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http://indiaexpress.com/news/business/marketwatch/20040515-0.html

Sensex tanks 600 points in worst ever week in BSE history
14.25 IST 15th May 2004

By IndiaExpress Bureau

In the worst ever week in the history of Indian bourses, the sensex plunged by a record 600 points wiping out over Rs 1728 billion of shareholder wealth in five trading sessions as investors pressed sell button in reaction to political developments at the Centre.

The PSU and banking sectors were hard hit as their stocks faced the investors' wrath after the CPI-M and CPI, whose support is vital for the Congress to form the government, said on Friday that disinvestment policies be scrapped, indicating their opposition to privatisation of profitable PSUs.

As a result, both the sectorial indices recorded historic falls. The BSE-PSU Index collapsed by 903.80 points or 21.90 per cent to end the week at 3223.32 from 4127.12 last weekend.

The Bankex also dived by 540.31 points or 16.99 per cent to 2639.98 from 3180.29 at the last weekend.

The BSE Benchmark 30-share Index, which witnessed the fifth largest intra-day swing of 372 points on Friday, crashed by 599.71 points or 10.58 per cent to finish the week at six-month low at 5069.87 from last weekend's close of 5669.58.

This makes the largest ever weekly fall in terms of points in the BSE history.

The sensex had crumbled by 586.74 points in a week from May 8 to 12, 2000, when the IT bubble burst.

Foreign Institutional Investors (FIIs) which made heavy net sales of Rs 1897 crore in the first four days following indications of hung Parliament after the final round of elections on May 10 and the TDP's rout in AP Assembly polls, pressed across-the-board sell-off on the last day.

Of course ABCNNBC BS is still worrying about the poor Iraqi prisoners who suffered less than any of us who went through boot camp or were pledges in a Fraternity.

ABCNNBC BS are ignoring this Indian Market tanking to focus on getting rid of GW re a non story.

Do me a favor, please... Post this as a thread, please. There are a LOT of lessons in this article you found that are a terriffic object lesson to a gob of FReepers that gripe about "Free Trade," "globalism" and alla that hunker in the bunker style protectionism and can't stop bashing Bush, "Corporate America," etc...

In FACT... There's a gob of lessons about "class envy" and "populism" and other "politics of envy" that are the center-piece of this REALITY occurring in India, NOW!!!