India Share Market news on friday

As Dalal Street broke the psychological 10,000-level on sheer panic selling, investor wealth to the tune of Rs 2 trillion got eroded in just

a single day with experts confirming that weakness and volatility are here to stay. Total market capitalisation of all the listed-companies on the Bombay Stock Exchange fell to Rs 32,40,151.07 crore today from Rs 34,03,497.28 crore on Thursday, a loss of Rs 1,63,346.21 crore. "The markets have given way to sheer panic, weakness and volatility are here to stay. Market is yet to form a trend as to where it wants to go," Kejriwal Research and Investment Services (KRIS) official Arun Kejriwal said. Market is suffering from a crisis of confidence and confidence can never be restored in a single day. Timing is important. Three to four days of consolidation is required to boost market sentiment, Kejriwal added. Country's most valued firm Reliance Industries on Friday lost Rs 13,374 crore with the scrip plunging as much as six per cent to settle at Rs 1,305.25 on BSE. Market capitalisation of RIL stood at over Rs 1,89,750.65 crore on Friday down from Rs 2,03,125.15 crore on Thursday. While PSU major ONGC lost over Rs 5,839.12 crore on Friday with its market-cap plunging to Rs 1,65,955.12 crore. Among other blue chips stocks, market-cap of telecom major Bharti Airtel lost over Rs 10,373.12 crore, State Bank of India Rs 8,251.42 crore, PSU major NTPC dropped nearly Rs 13,233.97 crore and Reliance Communications ended with a loss of Rs 5,149.75 crore. After opening sharply higher, the 30-share barometer on the Bombay Stock Exchange shed 606.14 points or 5.73 per cent to end the day at 9,975.35, a closing level last seen on 20th June 2006.