Tuesday, October 30, 2012

RBI reduces CRR, Sandy lashes New York

There have been two major events effecting our economy happened today...

First Event: RBI reduces CRR

RBI has infused about Rs 17500 crore into the system by reducing CRR by 0.25%. The news was not received very well by the bourses that were looking forward to and had actually factored in a reduction in the rates.

BSE tumbled about 200 points while NSE tumbled below the 5600 mark.

Second Event: Hurricane Sandy has lashed the East Coast of the USA

Hurricane Sandy  battered the East Coast of the USA. It has ravaged New York the world's biggest and busiest commercial center. Reports of several deaths have also started trickling in taking the toll higher with each report.Once Sandy passes, the actual reports of losses of property and life will start coming in.

Power outage has impacted more the 6 million people.

New York Exchange was shut down for the second consecutive day. Trading is expected to resume on Wednesday.

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