Right now, Yahoo! Finance India - definately one of the best financial websites there is (no fancy Java, just numbers, and loads very fast) tells me that the BSE Sensex has collapsed over 300 points. Most of that happened since one in the afternoon. On Wednesday evening the BSE Sensex stood at 12,217.81, yesterday it collapsed 826.38 points and stood at 11,319.43. Today, the market fell below 11,000, and has dropped almost 10% of its value in two days flat. That said, there has been rather hectic buying activity in the last fifteen minutes pushing the market above 11,000 again - maybe some people are trying to enter the market at 'slightly' more rational valuations - yet when companies trade at 20 times projected 2007 earnings (in sectors where I might be a bit sceptical about) still, I don't see how people are being 'rational'.
I have to rush out to attend the earnings conferences of Tata Motors and Bajaj Auto in a bit - both cleverly being done after the market closes, but I really don't think the market gives a rats ass. Chidambaram's minions policy to tax everything dry is backfiring on them spectacularly. And I don't think anybody will care about reservations or no reservations by tomorrow, or if Malini Ramani can go abroad or not. And surprisingly enough, given that India's 'best editors' know next to nothing about the market or even how corporates work, the media will be absolutely clueless about this.
Other than one channel maybe (given the lack of knowledge of basic stuff in their 'rival' there is only one channel to watch really), but since one person on that channel must have made a massive paper loss, I'm sure the mood there won't be good.
Oh, and at 1458hrs, the Sensex is stands at 10,985.15 down 406.28 points or 3.57%. Gotta rush!