Both the Bombay Stock Exchange and the National Stock Exchange will remain closed today due to the terror attacks on Mumbai. This was confirmed by the capital market regulator, SEBI. Normal trade will resume tomorrow (Friday.) Meanwhile, the November expiry is postponed till Friday. MCX Currency and commodity exchanges will also remain shut today.

The decision to keep markets close today comes in the wake of terror attack in Mumbai since last night, in which 80 people were killed and over 250 are injured. A scheduled cabinet meeting will be held at 10:30 am today while the Maharashtra Cabinet is scheduled to meet at 2PM.

Reacting to the news, ace investor and trader Rakesh Jhunjhunwala said given the circumstances it would have been better if the markets had remained open. He does not expect panic in the market. “If at all, it will be an opportunity to buy,” he said. JP Morgan on the other hand feels sentiments will be hurt, but long term impact of these terror attack will be minimal on markets.

The corporate India too came out strongly against the attack. Vijay Mallya, chairman, Kingfisher Airlines demanded tough policy action. Anand Mahindra, VC and MD, Mahindra and Mahindra echoed the same sentiment saying : hope we find new ways to strengthen our society.” He also hopes to see a global reaction to the unprecedented terror attack. KV Kamath, MD and CEO, ICICI Bank said the attack is a blow to businesses in general and hopes to see it bounce back soon.

Meanwhile, US president-elect Barack Obama joined the American government in strongly condemning Wednesday’s series of “horrific attacks” in Mumbai and asked Washington to work with India to root out and destroy terrorist networks worldwide.

Condemning the series of attacks in the Indian financial capital, the State Department said that the US stands ready to support the Indian authorities in dealing with the situation, while the White House said it was seeking more information.

On Wednesday, the 30-share BSE Sensex shut shop at 9,026.72, jumping 331.19 points or 3.81% and the 50-share NSE Nifty rose 3.7% or 98.25 points to settle at 2,752.25.

Recap of the Terror attack: On Wednesday evening terrorists seized three five-stars hotels, namely the Taj Mahal Hotel, The Oberoi and at Ramada Hotel in Juhu. Groups of terrorists launched coordinated attacks on at least 12 landmarks in Mumbai. The terrorists started firing indiscriminately and blasted their way through The Taj and Oberoi hotels, the Chhatrapati Shivaji Terminus and Cama Hospital.

A night-long terror attack took place in several places in Mumbai. Death toll touched over 100 and almost 200 people are reported injured. First instance of shooting took place near the Chhatrapati Shivaji Terminus Station and near Cafe Leopold in Colaba. There was also a bomb blast at a petrol pump in Colaba. Terrorists also opened fire at the VT station and the Cama hospital. Boat with explosives was also found near the Gateway of India.

In the shootouts, two terrorists were killed in the Taj Hotel and two suspected terrorists were killed in Girgaum. Whereas, almost eleven police officers are reported dead in the attacks. Additional Commissioner Ashok Kamte was shot dead in the shootout. ATS Chief Hemant Karkare died in shooting near VT station. Mumbai police’s encounter specialist Vijay Saluskar was also shot dead.

The attacks began at about 9.30 pm with firing at Cafe Leopold, a popular restaurant in the Colaba area of South Mumbai. This is a place frequented by foreigners. Shortly after, at least two men armed with AK-47 opened fire in the passenger hall of CST railway station.

Meanwhile, at least 4-5 people are killed at Cama hospital, situated close to CST. Some patients are also taken hostage. The hospital continues to be under seige. A major gunbattle also broke out near the Metro Cinema, near CST just down the road. Terrorists hijacked a police van and fired indiscriminately, injuring several people. Several hotels also came under the attack. Armed men entered the Taj Mahal hotel and took hostages. A series of loud explosions were also heard. Three members of Parliament and at least 100 tourists are also stranded inside.

source: Ibnlive

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