[Huck]

Tomorrow’s gonna be a fugly day on Wall St, seems like.

[DoughtyOne]

IMO, this all stems from the reaction to the failed loans with balloon payments that are now coming due, that many are defaulting on.

If that’s off base, take me to task for it.

What this causes me to do though, is get quite angry at the supposed experts who thought this was going to fly in the first place. What a bunch of idiot sticks.

[steve86]

Down 11.7% immediately before circuit breaker popped.

[Newtoidaho]

This sounds like full scale panic selling. Looks like tomorrow is going to be bad in the US, this on top of a drop of over 2000+ pts in the Dow since mid-December already. Could the Dow drop 1000 in a single day?

[Rockitz]

Looks like “it’s bombs away in ol’ Bombay.”

——The Police

[Eva]

Much of this could have been avoided if the Democrat controlled congress would have given us a good package of tax reductions, permanent ones, including eliminating the AMT.

[politicket]

Don’t look now, but the Sensex is beginning to look REALLY ugly again.

[Squantos]

BTTT

[CarrotAndStick]

Investors lose trillions; FM says don't panic

http://www.rediff.com/money/2008/jan/22fm.htm

January 22, 2008 11:32 IST

Finance Minister P Chidambaram expressed confidence that investors will return to the stock markets, even as investors lost over Rs 6 lakh crore (Rs 6 trillion) on Tuesday within minutes of opening of the Bombay Stock Exchange.

Talking to reporters after trading on the bourses was suspended, he said that the Reserve Bank of India [Get Quote] and all the other banks have assured that liquidity to brokers will not be an issue.

"I am assured by the RBI and all the banks that enough liquidity will be provided to brokers and market players. Liquidity will not be an issue," Chidambaram said.

Pointing out that fundamentals of the economy are strong, the finance minister said: "Worries of the western world should not be allowed to overwhelm us."

Trading on stock market was halted till 1055 hrs after the Bombay Stock Exchange benchmark Sensex tumbled by 2,029 points, crossing the circuit limit of 10 per cent, to 15,576.30 within minutes of start of trading. Similarly, the wide-based National Stock Exchange index Nifty plunged 12.10 per cent or 639.30 points to 4,569.50.

Trading has begun now and the markets are recovering.

The stock market had on Monday witnessed its biggest single-day fall of 1,408 points on concerns regarding the US economy going into recession.

Investors lose Rs 6 trillion within minutes of opening

Investors on Tuesday lost over Rs 6 lakh crore (Rs 6 trillion) within minutes of opening of the Bombay Stock Exchange, which was immediately suspended for an hour after the 30-share barometer index, Sensex, hit the circuit limit of 10 per cent.

This loss of Rs 6,54,887.85 crore (Rs 6.548 trillion) comes on top of over Rs 11 trillion loss suffered by investors on the Dalal Street [Get Quote] in the last six days.

"Small investors should stay away from the markets as of now. Let the market normalise and the volatility reduce," domestic brokerage firm SMC Global Vice President Rajesh Jain told PTI.

"Better to out when in doubt" he said, adding that there is too much of panic in the markets and it is better to stay away from it.

The Sensex lost 5,251.15 points in last seven trading sessions including today's early morning trade till suspension, while investors' wealth -- measured in terms of cumulative market capitalisation of all the listed companies -- has declined by a whopping Rs 18,40,173.31 crore (Rs 18.401 trillion).

As per information available on the Bombay Stock Exchange Web site, the total market capitalisation stood at Rs 59,53,525.87 crore (Rs 59.535 trillion) at the end of on Monday's trading against Rs 71,38,810 crore (Rs 71.388 trillion) before bourses began business last week on January 14.

The 30-share barometer tumbled 2,029.05 points to 15,576.30 within minutes of start of trading. The barometer index on Monday lost 1,408 to 17,605.35 points on concerns regarding the US economy going into recession.

• Crash? Stay invested, say experts
• Why the stock market crashed
• External link: Subprime-hit banks may sell Indian assets
• Sensex's biggest-ever loss
• The 10 biggest falls in Sensex history
• Market crash: Have you been hit?
• Investors lose over $300 bn in 6 days
• Market correction? What's that?

 

© Copyright 2008 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.

[VeniVidiVici]

Ought to be fun to watch crude oil this morning.

[M. Espinola]

This is only the beginning of major global stock indexes (led by banking related stocks) sinking into a 'crash-in-stages'.

Numerous key international stock indexes have lost anywhere from between 4%, 5%, 6%, 7%, 8% up to a staggering 9.34% for the second session in a row!This is not normal profit taking .

We are not heading into recession but a full blown depression, and that is if the enemies of the free world do not add to the financial panic by stagging additional, devastating terror attacks.

For those traders which were wise enough to have pre-positioned put options, already in place on the various stock indexes, the prospects for an exceptional profitable near future is exceedingly high.

Write-downs for high-risk, high-yield corporate debt, known as 'junk,' could dwarf losses in the mortgage mess. And that's when this financial crisis will finally hit bottom.

Asian markets plunge again

Asian markets plunge for second day

[Fiddlstix]

Geez!