Supports getting violated by bad global September 7, 2008
Posted by malibusac in Currency Topic.Tags: currency, currency broker, currency change, currency chart, currency conversion, currency convert, currency day trade, currency dealing, currency e trading, currency exchange, currency foreign trading, currency forex trading, currency markets, currency rate
trackback
We had a catastrophic fall after the Fitch currency downgrade came in.
Global things turned quite bad as well and we had a very, very big sell off. Sensex was 650-points down and finally closed at 12,670. Nifty was down 180 points all the way to 3,860. We have pretty much come back to the 3,850 level. This is a 15-month low in terms of a closing for the market. There were not too many places to hide.
Banks got hit the hardest after that currency downgrade. We saw ICICI Bank, and HDFC Bank losing 8-10% apiece, as the Nifty bank index was down very sharply, nearly 8%. All the familiar sectors- the rate sensitives – whether it was capital goods led by the BHELs, GMRs, JP Associates and Punj Lloyds of the world, the real estate space led by Unitech and DLF and with all the other midcaps in tow and the metals space as well.
Comments»
No comments yet — be the first.