“As far as I can remember this is the steepest fall ever in the history of the BSE in both points and percentage terms,” said Jagannadham Thunuguntla, head of the capital markets arm of India’s fourth largest share brokerage firm, the Delhi-based SMC Group.
Thaindian Oct 24, 2008 Indian Equities Markets Suffer Worst Ever LossesJagannadham Thunuguntla
“As far as I can remember this is the steepest fall ever in the history of the BSE in both points and percentage terms,” said Jagannadham Thunuguntla, head of the capital markets arm of India’s fourth largest share brokerage firm, the Delhi-based SMC Group.
Big News Oct 24, 2008 Indian Equities Markets Suffer Worst Ever LossesJagannadham Thunuguntla
“What is the guarantee that more liquidity would have stopped the fall in equity prices?” he asked, adding: “On the other hand adding more liquidity would have added to inflationary pressures and might lead to more problems for the real economy.”
“There is liquidity crisis globally and Indian markets are not immune to that,” he said. “FIIS are selling ruthlessly to take out whatever money they can because yen carry trade has gone even more out of hand and they are under tremendous liquidity pressure in their home countries.”
“As far as I can remember this is the steepest fall ever in the history of the BSE in both points and percentage terms,” said Jagannadham Thunuguntla, head of the capital markets arm of India’s fourth largest share brokerage firm, the Delhi-based SMC Group.
Nerve News Oct 24, 2008 Indian Equities Markets Suffer Worst Ever LossesJagannadham Thunuguntla
"What is the guarantee that more liquidity would have stopped the fall in equity prices?" he asked, adding: On the other hand, adding more liquidity would have added to inflationary pressures and might lead to more problems for the real economy."
"There is a liquidity crisis globally and Indian markets are not immune to that," he said. "FIIS are selling ruthlesslessly to take out whatever money they can because yen carry trade has gone even more out of hand and they are under tremendous liquidity pressure in their home countries."
South Asia News Oct 24, 2008 Indian Equities Markets Suffer Worst Ever LossesJagannadham Thunuguntla
“What is the guarantee that more liquidity would have stopped the fall in equity prices?” he asked, adding: “On the other hand adding more liquidity would have added to inflationary pressures and might lead to more problems for the real economy.”
“There is liquidity crisis globally and Indian markets are not immune to that,” he said. “FIIS are selling ruthlessly to take out whatever money they can because yen carry trade has gone even more out of hand and they are under tremendous liquidity pressure in their home countries.”
New Kerala Oct 24,2008 Indian Equities Markets Suffer Worst Ever LossesJagannadham Thunuguntla
“What is the guarantee that more liquidity would have stopped the fall in equity prices?” he asked, adding: “On the other hand adding more liquidity would have added to inflationary pressures and might lead to more problems for the real economy.”
“There is liquidity crisis globally and Indian markets are not immune to that,” he said. “FIIS are selling ruthlessly to take out whatever money they can because yen carry trade has gone even more out of hand and they are under tremendous liquidity pressure in their home countries.”
India Forum Oct 24, 2008 Indian Equities Markets Suffer Worst Ever LossesJagannadham Thunuguntla
“What is the guarantee that more liquidity would have stopped the fall in equity prices?” he asked, adding: “On the other hand adding more liquidity would have added to inflationary pressures and might lead to more problems for the real economy.”
“There is liquidity crisis globally and Indian markets are not immune to that,” he said. “FIIS are selling ruthlessly to take out whatever money they can because yen carry trade has gone even more out of hand and they are under tremendous liquidity pressure in their home countries.”
Manglorean Oct 24, 2008 Key Indian Equities Index Sees Biggest Fall EverJagannadham Thunuguntla
"What is the guarantee that more liquidity would have stopped the fall in equity prices?" he asked, adding: On the other hand, adding more liquidity would have added to inflationary pressures and might lead to more problems for the real economy."
"There is a liquidity crisis globally and Indian markets are not immune to that," he said. "FIIS are selling ruthlesslessly to take out whatever money they can because yen carry trade has gone even more out of hand and they are under tremendous liquidity pressure in their home countries."
Thaindian Oct 24, 2008 Indian Equities Markets Suffer Worst Ever LossesJagannadham Thunuguntla
“As far as I can remember this is the steepest fall ever in the history of the BSE in both points and percentage terms,” said Jagannadham Thunuguntla, head of the capital markets arm of India’s fourth largest share brokerage firm, the Delhi-based SMC Group.
Big News Oct 24, 2008 Indian Equities Markets Suffer Worst Ever LossesJagannadham Thunuguntla
“What is the guarantee that more liquidity would have stopped the fall in equity prices?” he asked, adding: “On the other hand adding more liquidity would have added to inflationary pressures and might lead to more problems for the real economy.”
“There is liquidity crisis globally and Indian markets are not immune to that,” he said. “FIIS are selling ruthlessly to take out whatever money they can because yen carry trade has gone even more out of hand and they are under tremendous liquidity pressure in their home countries.”
“As far as I can remember this is the steepest fall ever in the history of the BSE in both points and percentage terms,” said Jagannadham Thunuguntla, head of the capital markets arm of India’s fourth largest share brokerage firm, the Delhi-based SMC Group.
Nerve News Oct 24, 2008 Indian Equities Markets Suffer Worst Ever LossesJagannadham Thunuguntla
"What is the guarantee that more liquidity would have stopped the fall in equity prices?" he asked, adding: On the other hand, adding more liquidity would have added to inflationary pressures and might lead to more problems for the real economy."
"There is a liquidity crisis globally and Indian markets are not immune to that," he said. "FIIS are selling ruthlesslessly to take out whatever money they can because yen carry trade has gone even more out of hand and they are under tremendous liquidity pressure in their home countries."
South Asia News Oct 24, 2008 Indian Equities Markets Suffer Worst Ever LossesJagannadham Thunuguntla
“What is the guarantee that more liquidity would have stopped the fall in equity prices?” he asked, adding: “On the other hand adding more liquidity would have added to inflationary pressures and might lead to more problems for the real economy.”
“There is liquidity crisis globally and Indian markets are not immune to that,” he said. “FIIS are selling ruthlessly to take out whatever money they can because yen carry trade has gone even more out of hand and they are under tremendous liquidity pressure in their home countries.”
New Kerala Oct 24,2008 Indian Equities Markets Suffer Worst Ever LossesJagannadham Thunuguntla
“What is the guarantee that more liquidity would have stopped the fall in equity prices?” he asked, adding: “On the other hand adding more liquidity would have added to inflationary pressures and might lead to more problems for the real economy.”
“There is liquidity crisis globally and Indian markets are not immune to that,” he said. “FIIS are selling ruthlessly to take out whatever money they can because yen carry trade has gone even more out of hand and they are under tremendous liquidity pressure in their home countries.”
India Forum Oct 24, 2008 Indian Equities Markets Suffer Worst Ever LossesJagannadham Thunuguntla
“What is the guarantee that more liquidity would have stopped the fall in equity prices?” he asked, adding: “On the other hand adding more liquidity would have added to inflationary pressures and might lead to more problems for the real economy.”
“There is liquidity crisis globally and Indian markets are not immune to that,” he said. “FIIS are selling ruthlessly to take out whatever money they can because yen carry trade has gone even more out of hand and they are under tremendous liquidity pressure in their home countries.”
Manglorean Oct 24, 2008 Key Indian Equities Index Sees Biggest Fall EverJagannadham Thunuguntla
"What is the guarantee that more liquidity would have stopped the fall in equity prices?" he asked, adding: On the other hand, adding more liquidity would have added to inflationary pressures and might lead to more problems for the real economy."
"There is a liquidity crisis globally and Indian markets are not immune to that," he said. "FIIS are selling ruthlesslessly to take out whatever money they can because yen carry trade has gone even more out of hand and they are under tremendous liquidity pressure in their home countries."
“As far as I can remember this is the steepest fall ever in the history of the BSE in both points and percentage terms,” said Jagannadham Thunuguntla, head of the capital markets arm of India’s fourth largest share brokerage firm, the Delhi-based SMC Group.
Indiaenews Oct 24, 2008 Indian Equities Markets Suffer Worst Ever LossesJagannadham Thunuguntla
“What is the guarantee that more liquidity would have stopped the fall in equity prices?” he asked, adding: “On the other hand adding more liquidity would have added to inflationary pressures and might lead to more problems for the real economy.”
“There is liquidity crisis globally and Indian markets are not immune to that,” he said. “FIIS are selling ruthlessly to take out whatever money they can because yen carry trade has gone even more out of hand and they are under tremendous liquidity pressure in their home countries.”
India Gazette Oct 24, 2008 Indian Equities Markets Suffer Worst Ever LossesJagannadham Thunuguntla
“What is the guarantee that more liquidity would have stopped the fall in equity prices?” he asked, adding: “On the other hand adding more liquidity would have added to inflationary pressures and might lead to more problems for the real economy.”
“There is liquidity crisis globally and Indian markets are not immune to that,” he said. “FIIS are selling ruthlessly to take out whatever money they can because yen carry trade has gone even more out of hand and they are under tremendous liquidity pressure in their home countries.”
Sindh Today Oct 24, 2008 Indian Equities Markets Suffer Worst Ever LossesJagannadham Thunuguntla
“What is the guarantee that more liquidity would have stopped the fall in equity prices?” he asked, adding: “On the other hand adding more liquidity would have added to inflationary pressures and might lead to more problems for the real economy.”
“There is liquidity crisis globally and Indian markets are not immune to that,” he said. “FIIS are selling ruthlessly to take out whatever money they can because yen carry trade has gone even more out of hand and they are under tremendous liquidity pressure in their home countries.”
SmasHits Oct 24, 2008 Indian Equities Markets Suffer Worst Ever LossesJagannadham Thunuguntla
"As far as I can remember this is the largest fall in percentage terms in recent history," said Jagannadham Thunuguntla, head of the capital markets arm of India's fourth largest share brokerage firm, the Delhi-based SMC Group.
Bombay News Oct 24, 2008 Indian Equities Markets Suffer Worst Ever LossesJagannadham Thunuguntla
“As far as I can remember this is the steepest fall ever in the history of the BSE in both points and percentage terms,” said Jagannadham Thunuguntla, head of the capital markets arm of India’s fourth largest share brokerage firm, the Delhi-based SMC Group
Calcutta News Oct 24, 2008 Indian Equities Markets Suffer Worst Ever LossesJagannadham Thunuguntla
"There is a liquidity crisis globally and Indian markets are not immune to that," he said. "FIIS are selling ruthlesslessly to take out whatever money they can because yen carry trade has gone even more out of hand and they are under tremendous liquidity pressure in their home countries."
Sakal Times Oct 24, 2008 Sensex In Steepest Ever Fall, Sheds 1,070 PointsJagannadham Thunuguntla
“As far as I can remember this is the steepest fall ever in the history of the BSE in both points and percentage terms,” said Jagannadham Thunuguntla, head of the capital markets arm of India’s fourth largest share brokerage firm, the Delhi-based SMC Group.
“What is the guarantee that more liquidity would have stopped the fall in equity prices?” he asked, adding: “On the other hand adding more liquidity would have added to inflationary pressures and might lead to more problems for the real economy.”
“There is liquidity crisis globally and Indian markets are not immune to that,” he said. “FIIS are selling ruthlessly to take out whatever money they can because yen carry trade has gone even more out of hand and they are under tremendous liquidity pressure in their home countries.”
The India Star Oct 24, 2008 Sensex In Steepest Ever Fall, Sheds 1,070 PointsJagannadham Thunuguntla
"As far as I can remember this is the largest fall in percentage terms in recent history," said Jagannadham Thunuguntla, head of the capital markets arm of India's fourth largest share brokerage firm, the Delhi-based SMC Group
"What is the guarantee that more liquidity would have stopped the fall in equity prices?" he asked, adding: On the other hand, adding more liquidity would have added to inflationary pressures and might lead to more problems for the real economy."
"There is a liquidity crisis globally and Indian markets are not immune to that," he said. "FIIS are selling ruthlesslessly to take out whatever money they can because yen carry trade has gone even more out of hand and they are under tremendous liquidity pressure in their home countries."
"As far as I can remember this is the largest fall in percentage terms in recent history," said Jagannadham Thunuguntla, head of the capital markets arm of India's fourth largest share brokerage firm, the Delhi-based SMC Group.
"As far as I can remember this is the largest fall in percentage terms in recent history," said Jagannadham Thunuguntla, head of the capital markets arm of India's fourth largest share brokerage firm, the Delhi-based SMC Group.
Indiaenews Oct 24, 2008 Key Indian Equities Index Sees Biggest Fall EverJagannadham Thunuguntla
“What is the guarantee that more liquidity would have stopped the fall in equity prices?” he asked, adding: “On the other hand adding more liquidity would have added to inflationary pressures and might lead to more problems for the real economy.”
“There is liquidity crisis globally and Indian markets are not immune to that,” he said. “FIIS are selling ruthlessly to take out whatever money they can because yen carry trade has gone even more out of hand and they are under tremendous liquidity pressure in their home countries.”
"The CRR cut by the RBI is actually causing more worry because if instead of a one-off measure this is the beginning of a regime of liberal policies in India then the repercussions will be even more severe," analyst Jagannadham Thunuguntla told IANS.
"The CRR cut by the RBI is actually causing more worry because if instead of a one-off measure this is the beginning of a regime of liberal policies in India then the repercussions will be even more severe," analyst Jagannadham Thunuguntla told IANS.
Trading Strategies for a Bear Market by capitalHeight.Aanchal Desai
Money CapitalHeight providing intraday & positional calls on Stock Market which are purely technical based calls.In this service we provide Stock Cash calls, Stock Trading Tips, Stock Trading Tips and recommendation on Mobile in NSE with an accuracy of more than 90% Accuracy http://www.capitalheight.com/blog/
Equity View:
Markets are moving into earnings season and initial results of few corporate entities seem good enough,
starting with Indusind Bank followed by Infosys. The numbers of these companies were expected to come
out well thus this outcome is not surprising from sectors like Private Sector Banks, IT, FMCG and Pharma
which are expected to perform well. There are few sectors like Capital Goods, Public Sector Banks and old
Infra Companies which can show subdued results. We expect domestic factors like government policies
to drive the market in absence of global cues. IIP data is set to come out today and is expected to be flat;
Inflation is also expected to be higher due to base effect.
Real estate markets have a cycle of around 5 – 7 years thus an off-take seems distant, however buying
could initiate after 2 – 3 years. A rate cut acts as a catalyst but it cannot help in a sudden pick-up of
demand.
There is always a trend and a counter trend in the movement of an asset class. We need to see the long
term trend. In commodities there is bearish long term trend so counter trend is bullish and thus,
currently we are seeing a counter trend in this asset. Similarly, if we have a bullish long term trend for
equity markets then from time to time there would be correction which is also happening now and this is
known as counter trend. The incremental savings of the government can either be used in the form of an
investment, subsidies or 7th Pay commission arrears. This definitely leads to correction in equity markets
but it doesn’t lead to bearish phase. If everyone is hopeful about the turnaround of Indian story and
economic revival then no one exits completely from the stock markets. Larger expectations are that
investments will certainly pick up and we all are hopeful about it.
News:
DOMESTIC MACRO:
Indirect tax collection rose 35.8% to over Rs. 3.24 lakh crore in the first half of the current fiscal.
Indirect tax collection in the period from April to September in the last fiscal stood at about Rs.
2.38 lakh crore.
The International Monetary Fund (IMF) in its latest World Economic Outlook has lowered India’s
growth forecast for FY16 to 7.3% from its July forecast of 7.5%. Growth is expected to bounce back
to 7.5% in 2016-17 on the back of reforms, pick-up in investments and lower commodity prices.
The Reserve Bank of India (RBI) will be increasing the investment limit for Foreign Portfolio
Investors (FPIs) in Government Securities to Rs. 1,79,500 crore by January 1 from the existing Rs.
1,53,500 crore.
The Cabinet approves a Railway Ministry proposal to pay bonus equivalent to 78 days’ pay, with a wage
ceiling of Rs 3500 a month.
'The CRR cut by the RBI is actually causing more worry because if instead of a one-off measure this
is the beginning of a regime of liberal policies in India then the repercussions will be even more severe,' analyst Jagannadham Thunuguntla told IANS.
Big News - Sept 22, 2008 - Markets close nearly flat as traders grapple with ...Jagannadham Thunuguntla
Perhaps for the first time after the Great Depression in the US, even US money market funds which are considered the safest investment instruments have notched losses and are trading below their face values,'
Two Circles - Sept 22, 2008 - Markets close nearly flat as traders grapple wi...Jagannadham Thunuguntla
Lacklustre, directionless trading saw Indian equities markets close nearly flat Monday with marginal losses as investors took a breather and were still trying to evaluate the avalanche of global cues.
Traders are still trying to understand all the global data such as the developments regarding
investment banks, the $700 billion US bail out plan, and developments on the US money market front,' said analyst Jagannadham Thunuguntla.
“As far as I can remember this is the steepest fall ever in the history of the BSE in both points and percentage terms,” said Jagannadham Thunuguntla, head of the capital markets arm of India’s fourth largest share brokerage firm, the Delhi-based SMC Group.
Indiaenews Oct 24, 2008 Indian Equities Markets Suffer Worst Ever LossesJagannadham Thunuguntla
“What is the guarantee that more liquidity would have stopped the fall in equity prices?” he asked, adding: “On the other hand adding more liquidity would have added to inflationary pressures and might lead to more problems for the real economy.”
“There is liquidity crisis globally and Indian markets are not immune to that,” he said. “FIIS are selling ruthlessly to take out whatever money they can because yen carry trade has gone even more out of hand and they are under tremendous liquidity pressure in their home countries.”
India Gazette Oct 24, 2008 Indian Equities Markets Suffer Worst Ever LossesJagannadham Thunuguntla
“What is the guarantee that more liquidity would have stopped the fall in equity prices?” he asked, adding: “On the other hand adding more liquidity would have added to inflationary pressures and might lead to more problems for the real economy.”
“There is liquidity crisis globally and Indian markets are not immune to that,” he said. “FIIS are selling ruthlessly to take out whatever money they can because yen carry trade has gone even more out of hand and they are under tremendous liquidity pressure in their home countries.”
Sindh Today Oct 24, 2008 Indian Equities Markets Suffer Worst Ever LossesJagannadham Thunuguntla
“What is the guarantee that more liquidity would have stopped the fall in equity prices?” he asked, adding: “On the other hand adding more liquidity would have added to inflationary pressures and might lead to more problems for the real economy.”
“There is liquidity crisis globally and Indian markets are not immune to that,” he said. “FIIS are selling ruthlessly to take out whatever money they can because yen carry trade has gone even more out of hand and they are under tremendous liquidity pressure in their home countries.”
SmasHits Oct 24, 2008 Indian Equities Markets Suffer Worst Ever LossesJagannadham Thunuguntla
"As far as I can remember this is the largest fall in percentage terms in recent history," said Jagannadham Thunuguntla, head of the capital markets arm of India's fourth largest share brokerage firm, the Delhi-based SMC Group.
Bombay News Oct 24, 2008 Indian Equities Markets Suffer Worst Ever LossesJagannadham Thunuguntla
“As far as I can remember this is the steepest fall ever in the history of the BSE in both points and percentage terms,” said Jagannadham Thunuguntla, head of the capital markets arm of India’s fourth largest share brokerage firm, the Delhi-based SMC Group
Calcutta News Oct 24, 2008 Indian Equities Markets Suffer Worst Ever LossesJagannadham Thunuguntla
"There is a liquidity crisis globally and Indian markets are not immune to that," he said. "FIIS are selling ruthlesslessly to take out whatever money they can because yen carry trade has gone even more out of hand and they are under tremendous liquidity pressure in their home countries."
Sakal Times Oct 24, 2008 Sensex In Steepest Ever Fall, Sheds 1,070 PointsJagannadham Thunuguntla
“As far as I can remember this is the steepest fall ever in the history of the BSE in both points and percentage terms,” said Jagannadham Thunuguntla, head of the capital markets arm of India’s fourth largest share brokerage firm, the Delhi-based SMC Group.
“What is the guarantee that more liquidity would have stopped the fall in equity prices?” he asked, adding: “On the other hand adding more liquidity would have added to inflationary pressures and might lead to more problems for the real economy.”
“There is liquidity crisis globally and Indian markets are not immune to that,” he said. “FIIS are selling ruthlessly to take out whatever money they can because yen carry trade has gone even more out of hand and they are under tremendous liquidity pressure in their home countries.”
The India Star Oct 24, 2008 Sensex In Steepest Ever Fall, Sheds 1,070 PointsJagannadham Thunuguntla
"As far as I can remember this is the largest fall in percentage terms in recent history," said Jagannadham Thunuguntla, head of the capital markets arm of India's fourth largest share brokerage firm, the Delhi-based SMC Group
"What is the guarantee that more liquidity would have stopped the fall in equity prices?" he asked, adding: On the other hand, adding more liquidity would have added to inflationary pressures and might lead to more problems for the real economy."
"There is a liquidity crisis globally and Indian markets are not immune to that," he said. "FIIS are selling ruthlesslessly to take out whatever money they can because yen carry trade has gone even more out of hand and they are under tremendous liquidity pressure in their home countries."
"As far as I can remember this is the largest fall in percentage terms in recent history," said Jagannadham Thunuguntla, head of the capital markets arm of India's fourth largest share brokerage firm, the Delhi-based SMC Group.
"As far as I can remember this is the largest fall in percentage terms in recent history," said Jagannadham Thunuguntla, head of the capital markets arm of India's fourth largest share brokerage firm, the Delhi-based SMC Group.
Indiaenews Oct 24, 2008 Key Indian Equities Index Sees Biggest Fall EverJagannadham Thunuguntla
“What is the guarantee that more liquidity would have stopped the fall in equity prices?” he asked, adding: “On the other hand adding more liquidity would have added to inflationary pressures and might lead to more problems for the real economy.”
“There is liquidity crisis globally and Indian markets are not immune to that,” he said. “FIIS are selling ruthlessly to take out whatever money they can because yen carry trade has gone even more out of hand and they are under tremendous liquidity pressure in their home countries.”
"The CRR cut by the RBI is actually causing more worry because if instead of a one-off measure this is the beginning of a regime of liberal policies in India then the repercussions will be even more severe," analyst Jagannadham Thunuguntla told IANS.
"The CRR cut by the RBI is actually causing more worry because if instead of a one-off measure this is the beginning of a regime of liberal policies in India then the repercussions will be even more severe," analyst Jagannadham Thunuguntla told IANS.
Trading Strategies for a Bear Market by capitalHeight.Aanchal Desai
Money CapitalHeight providing intraday & positional calls on Stock Market which are purely technical based calls.In this service we provide Stock Cash calls, Stock Trading Tips, Stock Trading Tips and recommendation on Mobile in NSE with an accuracy of more than 90% Accuracy http://www.capitalheight.com/blog/
Equity View:
Markets are moving into earnings season and initial results of few corporate entities seem good enough,
starting with Indusind Bank followed by Infosys. The numbers of these companies were expected to come
out well thus this outcome is not surprising from sectors like Private Sector Banks, IT, FMCG and Pharma
which are expected to perform well. There are few sectors like Capital Goods, Public Sector Banks and old
Infra Companies which can show subdued results. We expect domestic factors like government policies
to drive the market in absence of global cues. IIP data is set to come out today and is expected to be flat;
Inflation is also expected to be higher due to base effect.
Real estate markets have a cycle of around 5 – 7 years thus an off-take seems distant, however buying
could initiate after 2 – 3 years. A rate cut acts as a catalyst but it cannot help in a sudden pick-up of
demand.
There is always a trend and a counter trend in the movement of an asset class. We need to see the long
term trend. In commodities there is bearish long term trend so counter trend is bullish and thus,
currently we are seeing a counter trend in this asset. Similarly, if we have a bullish long term trend for
equity markets then from time to time there would be correction which is also happening now and this is
known as counter trend. The incremental savings of the government can either be used in the form of an
investment, subsidies or 7th Pay commission arrears. This definitely leads to correction in equity markets
but it doesn’t lead to bearish phase. If everyone is hopeful about the turnaround of Indian story and
economic revival then no one exits completely from the stock markets. Larger expectations are that
investments will certainly pick up and we all are hopeful about it.
News:
DOMESTIC MACRO:
Indirect tax collection rose 35.8% to over Rs. 3.24 lakh crore in the first half of the current fiscal.
Indirect tax collection in the period from April to September in the last fiscal stood at about Rs.
2.38 lakh crore.
The International Monetary Fund (IMF) in its latest World Economic Outlook has lowered India’s
growth forecast for FY16 to 7.3% from its July forecast of 7.5%. Growth is expected to bounce back
to 7.5% in 2016-17 on the back of reforms, pick-up in investments and lower commodity prices.
The Reserve Bank of India (RBI) will be increasing the investment limit for Foreign Portfolio
Investors (FPIs) in Government Securities to Rs. 1,79,500 crore by January 1 from the existing Rs.
1,53,500 crore.
The Cabinet approves a Railway Ministry proposal to pay bonus equivalent to 78 days’ pay, with a wage
ceiling of Rs 3500 a month.
'The CRR cut by the RBI is actually causing more worry because if instead of a one-off measure this
is the beginning of a regime of liberal policies in India then the repercussions will be even more severe,' analyst Jagannadham Thunuguntla told IANS.
Big News - Sept 22, 2008 - Markets close nearly flat as traders grapple with ...Jagannadham Thunuguntla
Perhaps for the first time after the Great Depression in the US, even US money market funds which are considered the safest investment instruments have notched losses and are trading below their face values,'
Two Circles - Sept 22, 2008 - Markets close nearly flat as traders grapple wi...Jagannadham Thunuguntla
Lacklustre, directionless trading saw Indian equities markets close nearly flat Monday with marginal losses as investors took a breather and were still trying to evaluate the avalanche of global cues.
Traders are still trying to understand all the global data such as the developments regarding
investment banks, the $700 billion US bail out plan, and developments on the US money market front,' said analyst Jagannadham Thunuguntla.
Indiaenews - Sept 22, 2008 - Markets close nearly flat as traders grapple wit...Jagannadham Thunuguntla
Markets close nearly flat as traders grapple with data
Lacklustre, directionless trading saw Indian equities markets close nearly flat Monday with marginal
losses as investors took a breather and were still trying to evaluate the avalanche of global cues.
'Although these rates are applicable only to the immediate short term and do not indicate any long
term trends, there are indications that the cost of funding new projects will go up,' said Thunuguntla.
Thaindian - Sept 22, 2008 - Markets close nearly flat as traders grapple with...Jagannadham Thunuguntla
Lacklustre, directionless trading saw Indian equities markets close nearly flat Monday with marginal losses as investors took a breather and were still trying to evaluate the avalanche of global cues.
'Traders are still trying to understand all the global data such as the developments regarding
investment banks, the $700 billion US bail out plan, and developments on the US money market
front,' said Jagannadham Thunuguntla
Net India123 - Sept 22, 2008 - Markets close nearly flat as traders grapple w...Jagannadham Thunuguntla
'This will also mean that the dollar will now start weakening on a long term basis and this also will
have some impact on markets as foreign institutional investors will now tend to stick to assets
denominated in currencies other than the dollar,' he said
National News Of India - Sept 22, 2008 - Markets close nearly flat as traders...Jagannadham Thunuguntla
The main thing is, this is the biggest financial crisis after the Great Depression of 1929, and it will
take some time to understand all the implications," he said by way of explaining the reasons behind
the lacklustre and directionless trading Monday.
SmasHits Sept 22, 2008 - Markets close nearly flat as traders grapple with dataJagannadham Thunuguntla
Perhaps for the first time after the Great Depression in the US, even US money market funds which
are considered the safest investment instruments have notched losses and are trading below their face values.
Thunuguntla is the head of capital markets in India's fourth largest share brokerage firm, the Delhibased SMC Group.
'The CRR cut by the RBI is actually causing more worry because if instead of a one-off measure this is the beginning of a regime of liberal policies in India then the repercussions will be even more severe,' analyst Jagannadham Thunuguntla told IANS.
Indi Blitz - Sept 22, 2008 - Markets close nearly flat as traders grapple wit...Jagannadham Thunuguntla
Traders are still trying to understand all the global data such as the developments regarding
investment banks, the $700 billion US bail out plan, and developments on the US money market
front,' said Jagannadham Thunuguntla.
Bombay News - Sept 22, 2008 - Markets close nearly flat as traders grapple wi...Jagannadham Thunuguntla
Lacklustre, directionless trading saw Indian equities markets close nearly flat Monday with marginal
losses as investors took a breather and were still trying to evaluate the avalanche of global cues, analysts said.
'Traders are still trying to understand all the global data such as the developments regarding
investment banks, the $700 billion US bail out plan, and developments on the US money market front,' said analyst Jagannadham Thunuguntla.
Boloji - Sept 22, 2008 - Markets Close Nearly Flat as Traders Grapple with DataJagannadham Thunuguntla
'Similarly, the US budget deficit has gone up today by exactly $700 billion from $10.615 trillion to
$11.315 trillion which means the bailout of banks will be financed entirely through deficit financing,' he said.
Blog Coverage Cuckoo Cloud Oct 10, 2008 Market Mayhem Continues Despite Liqui...Jagannadham Thunuguntla
The CRR cut by the RBI is actually causing more worry because if instead of a one-off measure this is the beginning
of a regime of liberal policies in India then the repercussions will be even more severe,' analyst Jagannadham
Thunuguntla told IANS.
IndiaeNews Oct 10, 2008 Indian Equities Tank Seven Percent In Day Long MayhemJagannadham Thunuguntla
'The CRR cut by the RBI is actually causing more worry because if instead of a one-off measure this is the beginning of a regime of liberal policies in India, then the repercussions will be even more severe,' said analyst Jagannadham Thunuguntla.
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Bharatsite - Sept 22, 2008 - Markets close nearly flat as traders grapple wit...Jagannadham Thunuguntla
Lacklustre, directionless trading saw Indian equities markets close nearly flat
Monday with marginal losses as investors took a breather and were still trying to evaluate the avalanche of global cues.
Traders are still trying to understand all the global data such as the developments regarding
investment banks, the $700 billion US bail out plan, and developments on the US money market
front,' said analyst Jagannadham Thunuguntla
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Two Circles Oct 24, 2008 Indian Equities Markets Suffer Worst Ever Losses
1. Indian equities markets suffer worst ever losses
Submitted by admin3 on 24 October 2008 - 2:45pm.
By IANS,
Mumbai: It was Black Friday at Indian equities markets as they finished with their worst ever
losses in history both in points as well as percentage terms. Large-scale selling by foreign
institutional investors belied expectations of investors. On top of that, the central bank, the
Reserve Bank of India (RBI), kept all key rates unchanged in its mid-term policy review Friday.
Plus, poor global cues played havoc with Indian markets.
The benchmark 30-share sensitive index (Sensex) of the Bombay Stock Exchange closed at
8,701.07, down 1,070.63 percent or 10.96 percent from its previous close Thursday at 9,771.70
points.
In the past, on Jan 21, 2008 and in May, 2004 immediately after the United Progressive Alliance
coalition government came to power, the Sensex had crashed by 10 percent much before noon
and, therefore, brought trading to a halt by hitting the lower circuit filter.
On those two occasions, after markets reopened, the Sensex had recovered to end only a few
percentage points down.
Of course, there have been record falls during the past few weeks after the collapse of Lehman
Bros of the US on Sept 15, but the erosion at closing Friday was the largest ever in the history of
the BSE, analysts said.
“As far as I can remember this is the steepest fall ever in the history of the BSE in both points
and percentage terms,” said Jagannadham Thunuguntla, head of the capital markets arm of
India’s fourth largest share brokerage firm, the Delhi-based SMC Group.
“Yes, this the biggest ever crash in the BSE’s history,” said Ashish Kapoor, chief executive
officer of Delhi-based Invest Shoppe India Pvt Ltd, a fact that was also confirmed by portfolio
strategist Manoj Krishnan of Delhi based financial services firm Price Investment Management
& Research Services.
In percentage terms, the fall of the broader 50-share S&P CNX Nifty index of the National Stock
Exchange (NSE) was even steeper.
2. The Nifty closed at 2,584.00, down 359.15 points or 12.20 percent from its previous close
Thursday at 2,943.15 points.
The BSE midcap index finished at 3,095.68 points, down 283.04 points or 8.38 percent from its
previous close Thursday at 3,378.72 points.
The BSE smallcap index closed at 3,661.83, down 303.87 points or 7.66 percent from its
previous close Thursday at 3,965.70 points.
All 13 sectoral indices at the BSE ended with losses with the worst hit being realty, oil and gas,
banks and metals in that order.
Not a single stock that goes into the Sensex finished in positive territory. The biggest loser was
DLF Ltd. that ended with a loss of 23.96 percent.
Ranbaxy Laboratories came next shedding 17.83 percent, Hindalco lost 17.82 percent and Tata
Motors was down 16.54 percent.
As many as 2,322 or 88.36 percent of traded stocks declined, only 260 or 9.89 percent advanced
and 46 or 1.75 remained unchanged.
“There was large-scale selling by hedge funds and even by pension funds to protect their assets.
Pension funds normally buy when markets are down,” said Kapoor.
California Public Employees Retirement System or CalPERS, one of the largest pension funds in
the world is an example, Kapoor said.
Analysts were also surprised that the RBI chose to keep lending rates and other key liquidity
ratios unchanged in its mid-term policy review announced Friday.
Religare Securities President Amitabh Chakraborty told IANS: “I’m surprised. I was expecting a
cut in the repo rate and reverse repo rate. I guess the banking sector will see more pressure,”
HDFC chief economist Abheek Barua said: “In this policy financial stability has been the main
priority. RBI has taken aggressive measures already, so now they would wait and watch
depending on the market volatility.”
Thunuguntla also welcomed the RBI move not to add more liquidity because he said the role of
the RBI is to monitor growth and inflation and not to help out the capital markets.
“What is the guarantee that more liquidity would have stopped the fall in equity prices?” he
asked, adding: “On the other hand adding more liquidity would have added to inflationary
pressures and might lead to more problems for the real economy.”
3. “There is liquidity crisis globally and Indian markets are not immune to that,” he said. “FIIS are
selling ruthlessly to take out whatever money they can because yen carry trade has gone even
more out of hand and they are under tremendous liquidity pressure in their home countries.”
In yen carry trade, hedge funds used to borrow yen denominated loans from Japanese banks at a
negligible interest rate of 0.5 percent and then converted these funds into other currencies and
invested across the globe.
So, even if they earned a return of as low as 2-3 percent they still made a profit on those
investments because their cost of funds was only 0.5 percent.
Now with the dollar appreciating against the yen the conversion rate has hit a 13-year high.
Currently the exchange rate is 95 yen to a dollar when a year ago it was 109 yen to a dollar. This
means yen denominated loans have become costlier by almost 15 percent so that the cost of yen
denominated loans is now 15.5 percent against only 0.5 percent earlier.
This is forcing hedge funds with yen denominated loans to repay those loans as soon as possible
and stop losing money. This is the reason they are selling off whatever assets they have,
wherever they have, to repay yen denominated loans.
“The markets are not a proxy for the real economy. When there was 9 percent growth in the last
two years markets grew by 40 percent. Now even if domestic economy grows 7-8 percent
markets have crashed more than 50 percent,” Thunuguntla said.
When there was great global liquidity, FIIs invested in India pushing up the markets, he said.
Now there is no global liquidity so FIIs are pulling out in a hurry.
“I think the RBI’s move not to add further liquidity is, therefore, prudent. The markets will
correct themselves only when the global liquidity situation stabilizes,” he said.
It is also too much to expect that domestic financial institutions with investible surpluses in the
range of $10-15 billion can stem the rot when market capitalization losses are to the tune of
$600-700 billion, he said.
“We enjoyed the benefit of high global liquidity, now we have to bear the other side of the
stick,” Thunuguntla said.
Global cues too were very weak. Both the Dow Jones futures & S&P 500 futures hit the lower
circuit breaker of 7 percent in European markets.
“US indications are scary since once US markets open at 7 pm Indian time these indices will
resume trading and will probably go down further,” Thunuguntla said.
The Nasdaq futures was also down but at 6.5 percent it hadn’t yet hit the lower circuit filter.
Most European markets were down by around 10 percent on news that the UK GDP had shrunk
0.5 percent in the third quarter of this year ending September.
4. “This is the first time that hard numbers indicating recession in the global economy is coming in
and I am expecting even more bad news in the coming days,” Thunuguntla said.
“I think it wouldn’t be long before some hedge funds and private equity funds begin to report
bankruptcy,” Thunuguntla said.
In India, realty firms have begun to default or seek deferment of payments and although realty
prices have still managed to stay at high levels they are likely to come down in this cash crunch
market, the analysts said.
“The sentiment is extremely negative and although this is a good time to buy you must be ready
to wait for at least 2 year or even more before you can think of returns,” Kapoor said.
“This is a very deep cut and recovery may take as long as 3-4 years,” he said.