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January 10, 2006
India stocks down sharply, Tues., Jan. 10, 2006, 8:37 AM
Earlier today, the Bombay stock market was down sharply. The BSE Sensex Index declined "1.44 pct to 9,445.30. In equivalent terms, this would be a Dow 30 loss of about 160 points on the day, a not insignificant number.
Just like the Japanese equity market, which has also been over-heated in recent months, traders are advised to keep an eye on the India market tomorrow morning to see if a trend reversal is in process. Clearly, profit-taking is the order of the day.
Yahoo Finance India links to current news stories
Reuters news link to Reliance Industries (petrochemicals) story
Reuters news link to Oil and Natural Gas Corp (ONGC) story
Presently I am working on a database of all key India stocks for use in a regular PDF report. I plan to do the same for all major international markets.
Posted by Posted by Bill Cara on January 10, 2006 08:32:12 AM | Category: India
Glad to see you back and glad to see you cover some international water. I see that it is now sitting at the 9400 level from 9600. I'd say I agree with you that this is no cause for worry and sure enough this market is as heated as the DOW may be at 11,000. The drops in these extremely huge players from Telco to Conglomerate to Consumer Products is no greater than 2-3% and I think this market has corrected itself numerous times in 2005. Great market which will outperform both CDN and US Markets which is just my personal opinion but that is how I see it.
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January 10, 2006 8:58 AM [link]