The Indian stock market crashed on Friday (Oct 10) by losing more than 800 points at close. 

The markets remained under huge pressure throughout the day because of turmoil in worldwide markets. Sharp fall in rupee and poor IIP numbers also dragged the Sensex down. 

Technology giant Infosys was down despite better-than-expected quarterly figures. 

RBI and government are taking all possible steps to improve liquidity situation in the Indian market. 

On Friday, when Sensex plummeted to 10,300, RBI swung into action and declared a one percentage point cut in the cash reserve ratio. The central bank (RBI) had already cut the CRR by 0.5 percentage point on Monday (Oct 06).

The step will infuse about Rs 60,000 crore in the banking system in place of the injection of Rs 200 billion announced previously.

For the month of August 2008, India’s Index of Industrial Production (IIP) index decline to 1.3% as against 7.1% on m-o-m basis. 

On the other hand, the wholesale price index (WPI) Inflation fell further to 11.8% for the week ended Sep 27, 2008, as against 11.99% during the week before.

BSE Midcap and Smallcap index declined 8.34% and 7.31% respectively.

All segments and their respective stocks suffered huge losses. Real estate sector dropped more than 11%, Consumer duarables plummeted 10.11%, Metals plunged 9.25%, Power dipped 8.80% and Bankex lost 7.84%.  

At last, the Sensex closed the week after making a loss of 800.51 points at 10,527.85 after hitting an intra-day high of 10,904.13 and an intra-day low of 10,239.76. 

The broad-based NSE Nifty lost 233.70 points at 3,279.95 after touching an intra-day high of 3,502.05 and an intra-day low of 3,198.95. 

The total market breadth was extremely negative. Out of the total 2,619 stocks traded at BSE, 382 advanced, 2,189 declined while 48 remained unchanged.

The major gainers in the 30-share index included Ranbaxy Laboratories, which gained 4.71%, and State Bank Of India that zoomed 2.27%. 

On the other hand, the major losers in the Sensex were Reliance Communications (21.02%), ICICI Bank (19.71%), Reliance Energy (19.26%), Jaiprakash Associates (16.27%), Tata Steel (14.99%) and Hindalco Industries (11.18%).