Tuesday, 25 August 2015

Black Monday: China Shock Clobbers Markets : 25 Aug 2015

 Indian markets on Monday got one of their worst-ever pounding as worries of slowdown in China - global economic growth engine - roiled investors from Singapore to New York. The sell-off was so severe and unprecedented that nine out of 10 stocks ended with losses, which led to an erosion of Rs 7 lakh crore worth of investor wealth - the most in the country's stock market history. The amount is about five per cent of India's gross domestic product. Most Asian markets ended with more than five per cent losses, European equities opening nearly three per cent lower. US's Dow Jones crashed 1,000 points after opening, after a 500-point fall on Friday - though it recovered later (See chart). Most emerging markets currencies were down between one and three per cent. The bloodbath in global equities and emerging market currencies was triggered by another sharp drop in Chinese equities as market-boosting steps such as allowing pension money into domestic markets for the first time failed to stem a fall in stock prices. The Shanghai Composite Index fell nearly nine per cent on Monday. "The China issue is a serious problem for the world because China's demand drove growth for many global companies. We see global markets falling quite a bit more. It's just getting warmed up," said Shankar Sharma, vice-chairman and joint managing director, First Global. In India, the benchmark Sensex ended a whopping 1,624.51 points, or 5.94 per cent lower, at 25,741.56, while the NSE Nifty lost 491 points, or 5.92 per cent, to 7,809. The fall was the highest, in percentage terms, since January 7, 2009, when it had fallen by 7.25 per cent. Both the indices ended at their lowest levels since October 2014. The rupee ended at 66.65 a dollar compared to previous day's close of 65.83, down 1.23 per cent - the most in almost two years. The India VIX index, a gauge of market fear, jumped a record 64 per cent to 28.13, as the cost of buying options to hedge against further correction in the market spiked considerably.

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