Sensex crashes
Mumbai: Indian stock markets crashed to an a 32-month low of 2,954.35 in mid-session panic trading only to recover slightly by the end of the day at 3,032.71 recording a loss of 3.7 per cent on Wednesday.

Investors wealth eroded by Rs. 17,000 crore on a single day following the slump. Analysts feared that this might lead to a prolonged bear phase.

Foreign institutional investors (FIIs) offloaded technology shares in large quantities leading to the mid-session crash. Even leading index stocks such as Reliance Industries, Reliance Petroleum, ITC, ICICI, Hindalco, Tata Steel, Tata tea, IPCL, Indian Hotels, Mahindra & Mahindra, NIIT and Britannia hit a new 52-week low.

Unit Trust of Indias flagship scheme, US-64, touched an all-time low of Rs 6.75 on the NSE due to heavy selling. Many private mutual funds were also hit.

In order to arrest the downslide, market regulator Sebi imposed a 10 per cent circuit filter on the sensex and Nifty, covering 53 scrips before the commencement of trading.
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World maket also crashes
Hong Kong: Stocks plummeted in Asia on Wednesday on fears the terrorist attacks in the United States could deal a severe blow to the ailing US and Japanese economies. European markets opened generally higher.
The dollar was sharply lower, while gold, traditionally a haven in times of crisis, soared.
Financial officials across Asia pledged to provide support for banks and other financial institutions stricken by the aftermath of the attacks in New York and Washington.
In Japan, Asia's largest market, the benchmark 225-issue Nikkei Stock Average plunged beneath the key 10,000-point mark for the first time in 17 years as traders dumped shares. The Nikkei closed down 682.85 points, or 6.63 per cent, at 9,610.10.
"Investors are worried about the extent of the damage from the attacks and their impact - we don't even know when stock trading will resume in New York," said Hidenori Kawasaki, equity department director at Kokusai Securities in Tokyo.
European markets, which sank late Tuesday after the attack, were mixed in early trading. Some traders were encouraged by comments by European Central Bank President Wim Duisenberg emphasing determination to support regional banks and markets.
In Frankfurt, the Xetra DAX index of German blue chips rose by 2.3 per cent to 4,369.66 points in early trading. The FTSE 100 index of British blue chip shares gained 0.97 and the Paris Stock Exchange's CAC 40 index slipped 0.13 per cent.
Gloom dominated in Asia, where markets have already taken a beating from the global economic slowdown.
Hong Kong's blue-chip Hang Seng index plunged as much as 12 per cent from Tuesday's close to its lowest level in two and a half years. It closed down 923.74 points, or 8.9 per cent, at 9,493.62. On Tuesday the Hang Seng had edged higher to 10,417.36, snapping a four-day losing streak.
The US dollar was trading at 119.38 yen on the Tokyo foreign exchange market at 5 pm (0800 GMT) Wednesday, down 2.34 yen from late Tuesday and level with its late New York level Tuesday.
In Hong Kong, gold surged more than $14 early in the day. It closed at $279.50 an ounce on Wednesday, up $7.95 from Tuesday's close of 271.55.
No segment of the globe appeared immune from financial turmoil: South Africa's stock exchange, Africa's largest, opened 6 per cent lower. Bargain hunting and strength in shares of gold producers help bring it back to just 3.4 per cent below its Tuesday close later in the morning.
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RPLs $1-b GDR issue may be delayed
New Delhi: Reliance Petroleum s proposed $1 billion GDR issue is among those issues of Indian companies that will have to wait now on account of the terrorist attacks in New York.
RPL was preparing to hit the international market with the first tranche of the total 13-15 per cent stake offloading through the GDR issue shortly.
The scrips of refinery companies across the globe had to bear the brunt on the bourses today, in an apparent reaction to the initial jump in crude prices. RPL scrip price is currently being traded in the range of Rs 33-34, a significant fall from the Rs 56-59 level when the company announced its GDR plans some months back.
The retail investors in RPL who opted for selling their shares through the GDR issue were learnt to have given a price band of Rs 52-57. Besides, the Reliance group itself is believed to have set almost the same price range for disinvestments
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