The Mumbai Stock Exchange’s benchmark index, Sensex is going down a bottom-less pit. The sensex closed below the 10,000 level, at 9771.7 down by another 398 points. The NSE’s Nifty 50 closed at an unbelievable level of 2943, down by 122 points. There were overall loses in the market. In bullion market, precious metals were also subdued and gold is being quoted at Rs.11,570/10gm and silver at Rs.16,911/kg. Crude prices eased further. Nymex crude was trading low at around 67 US dollars a barrel. Rupee loses further against the dollar. The US dollar was at Rs.49.8.
The inflation is easing and it stood at 11.07% as on October 11, 2008. Aviation industry is expecting fuel price cut in view of the decline in crude oil prices.
IT companies, WIPRO and TCS report increase in profit for Q2.
External Commercial Borrowing (ECB) norms are further liberalized to facilitate telecom License fee for 3G spectrum.
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