Markets have crashed in early trade and extended losses further for the first day of week as they have clouded with negative global cues. SGX Nifty lost 4%.
At 9.56 am, the Sensex is down 538 points at 13462, and the Nifty down 168 points at 4060.
DLF, ICICI Bank, HDFC Bank, Unitech, NTPC, Infosys, Reliance Infrastructure and Zee Entertainment lost ground.
Sudarshan Sukhani told CNBC-TV18, "We are very close to a breakdown. We are close to support and this is a trading range - one should go ahead, go long and buy. We can hope for the best and since hope is not enough one should also keep a stop loss below 4,200. So the correct trade would be to go long because this is a trading range and we are now very close to support."
The Indian Rupee has touched 46 to a dollar for the first time in two years. It has hit that level on September 29, 2006.
Nymex crude has slipped below $ 100 to a barrel on the NYMEX on Sunday. It is currently hovering around USD 99/bbl. There was no extensive damage to oil rigs and refineries. There are signs that operations would resume soon. US SPR has released 9,39,000 barrels on disruptions fro, Gustav, IKe. US crude oil demand declined by 3.9% and gasoline was down 2.1%.
US financial space has been seeing more credit crisis. Lehman Brothers is likely to file for bankruptcy in US today, said sources.
Sources also said, AIG is seeking capital from Kohlber Kravis & JC Flowers. Bank Of America is likely to buy Merrill Lynch for $ 29/sh and deal valued at $43.5 billion.
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