Thursday, November 25, 2010
The Central Bureau of Investigation has arrested eight people, including senior executives of banks and housing finance companies like LIC Housing Finance, LIC, Central Bank of India, Bank of India and Punjab National Bank for giving loans to private builders after taking bribes. (BS)
Amar Ambani, Head of Research (India Private Clients), IIFL said "The late afternoon news about CBI raids on housing finance and real estate companies led to a major fall in stock prices of realty, banking and housing finance companies. An already uncertain stock market, grappling with an Ireland collapse globally and domestic issues of 2G scam, microfinance mess and other scams, pared morning gains and the Nifty fell from a high of 5,977 to close at 5,865. It seems like the year 2010 may be remembered as a scam hit year. The market fall came on strong trading volume and turnover, ahead of the F&O expiry on Thursday.
If you look at lifeone way, there is always cause for alarm. - Elizabeth Bowen
The nervousness on the street could continue initially followingthe CBI unearthing a multimillion-rupee bribery scam and making a few arrests. Theusual choppiness of expiry day may more or less be there though the Nifty hasalready seen 63% rollover.