Biggest falls in stock market history...

hello friends,

after a long time i am back. today while i was reading news paper i found this, thought it is good to share with you all. I am sure it will give you some info about the stock market crashes. so here we go..............

The rise and fall of the Sensex has been dizzying. The markets are back to the point it scaled three years ago. . . The BSE Sensex on Friday crashed by 1,071 points to close at 8,701 points. This has been an incredible year for the markets, after scaling the 21,000 peak in January 2008, the markets are at 8,000 now.

On Friday, the Reserve Bank of India gave the markets its biggest blow as it left key interest rates unchanged and lowered the GDP target to 7.5-8% for 2008-09.

Along with Indian market, markets across the globe crashed on Friday. Japan's Nikkei shed 9.6% (812 points) to 7,649. Hang Seng plunged 6% (822 points) to 12,939. The Seoul Composite index tumbled 10.5% (111 points) to 939.

On Thursday, stock markets plunged following sustained capital outflows, shaky global markets, poor company results, and the International Monetary Fund's warning that economic growth in advanced nations will be close to zero. The BSE Sensex fell by 398.20 points, or 3.92%, to fall to 9,771.70.

We take you through the BIGGEST falls in the Indian stock market history.

October 24, 2008: The Sensex plunged by 1070.63 points (10.96 per cent) to close at 8,701.07. The National Stock Exchange's Nifty ended at 2,557.25, down 13.11 per cent or 386 points. The BSE Midcap closed 8.38 per cent lower and BSE Smallcap Index ended 7.66 per cent down.

March 17, 2008: The Bombay Stock Exchange benchmark Sensex crashed by 951 points to close at 14,809 on weak cues from the overseas markets. Unabated selling saw the index slip below the 15,000-mark.

March 3, 2008: The Bombay Stock Exchange benchmark Sensex witnessed its second-largest fall ever losing 900.84 points to close at 16,677.88 on frantic selling by funds, triggered by deepening concern over United States recession and some Budget-related concerns.

January 21, 2008: The Sensex saw its highest ever loss of 1,408 points at the end of the session on Monday. The Sensex recovered to close at 17,605.40 after it tumbled to the day's low of 16,963.96, on high volatility as investors panicked following weak global cues amid fears of the US recession.

January 22, 2008: The Sensex saw its biggest intra-day fall on Tuesday when it hit a low of 15,332, down 2,273 points. However, it recovered losses and closed at a loss of 875 points at 16,730. The Nifty closed at 4,899 at a loss of 310 points. Trading was suspended for one hour at the Bombay Stock Exchange after the benchmark Sensex crashed to a low of 15,576.30 within minutes of opening, crossing the circuit limit of 10 per cent.

February 11, 2008: The Sensex finally ended with a loss of 834 points (4.8% ) at 16,631. The NSE Nifty slipped over 5% (263 points) to 4,857.

May 18, 2006: The Sensex registered a fall of 826 points (6.76 per cent) to close at 11,391, following heavy selling by FIIs, retail investors and a weakness in global markets. The Nifty crashed by 496.50 points (8.70%) points to close at 5,208.80 points.

December 17, 2007: A heavy bout of selling in the late noon deals saw the index plunge to a low of 19,177 - down 856 points from the day's open. The Sensex finally ended with a huge loss of 769 points (3.8%) at 19,261. The NSE Nifty ended at 5,777, down 271 points.

10 October 2008: The markets crashed by 801 points to close at a low of 10,528. The crisis in the global markets, a fall in the rupee and poor IIP numbers led to the fall.

October 18, 2007: Profit-taking in noon trades saw the index pare gains and slip into negative zone. The intensity of selling increased towards the closing bell, and the index tumbled all the way to a low of 17,771 - down 1,428 points from the day's high. The Sensex finally ended with a hefty loss of 717 points (3.8%) at 17,998. The Nifty lost 208 points to close at 5,351.

January 18, 2008: Unabated selling in the last one hour of trade saw the index tumble to a low of 18,930 - down 786 points from the day's high. The Sensex finally ended with a hefty loss of 687 points (3.5%) at 19,014. The index thus shed 8.7% (1,813 points) during the week. The NSE Nifty plunged 3.5% (208 points) to 5,705.

November 21, 2007: Mirroring weakness in other Asian markets, the Sensex saw relentless selling. The index tumbled to a low of 18,515 - down 766 points from the previous close. The Sensex finally ended with a loss of 678 points at 18,603. The Nifty lost 220 points to close at 5,561.

August 16, 2007: The Sensex, after languishing over 500 points lower for most of the trading sesion, slipped again towards the close to a low of 14,345. The index finally ended with a hefty loss of 643 points at 14,358.

April 2, 2007: The Sensex opened with a huge negative gap of 260 points at 12,812 following the Reserve Bank of India decision to hike the cash reserve ratio and repo rate. Unabated selling, mainly in auto and banking stocks, saw the index drift to lower levels as the day progressed. The index tumbled to a low of 12,426 before finally settling with a hefty loss of 617 points (4.7%) at 12,455.

August 1, 2007: The Sensex opened with a negative gap of 207 points at 15,344 amid weak trends in the global market and slipped deeper into the red. Unabated selling across-the-board saw the index tumble to a low of 14,911. The Sensex finally ended with a hefty loss of 615 points at 14,936. The NSE Nifty ended at 4,346, down 183 points. This is the third biggest loss in absolute terms for the index.

I hope you find it useful............

keep reading.

SUMIT

Taxation - Useful and Important Definitions

Assessee

Income Tax Act 1961 (Act no. 43) defines 'assessee' as a person by whom any tax or any other sum of money is payable under this Act, and includes -

* Every person in respect of whom any proceeding under this Act has been taken for the assessment of his income or of the income of any other person in respect of which he is assessable, or of the loss sustained by him or by such other person, or the amount of refund due to him or to such other person;
* Every person who is deemed to be an assessee under any provision of this Act;
* Every person who is deemed to be an assessee in default under any provision of this Act;

Assessment year

Assessment year means the period of twelve months commencing on 1st April every year and ending on 31st March of the next year. Income of previous year of an assessee is taxed during the following assessment year at the rates prescribed by the relevant Finance Act.

Company

Section 2(17) of the act defines company. The term company includes:

1. any Indian company
2. any corporate incorporated by or under the laws of country outside India
3. any institution, association or body which is or was assessable or was assessed as a company for any assessment year under the 1922 Act or under the 1961 act any institution, association or body, whether incorporated or not and whether Indian or non Indian, which is declared by general or special order of the board to be a company only for such assessment year or assessment years

Convertible Foreign exchange

This mean foreign exchange which is for the time being treated by the Reserve Bank of India as convertible foreign exchange for the purposes of the Foreign Exchange Regulation Act, 1973 and any rules made there under.

Foreign Exchange Asset

This mean any specified asset which the assessee has acquired, purchased with or subscribed to, in convertible foreign exchange.

Gross Total Incom

Under the scheme of computation of total income under the Income Tax Act, the income falling under each head is to be computed as per the relevant provisions of the Act relating to computation of income under that head. The aggregate of income under each head is known as 'Gross Total Income'

Income

There is no specific definition of income but for statutory purposes there are certain items which are listed under the head income. These items include those heads also which normally will not be termed as income but for taxation we consider them as income. These items are included under section 2(24) of the income tax act, 1961. As per the definition in section 2(24), the term income means and includes:

* profits and gains
* dividends
* voluntary contributions received by a trust created wholly or partly for charitable or religious purposes or by an institution established wholly or partly for such purposes
* the value of any perquisite or profit in lieu of salary taxable under clause (2) and (3) of section 17 of the act
* any special allowance or benefit, other than those included above
* any allowance granted to the assessee either to meet his personal expenses at the place where the duties of his office or employment of profits are ordinarily performed by him or at a place where he ordinarily resides or to compensate him for the increased cost of living
* capital gains
* any sum chargeable to income tax under section 28 of the income tax act
* any winnings from lotteries, crossword puzzles, races, including horse races, card games and games of any sort or from gambling or betting of any form or nature whatsoever
* any received as contribution to the assessee's provident fund or superannuation fund or any fund for the welfare of employees or any other fund set up under the provisions of the emplyees state insurance act
* profits on sale of a licence granted under the imports (control) order, 1955 made under the imports and exports (control) act, 1947

Indian company

Indian company means a company formed and registered under the companies act, 1956. Any company formed and registered under any law relating to companies formerly in force in any part of India, other than Jammu and Kashmir and the union territories as specified or a corporation established by or under a central, state or provincial act or any institution, association or a body which is declared by the board to be company under section 2 (17) are referred as Indian company. In the case of state of Jammu and Kashmir, a company formed and registered under any law for the time being in force in the state. Similarly in case of union territories.

Investment Income

This mean any income other than dividends derived from a foreign exchange asset.

Long term Capital Gains

This mean income chargeable under the head "capital gains relating to a capiatl asset being a foreign exchange asset which is not a short term capital asset.

Manufacture

To "manufacture" is to produce new out of the existing materials.It further implies transformation in to new and different articles having a distinct name,character or use.Section2(f) of the Central Excises and Salt Act,1944 gives statutory definition for "manufacture".

Non Resident Indian (NRI)

NRI means an individual being a citizen of India or a person of Indian origin who is not a resident. A person shall be deemed to be of Indian origin if he or either of his parents or any of his grand parents was born in undivided India.

Person

The income tax is charged in respect of the total income of the previous year of every 'person'. Here the person means--

1. an individual : a natural human being i.e male, female minor or a person of sound or unsound mind
2. a Hindu undivided family (HUF)
3. a company :
* any Indian company
* any body corporate incorporated by under the laws of a country outside India
* any institution, association or body whether Indian or non Indian, which is declared by general or special order of the board to be a company
* any institution, association or body which is or was assessable or was assessed as a company for any assessment year under the Indian Income tax Act, 1922 or which is or was assessable or was assesses under this act as a company for any assessment year commencing on or before the 1st day of April. 1970
4. a firm i.e a partnership firm
5. an association of persons or a body of individuals whether incorporated or not
6. a local authority-- means a municipal committee, district board, body of port commissioners, or other authority legally entitled to or entrusted by the government with the control and management of a municipal or local fund.
7. every artificial, juridical person, not falling within any of the above categories.

Previous year

The Financial Year in which the income is earned is known as the previous year. Any financial year begins from 1st of April and ends on subsequent 31st March. The financial year beginning on 1st of April 2003 and ending on 31st March 2004 is the previous year for the assessment year 2004-2005.

Principal Officer

Any public body or association of persons or any body of individuals or a company or a local authority is referred as the principle officer. They include the secretary, treasurer, manager or agent of the authority, company, association or body. Also any person connected with the management or administration of the local authority, company, association or body upon which the assessing officer has served a notice of his intention of treating him as the principal officer.

Specified Asset

This includes any of the following assets-

1. Shares in an Indian company
2. debentures issued by an Indian company which is not a private company as defined in the companies act, 1956
3. deposits with an Indian company which is not a private company
4. any security of the central government
5. units of the unit trust of India
6. Such other assets as the central government may specify in this behalf by notification in the official gazette