Well it was a wonderful day for treaders. Buy on dips and Sell on high is a good strategy in this kind of market. Due to Dubai debt effect, indian market crashed and hit the days low at 16210 down 644 but after that, it ended at 16632 down 222 and nifty at 4941 down 64
As I said in my earlier post, RBI announced that none of indian bank has exposure to Dubai, indian market recovered very sharply under Bank's leadership
Dubai's debt crisis has put Indian equities as well as global markets on fire since yesterday. The crack across the globe emerged when emirate said two of its flagship firms planned to delay repayment of billions of dollars in debt. The markets feared that this debt default could affect other countries as they are trying to recover from global meltdown.
But the benchmark indices as well as European shares discounted most of the news, due to which Indian equities recovered more than 2/3rd of losses in the last couple of hours, led by buying from insurance companies. The Nifty closed the day above 4,900 level while the Sensex above the 16,600 level.
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