Markets have slipped further and are taking cues from weak global markets. Rate sensitives, infrastructure, technology, telecom and oil stock hammered the most. Midcap and small cap stocks have also got crushed in this turmoil.
The Sensex plunged 686 points to 13,314 and the Nifty fell 214 points to 4,015, at 10:26 am. BSE Midcap and Small Cap indices lost 3-4%.
Finally source based news has come true. Lehman Brothers has filed Chapter 11 bankruptcy. It says no broker-dealer subsidiaries to be included in bankruptcy filing and the company is exploring sale of its broker-dealer operations.
Another breaking news is Bank of America (BoA) has bought Merrill Lynch (ML) in $50 billion all stock deal. BoA will give 0.8595 shares for every 1 share of ML.
Kirby Daley says will see lot of action from FED and government to keep the situation under control. He sees investor risk aversion going forwrad and may see outflows from emerging markets including India.
0 comments:
Post a Comment