Another day of selling as the markets tanked again – the BSE fell by 883.98 points (4.78 percent), while the NSE fell by 263.35 points (5.42 percent). The BSE is now below the 17000 levels, at 16,630.91, while the NSe is at 4857. Of the companies we cover, Cybermedia was up marginally in the afternoon, but closed in the red, as did most Digital Media stocks. Market sentiment was hit particularly hard by the sharp decline in Reliance Power, which listed today, and closed below its issue price. Who would want to list in a market like this? Wockhardt and Emaar MGF have bailed out…OnMobile didn’t. How do you think OnMobile will fare in these turbulent times? Do comment.
Chart made using Rediff (NSDQ: REDF) Moneywiz
P.s.: The weirdest thing I’ve heard in weeks is that some people are blaming the downturn in the markets on the metal bull outside the BSE, because it has its backside towards the exchange.
Disclosure: I own an inconsequential number of shares of Reliance Power, Info Edge (BOM: 532777) and Network18 Fincap

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