NATIONAL BSE closes at 4505 with largest ever fall of 564 pts The market ended with a largest ever fall of about 564 points in the worst ever volatility, even as the Bombay Stock Exchange (BSE) authorities suspended the trading twice during the first half the session in a bid to mitigate the damage.
Manmohan magic revives free-falling market After an unprecedented crash that wiped out about Rs 2,00,000 crore in capitalisation, the stock market today (May 17, 2004) recovered substantially by over 470 points within an hour of resumption of suspended trading, after Congress leader and possible Finance Minister Manmohan Singh warned of tough action against manipulators.
RBI to ensure payment obligations are met smoothly Reserve Bank of India (RBI) today (May 17, 2004) said it is closely observing the developments in the stock and financial markets, including foreign exchange market, and will ensure that the payment obligations on the exchanges are met smoothly.
Suspension of trading based on guidelines: SEBI Securities and Exchange Board of India (SEBI) today (May 17, 2004) said it is closely watching market developments, including the huge crash on the bourses.
Sensex recovers after meltdown; trading resumes The Sensex staged a smart recovery after trading resumed for the third time at 1.15 hrs (IST) and was down by 438 points as against 786.89 points at 11.20 hrs (IST) on the stock exchange (BSE) today (May 17, 2004).
Stock market loses over Rs 3 lakh crore in two days The stock markets today (May 17, 2004) crashed witnessing a historic fall of 16 per cent in a day triggered by uncertainty over economic reforms and policies of the new Government at the Centre.
Stern action against manipulators: Manmohan The leading party in the incoming Government today (May 17, 2004) warned stern action against manipulators in the stock market that crashed today and assured investors that the coalition would adopt policies for a stable market.
Market crash not linked to economic fundamentals: CPM Left parties termed today (May 17, 2004)'s crash of the stock market as not having any link with the economic fundamentals but the result of the "influence" foreign institutional investors (FIIs) have on the trading system.
Trading halted for 2nd time; BSE down 822 pts The stock market crash continued unabated today (May 17, 2004) forcing the authorities to freeze trading for the second time as BSE index plummeted by 822 points, hurting millions of investors who lost upto an estimated Rs 2 lakh crore this morning.
Sensex crashed by over 553 points, trading stops The sensex began the week with another crash of 414 points even as the Congress assured last weekend that the process of economic reforms would be carried forward.
Sensex crashes by 553 points; trading suspended In a historic development, the Sensex today (May 17, 2004) hit the 10 per cent circuit breaker prompting the BSE authorities to suspend trading for one hour in a bid to contain the excess volatility in the market.
