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BSE Sensex-30 down 2000+ points, CNX Nifty-50 down 700+ points

Major crash in the Indian stock markets, with the BSE Sensex-30 index down 2000+ points, CNX Nifty-50 down 700+ points - that’s over 12 frikking percent. Anyhow, I just saw that the BSE has halted trading for a bit.

As for me, I bought a good amount of the Benchmark Nifty ETF (NIFTYBEES) - at 542, 527 & 518 (nope, order didn’t go through although the Nifty dropped enough for the ETF to go to 515) - trying to catch the falling knife, if you may. :)

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    10 Responses to “BSE Sensex-30 down 2000+ points, CNX Nifty-50 down 700+ points”

    1. Dr. Dan Says:
      January 21st, 2008 at 7:50 pm

      Don’t you think you could have waited till tomorrow to pick at a lower price ?

      I too bought few stocks like Aurobindo Pharma, Patni in good quantities but in hindsight i feel I should waited a bit !

    2. Kaushik Says:
      January 21st, 2008 at 8:10 pm

      Dr Dan,

      Probably. But a single day drop of 12% was too tempting for me. :)

      Also, I did not invest my entire planned amounr - the idea was to “average down” if it drops more tomorrow - going against most investing wisdom, of course.

    3. Gambler Says:
      January 21st, 2008 at 9:40 pm

      Things are becoming serious as I had concluded in my earlier comments;

      It is possible to loose upto 50% of the market capitalization in Emerging Markets when panic starts. The best time to buy will be about a month from now when real capitulation will occur.

    4. Vivek Nath Says:
      January 22nd, 2008 at 8:28 am

      Kaushik,

      Been a regular reader of your site and moneyoga too. Quick question( might be bit novice), How do you purchase NIFTBees, like any other MF or which way from my demat account ??

      Regards,
      Vivek

    5. Dr. Dan Says:
      January 22nd, 2008 at 9:12 am

      Gambler - The point is, during past corrections in India, by the end of the month, the market was up 5%. So history tells otherwise and thats why people with cash are buying at dips (Average down).
      It remains to be seen if this time is different ;-)

      Kaushik - Yes 12% is too tempting to let go but today we could see another 5% easily.

    6. Kaushik Says:
      January 22nd, 2008 at 1:44 pm

      Vivek: The ETF’s symbol is NIFTYBEES or NIFTYBEESEQ. You buy it just like any other stock - not like a mutual fund - via your demat account.

      Dr. Dan: 5%? Optimistic! It’s another 12%. Fear not - I am providing support. :)

    7. Vivek Nath Says:
      January 23rd, 2008 at 8:54 am

      Kaushik,

      Thanks for the help and advice.

      Regards,
      Vivek

    8. Brown Says:
      January 23rd, 2008 at 9:24 am

      I couldn’t find the stock codes for any of these ETFs in ICICIDirect. ICICIDirect stock codes are different from NSE Stock codes. Can someone help?

      Thanks.

    9. Kaushik Says:
      January 23rd, 2008 at 9:49 am

      Brown: Try NIFBEE at ICICI Direct

    10. Brown Says:
      January 23rd, 2008 at 5:20 pm

      Thanks. Is it possible to Short sell ETFs? I guess ICICIDirect only allows you to short sell if you want to square up in the same settlement cycle. Is it possible to short sell for longer durations?