Sensex lost 500 points yesterday; today it is opening 1000 points lower and heads below 10,000
Juhi Sinhal
Sep. 30, 2008

Sensex is crashing in a third wave signaling global economic depression led by the US.

According Indian stock market commentators, the benchmark index declined the most in two months, after efforts to shore up paralyzed credit markets failed to assuage concerns that the global economy will slip into recession.

Banks led the decline, with ICICI Bank dropping 12 per cent to its lowest in over two years, after Fortis received a $16 billion bailout, Bradford & Bingley Plc was nationalised and concern grew that a US rescue plan will fail to prevent more bank collapses. State Bank of India fell 2.1 per cent.

A recovery of almost 200 points later in the day could not prevent the BSE Sensex to close at 12,595.75 points, down 506.43 points, or 3.87 per cent. The National Stock Exchange S&P CNX Nifty-50 closed at 3850.05 points, down 135.2 points or 3.39 per cent.

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