Sensex sinks 587 pts as stimulus hopes fade, ' crashes to 8-month low
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New Delhi, Aug. 23 -- Equity markets saw a bloodbath on Thursday sinking by 587 points as the Government dashed any hope of a stimulus - something being talked about for a fortnight - to revive the sagging economy. The bears latched on to the news to go for aggressive selling, pushing the index to six-month low. The rupee also continued with its freefall, and ended at 71.81 to a dollar, hitting eight-month low.
The market has been consolidating in the range of 11900-11100 (Nifty) for the past fortnight in the hope that stimulus package was on the way. It is bizarre that all these days no Government official cared to deny media reports about possible stimulus such as withdrawal of surcharge on FIP investment and removal of minimum alterna...
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