Today again, there were all round losses in the Mumbai stock exchanges. Banking sector and realty stocks were the worst hit. The Bombay Stock Exchange’s benchmark index, Sensex closed lower at 13,262.9, down by 255.9 points. Nifty 50 closed at 4008.2, down by 66.6 points. In bullion market, gold is being quoted at Rs.11,741/10gm and silver was quoted at Rs.17,865/kg. Nymex crude was trading low at around 93.8 US dollar a barrel and Rupee weakens further and the US dollar was at Rs.46.6.
Reserve Bank of India steps in to arrest fall of rupee. Funds flow into the Indian markets is adversely affected by the financial turmoil in USA. Foreign fund flow in equities could be affected.
Indian bankers are on guard. ICICI Bank will lose around Rs.375 Crore as US major Lehman Bros. filed for bankruptcy.
Top Indian IT firms may cut up to 25,000 jobs. However, MBA graduates still keen investment banking.
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