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This story is from June 1, 2006
BSE sensex hit by all-round panic selling
Intra-day, the index was down 640 points but late buying by mutual funds helped it recover part of the losses.
MUMBAI: Intra-day, the index was down 640 points but late buying by mutual funds helped it recover part of the losses.
And investors were left poorer by Rs 140,000 crore with the BSE's market capitalisation now at Rs 2,790,000 lakh crore.
Market players said the current slide in the Indian market was led by FII's continued selling spree. But yet, most felt that a recovery could be just round the corner.
"It's the liquidity squeeze that has resulted in the recent decline in sensex.
But I believe this (selling) is already overdone and recovery should come in at any time now," said Ajay Bagga, CEO, Lotus India Mutual Fund, a joint venture of Temasek of Singapore and Sabre Capital, headed by Rana Talwar.
And investors were left poorer by Rs 140,000 crore with the BSE's market capitalisation now at Rs 2,790,000 lakh crore.
Market players said the current slide in the Indian market was led by FII's continued selling spree. But yet, most felt that a recovery could be just round the corner.
"It's the liquidity squeeze that has resulted in the recent decline in sensex.
It's a global phenomenon.
But I believe this (selling) is already overdone and recovery should come in at any time now," said Ajay Bagga, CEO, Lotus India Mutual Fund, a joint venture of Temasek of Singapore and Sabre Capital, headed by Rana Talwar.
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