It was one trading day that investors will take a long time to forget. Fears of recession in the US becoming a reality saw global indices tumble. The worst to get affected in this mayhem was the Indian market.
The bears went berserk on Dalal Street creating panic to such an extent that trading in Bombay Stock Exchange's benchmark Sensex was halted briefly.
The moment trading resumed, the index recovered some lost ground. According to dealers, "government funds are trying to bring in some stability to the already crumbling market."
Sensex saw the biggest absolute fall in history by falling 2062 points intra-day. It closed at 17,605.35, down 1408.35 points or 7.4 per cent. It fell to a low of 16,951.50.
National Stock Exchange's Nifty plummeted 8.7 per cent or 497 points to close at 5208.80. It slumped to a low of 4977.10.
NTPC, down 15.07%, was the worst hit, followed by Reliance Energy (down 14.79%), ACC (14.53%), ACC (14.53%), Reliance Communications (13.84%), Grasim Industries (13.19%) and DLF (9.62%).
Bucking the trend, Satyam Computer posted nearly 5 per cent gains after the IT major reported a 29 per cent rise in consolidated third-quarter net profit on continued growth in sales and said it expects a 45-45.2 per cent increase in revenue growth in 2008 over 2007.
The company's net profit for its fiscal third quarter ended December 31 rose to Rs 434 crore from Rs 337 crore reported a year earlier
The bears went berserk on Dalal Street creating panic to such an extent that trading in Bombay Stock Exchange's benchmark Sensex was halted briefly.
The moment trading resumed, the index recovered some lost ground. According to dealers, "government funds are trying to bring in some stability to the already crumbling market."
Sensex saw the biggest absolute fall in history by falling 2062 points intra-day. It closed at 17,605.35, down 1408.35 points or 7.4 per cent. It fell to a low of 16,951.50.
National Stock Exchange's Nifty plummeted 8.7 per cent or 497 points to close at 5208.80. It slumped to a low of 4977.10.
NTPC, down 15.07%, was the worst hit, followed by Reliance Energy (down 14.79%), ACC (14.53%), ACC (14.53%), Reliance Communications (13.84%), Grasim Industries (13.19%) and DLF (9.62%).
Bucking the trend, Satyam Computer posted nearly 5 per cent gains after the IT major reported a 29 per cent rise in consolidated third-quarter net profit on continued growth in sales and said it expects a 45-45.2 per cent increase in revenue growth in 2008 over 2007.
The company's net profit for its fiscal third quarter ended December 31 rose to Rs 434 crore from Rs 337 crore reported a year earlier
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