Stocks in Asia, Europe plunges. Carnage in Mumbai’s Dalal Street. The stocks crashed to a new low level. The Mumbai Stock Exchange’s benchmark index, Sensex closed at 11,801, down by 724 points! The NSE’s Nifty 50 closed at 3602, down by 216 points. In bullion market, gold is being quoted at Rs.13,193/10gm and silver at Rs.18,949/kg. Nymex crude was trading low at around 90 US dollars a barrel. Rupee loses further against the dollar. The US dollar was at Rs.47.8.
Reserve Bank of India cuts CRR by 50 BPS to infuse some liquidity, to the tune of about Rs.20,000 Crore into the market.
Japan’s Nomura signs a deal to buy-out Lehman’s India operations. 2,000 jobs are safe.
The much awaited comprehensive insurance bill, which seeks to raise foreign direct investment cap in private sector to 49% from 26% is likely to be introduced in the forth-coming session of Indian Parliament.
Global bailout package size to meet the credit crisis world over nears US$2 trillion, roughly double the India’s GDP as on today.
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