That sinking feeling again | business | Hindustan Times
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That sinking feeling again

They are mere numbers that have zeros attached, but carry a behavioural burden within them. And so, when the BSE Sensex cut through the 10,000 mark to close at 9,772 and the NSE Nifty knifed through 3,000 to close at 2,943, a doomsday loomed large.

business Updated: Oct 23, 2008 22:45 IST

They are mere numbers that have zeros attached, but carry a behavioural burden within them. And so, when the BSE Sensex cut through the 10,000 mark to close at 9,772 and the NSE Nifty knifed through 3,000 to close at 2,943, a doomsday loomed large.

A fall of almost 4 per cent or 398 points on the Sensex was led by a meltdown in metal stocks and slowdown in auto. The big boys of steel —- Tata Steel and Steel Authority of India — fell over 14 per cent each on expectations of lower commodity prices following lower demand from China.

On the auto front, Tata Motors crashed 15 per cent, while Apollo Tyres fell 12 per cent, following uncertainty in demand.
Tata Steel and Tata Motors were also the biggest losers among Sensex stocks. Making matters worse, Reliance Industries, the biggest market mover today, fell 7.6 per cent.

The carnage in India mirrored the rest of Asia and Europe, where the stockmarket barometers of all countries fell 4-7 per cent.