The correction is finally becoming a full-blooded crash.
After a relatively modest drop by recent standards in
mid-morning trades, the indices went into a free fall.
exchanges suspended trading at 11: 56 am for an hour after
the indices dropped more than 10 per cent each. If after
opening at 1:00 pm the markets slide another 5 per cent,
trading will again be suspended.
This is only the second time in history that exchanges
have suspending trading. The first was of course during
the May 2004 fall after the announcement of the general
Sensex was at 9827, down 1112 points, while the Nifty
was at 2896, a loss of 350 points, when trading was suspended.
of the fall is because of selling by traders to meet margin
requirements. Brokers and financiers are forcing such
sales as margin requirements have also been raised considerably.
of major brokers and big-time traders being in payment
trouble have created a panic situation in the markets.
markets have declined substantially after a mixed opening.
South Korea is down 2.5 per cent while Japan, which was
trading with gain in early trades, has lost nearly 2 per
Industries has given up a massive 14 per cent while ONGC
has crashed over 10 per cent.
and Gujarat Ambuja have lost more than 20 per cent each
while MTNL and Dabur slipped nearly 20 per cent each.
Power has lost more than 19 per cent while Tata Motors
is down nearly 19 per cent. ACC and ITC have slipped nearly
16 per cent each while SAIL has dropped more than 17 per
is down 22 per cent while ABB has fallen 18 per cent.
BHEL has lost 16.5 per cent.
Industries has crashed almost 28 per cent.
CNX mid-cap index has lost a massive 581 points or nearly
13 per cent and has dropped below 4000.
of the popular mid-cap stocks like Essar Oil, Ashok Leyland,
India Cements and TVS Motors are trading with losses of
more than 25 per cent each. Titan has lost nearly 30 per
cent while IVRCL Infra has lost 28 per cent.