The Mumbai Stock Exchange’s benchmark index, Sensex showed high volatility today. The sensex closed again below the 10,000 level, at 9734.2, down by another 385.8 points. The NSE’s Nifty 50 closed lower at 2892.6, down by 102.3 points. There were overall loses in the market. In bullion market, precious metals were also subdued and gold is being quoted at Rs.11,519/10gm and silver at Rs.17,046/kg. Crude prices eased further. Nymex crude was trading low at around 64 US dollars a barrel. The US dollar was at Rs.47.66.
Bill Gates says that the recession in US will not last long. It may be there for 6 months.
Foreign and private sector banks expressed their inability to reduce lending rates citing non-availability of liquidity.
Slump in demand for steel forces world’s largest steel maker Arcelor Mittal to cut production by one-third. Commercial vehicles makers cut production. Hyundai feels the heat on the exports of cars as Europe also slips into recession. New auto export hub in Gujrat.
Obama win may boost carbon market. Indian projects could get access to clean technology from the US, depending on how soon the Democrats come up with a plan of action on global warming.
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