Sensex crashes nearly 500 points

MUMBAI, Jan 27 (PTI): Five days of sharp losses turned bloody on the sixth day today on the markets, with funds and investors pressing the panic button, pulling down the Sensex by nearly 500 points – biggest single-day fall since August.

After a 188 points downside opening, the Bombay Stock Exchange 30-share barometer continued to fall and ended the day crashing 490.64 points or 2.92 per cent to settle at 16,289.82 –a low seen last time since November 3 last.

A litany of bad news both onshore and offshore lead to the biggest single-day crash of the market since August 17 last.

Rajapaksa wins Lanka polls

COLOMBO, Jan 27 – Sri Lankan President Mahinda Rajapaksa today won a second term in office trouncing united opposition candidate Sarath Fonseka, his one-time army chief in jointly eliminating the LTTE who later parted ways, reports PTI. In dramatic events on a tension-filled day when scores of heavily-armed soldiers surrounded a lake-front luxury hotel in central Colombo, where 59-year-old Fonseka was staying, the defeated candidate sought protection from “a neighbouring country”, apparently India, fearing for his safety.

Government, however, dismissed suggestions of any foul play against Fonseka, who quit as army chief late last year following differences with the President, with both claiming credit for eliminating the Tamil Tigers.