Market Watch

The Asians markets closed with deep cuts. The European markets continue to bleed badly. The Indian market has seen panic with relentless selling across the board. Sensex is trading at 8774, down 996 points and Nifty is at 2613, down 329 points from the previous close. CNX Midcap index is down 7.88% and BSE Smallcap index is down 7.15%. BSE Realty index is down 15%, BSE Bankex index down 13%, BSE Metal index down 12% and all sectoral indices are in the negative. The market breadth is negative with advances at 77 against declines of 1203 on the NSE. Opec has cut its production output by 1.5 million barrels per day. Crude is trading at record low of $64.83, down 4.44%. RBI will infuse liquidity if necessary and continue to deploy conventional and unconventional tools to manage the situation, says Finance Minister P Chidambaram. RBI has retained flexibility to act swiftly as and when required, he says. RBI leaves key rates steady and it is necessary to remain calm and confident to ride the crisis out, he feels. Our financial system is healthy and economic fundamentals strong and we are affected by the ripple effect of the global crisis, he adds. Once calm returns to the global markets we will return to our growth trajectory, he believes.So friends be ready to accept the present situation.We are heading towards 2000(Nifty) with in oct'2008.This will happen only due to Panic.