09:19
Moneycontrol BureauLive Market Commentary
It is mayhem across the street as the market opens in deep red. The Sensex opens down 255.53 points or at 18990.17, and the Nifty down 74.85 points at 5747.40.
Federal Reserve Chairman Ben Bernanke US Federal Reserve disappointed as it said that it would keep buying USD 85 billion in bonds a month and modestly raised its expectations for GDP growth for 2014, to 3-3.5 percent. Bernanke said if the economy continues to improve the asset-purchasing program could start winding down towards the end of 2013 and wrap up in 2014.
"The crucial FOMC meeting has not worked out for the global markets as the bulls would have hoped. Bernanke's words will have great ramifications for the macro of various countries and certainly for implications on every asset class. Things have moved completely in the wrong direction from what we may have expected or hoped to see. Today it will cause some turbulence in India as well," says CNBC-TV18's managing editor Udayan Mukherjee.
The Indian rupee opened today at a new all time low. It has opened at 59.60 per dollar versus 58.70 Wednesday.
The dollar gained following Bernanke's comments. The euro slipped to 1.32 to the dollar. The dollar index inches back above the 81 mark. The dollar yen was above 96.
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