Web India 123 Nov 11, 2008 Bear Grip Sends Key Indian Index Below 10000

“New casualties of the global financial tsunami are being exposed on a daily basis and the crisis is clearly far from over so this kind of crash is only to be expected,” said Jagannadham Thunuguntla, head of the capital markets arm of India’s fourth largest share brokerage firm, the Delhi-based SMC Group. The only good news is the Chinese revival package of $586 billion, a figure that is nearly 15 percent of that country’s gross domestic product (GDP). “In 1990, during the Asian crisis, China had announced a similar revival package but then its size was just 1.5 percent of the country’s GDP,” Thunuguntla said, adding: “It shows how seriously the Chinese are taking the current situation.”Read less