Mumbai, May 22 (UNI) In its worst intra-day stock market corrections, the BSE Sensex today tumbled 1,111.70 points to a low of 9,826.91 while hitting a 10 per cent lower circuit.
Following the steep fall, the trading on the Bombay Stock Exchange (BSE) had to be stopped for one hour from 1200 hrs to 1300 hrs to avoid further losses.
The 30-share Sensitive Index (Sensex) had lost 887 points on May 18, the black Monday last week, but today's intra-day fall was even worse.
However, unlike black Monday, the markets bounced back making a recovery by 654.86 points from the intra-day low and closed only 456.84 points or 4.18 per cent down at 10,481.77.
There was a huge 1,315-point swing in the Sensex from a high of 11,142.90 to a low of 9,826.91.
The National Stock Exchange (NSE) S&P CNX Nifty index, too, crashed by 350 points to day's low of 2,896 points, but swung up 417.50 points during the day.
The shocking side of the markets was a big embarrassment for the UPA Government, celebrating its second anniversary after coming to power.
Finance Minister P Chidambram tried to soothe market sentiments sayign that,''Fundamentals are strong, there is nervousness in the market but there is ample liquidity in the system to take care of margin calls,'' he said.
Investment guru Marc Faber, on the other hand, said, ''In India, market valuations were over-stretched leading to more than 20 per cent correction.'' More UNI RRP GK VKG1700
Following the steep fall, the trading on the Bombay Stock Exchange (BSE) had to be stopped for one hour from 1200 hrs to 1300 hrs to avoid further losses.
The 30-share Sensitive Index (Sensex) had lost 887 points on May 18, the black Monday last week, but today's intra-day fall was even worse.
However, unlike black Monday, the markets bounced back making a recovery by 654.86 points from the intra-day low and closed only 456.84 points or 4.18 per cent down at 10,481.77.
There was a huge 1,315-point swing in the Sensex from a high of 11,142.90 to a low of 9,826.91.
The National Stock Exchange (NSE) S&P CNX Nifty index, too, crashed by 350 points to day's low of 2,896 points, but swung up 417.50 points during the day.
The shocking side of the markets was a big embarrassment for the UPA Government, celebrating its second anniversary after coming to power.
Finance Minister P Chidambram tried to soothe market sentiments sayign that,''Fundamentals are strong, there is nervousness in the market but there is ample liquidity in the system to take care of margin calls,'' he said.
Investment guru Marc Faber, on the other hand, said, ''In India, market valuations were over-stretched leading to more than 20 per cent correction.'' More UNI RRP GK VKG1700
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