About
Yet Another Self-Important Blog.
Rohit Singh
Email Me
Blogs
Use as directed or at your own risk.
Links
These are a few of my favourite links.
[Mon, 17 May 2004]
ToI spoof about stock market crash and the Lefties
This image was in rank bad taste. Even the commies deserve better, and so do the real 9/11 victims.
[/rants-and-raves] permanent link
Sensex Drops By 786 pts (at last count!)
From TOI:
Bloodbath at BSE, Sensex down 786 pts
- Market authorities first halted trading for one hour at 1015 hours as the market fell by over 550 points but the freeze was imposed again within minutes of recommencement as the downhill march continued. After recommencing trading at 1115 hours, it was closed within three minutes as the BSE fell further by 272 points to reach 4247.59.
- Biggest intra-day crash ever
- Market cap of Rs 2,00,000 cr lost since Friday
Rs 2000000000000 is about 44 billion in real dollars. It is also over 200 billion in PPP dollars. Just in case you though its just a "little drop". It is also over 15% of market capitalization. Its also over 10% of India's GDP.
Just for comparison, this is the combined State Domestic Product (SDP) of Mr. Sitaram Yechuri's shining beacons: Rs 8000 crores (West Bengal) + Rs 4000 crores(Kerala) = Rs 12000 crores. Those are probably old numbers. Lets round it up to, say, Rs 25000 crore. The market lost value worth 8 West Bengals and 8 Keralas. Hail our new leaders.
As per TOI's one-line flash, Manmohan Singh think's this is manipulated. Probably true. That also means, probably, the market will bounce back well too.
Links: http://www.nationmaster.com/country/in/Economy
http://www.macroscan.org/fet/aug03/fet100803SDP_1.htm