Japan’s Nikkei stock average sank to a four-and-a-half-year closing low, shedding 465 points at 10,473.
In Hongkong the Hang Seng lost 878 points closing at 16,803 its lowest closing level since July 2006.
Banking stocks were the worst hit. In Hong Kong Chinese banks and property stocks tanked as analysts warned of the global slowdown impacting China’s growth.