MARKET UPDATE AT 11.30 AM SEPTEMBER 16
Key benchmark indices slumped for the sixth day in a row today,
16September 2008, mirroring mayhem in global markets triggered
byfears of the state of the US financial system after Lehman Brothers
filed for bankruptcy, insurer AIG struggled for survival andMerrill Lynch
was sold to Bank of America. Nifty cracked below4,000 in opening trade.
Ranbaxy Laboratories slumped over 5%. Index heavyweight Reliance
Industries hit a 52-week low of Rs 1800 in early trade. Bankingpivotals
saw divergent trend. US markets collapsed on Monday, 15 September
2008 falling the mostsince 11 September 2001 as investors worried
about the impact ofthe latest twists in the credit crisis on the economy
and theoutlook for profits. The Dow Jones Industrial Average plunged
504.48 points, or 4.42%, to 10,917.51, the Nasdaq Composite indexdropped
81.36 points, or 3.60%, to 2,179.91 and the Standard &Poor's 500 index
fell 59 points, or 4.71% to 1,192.70. Asian markets were trading weak
today, 16 September 2008 as fearsof a global financial crisis gripped
investors across Asia. Keybenchmark indices in China, Japan, Hong Kong,
Taiwan, Singapore,and South Korea were down by between 2.07% and
5.95%.