Market Matrix – Nifty and Sensex lost 33 pc in Oct 08 series

October 29, 2008

Friends,

The Oct 08 series has closed today in a quiet manner but the losses seen by it are enormous. Market turnover is good for the day at Rs 69000 cr. The loss in a single month have been between 20 to 70 pc even for the leading corporates some of which by the way posted the best ever quarterly profits. The Nifty and Sensex lost 33 pc in Oct 08 series.

Unitech has arranged to sell 60 pc stake in its wireless business arm to Telenor through further issue of capital for Rs 6120 crs and will see debt of Rs 1900 cr paid back by the subsidiary.

US Fed is likely to cut rate by 50 bps and probably will follow up with another 50 bps later.

BoJ would consider cutting rate in its next Friday meeting.

China has cut rates by 27 bps on both ie deposits and advances.

SBI says it is receiving Rs 1000 crs a day as deposits for last 10 days.

Auto loan growth is 6 pc against 12 pc last year.

The European markets are trading higher but DAX is an exception.

HariOm,
Krsna Khandelwal

BIRDINFO Stock Rx – A prescription for stock market

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