That sinking feeling!

Nov 24, 2010 |

Correspondent

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Mumbai, Nov. 23: The North Korean shelling aimed at South Korea did collateral damage to the Asian and European markets including the Indian markets that saw the Sensex plunge 600 points intra-day at 19,343 and the Nifty 146 points down at 5,825.

When market players realised the panic selling was unnecessary there was a quick rebound on hectic buying. “The panic was unwarranted as there are just 24 companies dealing with Korea and except for Tata Steel and Unitech the others are relatively unknown players, said Mr Kishor Ostwal of CNI Research. Ten per cent of the terminals were shut down and remained open only for selling to square off when the panic started.

In the afternoon LIC stepped in to support the market as MOIL announced the price band of its IPO at between `340 and 370.

The Sensex closed at 19,691.84 down 265.75 points, while the Nifty closed 75.25 points down at 5,934.75. There was a record turnover on the exchanges at `2,70,000 crore with the F&O sector accounting for `2,35,000 crore. Most Asian markets already down on fears of the sovereign debt crisis spreading in Europe closed in the same range though the South Korean Kospi was down less than a per cent as the news of missile attacks trickled in after their markets closed.

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