March 2008 Market Highlights | Advise for Investor's "hold on investment for longer time"

17-3-2008:

Indian stock markets closed a whopping 900 pts down on 17th march 2008 due to growing global uncertainity and weakening US dollar against EURO due to which oil prices touched new record high of $111/barrel and the trend is further growing to continue.

However our blog prediction for market crash(made on 15th march) owing to uncertainity in global markets was yet again proved right : THANKS TO OUR MARKET ANALYSTS! and the future looks sceptical too so the suggestion to investor's is to hold on their money till the global uncertainity ends.

It has been highlighted many times that indian market is governed by US market and is more in hand of US economy then Indian investors. so advice for the investors is to follow the trends in the US stock markets NASDAQ, New York Stock Exchange(NYSE) and other major stock exchanges like Dow Jones etc.

Details for 17/3/2008:

Across the board sell-off, on account of weak global cues, saw indices closing over 6 per cent lower. Mid-caps and small-cap stocks were the worst hit. Indian benchmarks grossly underperformed its peers globally. Bombay Stock Exchange’s Sensex closed at day’s low of 14,740.12, down over 900 points or 6.47 per cent.

National Stock Exchange’s Nifty ended at 4,484.55 down 5.50 per cent, worst close for the benchmark after September 6, 2007. It touched a low of 4482.10. BSE Mid-cap Index ended at 6,583.45, down 478.22 points or 7.26 per cent and BSE Smallcap Index fell to 7,515.98 down 563.52 points or 6.97 per cent.

ICICI Bank (down 15.06%) was the worst hit. Jaiprakash Associates (down 12.7%), HDFC (11.28%), Hindalco Industries (9.39%), Reliance Energy (8.68%), Tata Steel (8.54%), Grasim Industries (8.15%) and DLF (7.96%) were the other index losers. Across BSE, 2395 declines outnumbered 289 advances.

hence the golden word is "DON'T PANIC" hold on with your investment.