Black Friday for Indian markets

Today is a Black Friday (or Red take your pick) for Indian markets. And who knows may be we have more of such days if the policy is so random.

As I said previously, the more India’s policymakers try the worse it gets. People feel there is some kind of panic brewing hence such random and quick measures.

Sensex is down by 770 pts, Nifty by 235 points, bond yields by nearly 30 bps (not yet markets closed; 10 yr at 8.80% compared to 8.50% closing on Wed) and the thing that started it all  – Rupee touched all time lows of Rs 62 per USD (currently around 62.10).

India’s suffering from its own Sub-prime/Greece moment. What next from RBI/FM?

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