markets_crash4.gif markets_crash.gifToday was the biggest intraday fall for both Sensex and Nifty since,… since May 17, 2004. Coincidence?

Sensex nosedived 463 pts at close. Nifty145 pts.
All stocks in Sensex and Nifty closed in red. (Very rare indeed!)

All indices in red. Midcap and Smallcap down 3%, IT down 2.5%, Bankex down 2.7%, Metal down 11%, FMCG, Oil & Gas, CapGoods and Pharma down 4%.

All emerging markets in red. Indonesia -6%, Russia -3.5%, Dubai -7%, Poland -3%, Thailand -2%, Philippines -3%

All major World markets in red. DOW down 120, Nasdaq down 29, Nikkei down 114 pts, HANGSENG down 407 pts, Kospi down 100 pts. FTSE down 129 pts.

Little wonder then, that Nifty and Sensex also crashed. The wonder really is the huge amount by which they have fallen. Are we in a bear mkt now?

International cues are all negative. Rising crude, falling commodities, Fed hikes, USD gaining Vs Euro etc.. Local cues are also all negative. Left getting a stronger foothold, cement under pressure, under-recoveries in oil, metals under pressure and most importantly a real-estate bubble etc..

But still I think, no. We're in a short-term bear phase, with long term story still intact. And based on that I have taken my biggest exposure till date on the Futures. I am Long on it.

Now, let's see now what happens.