From Breakthrough To Breakdown
Encouraged By All-Party Assertion That Parliament Is Supreme, UPA Hardens Stand
Meanwhile, police presence has been sharply increased at the Ramlila Maidan, raising fears of the Gandhian being forcibly removed from the grounds. Kejriwal expressed the fears while appealing to the people to maintain peace. Government sources, too, admitted that some "intervention" might become inevitable.
Late at night at 11.30pm, Anna addressed the vast crowd, repeatedly urging it to ensure peace. He said if the government wanted to pick him up, he would readily submit to the authorities. Any violence, he said, would defeat their movement. He told his followers to embark on a "jail bharo" agitation if he was arrested and peacefully picket government leaders and parliamentarians.
Speaking at an iftaar he hosted, Prime Minister Manmohan Singh told journalists, "We are caught in a bind, and we have to get out of it."
Government sources asserted that the Jan Lokpal Bill could not be the sole reference point for an anti-graft law. They also rejected Team Anna's demand that the Lokpal Bill be passed within the next four days after extending the current session of Parliament, bypassing scrutiny by the Standing Committee. Emerging after a meeting with Pranab Mukherjee and Salman Khurshid, civil society representatives said, "We are back to where we were, and we will have to start from the scratch."
Prashant Bhushan, Kejriwal and Kiran Bedi claimed that the government representatives also brushed aside any concern for Anna's health, saying that it was the headache of members of civil society.
Cracks emerge in BJP over soft line
The BJP received a jolt on Wednesday with three MPs, including senior leader Yashwant Sinha, accusing the party of not being serious about corruption and offering to quit their Lok Sabha seats. Sinha, along with former actor Shatrughan Sinha and Uday Singh, sprung a surprise at the BJP parliamentary party meeting. Sinha said the BJP was unable to take a strong stand on the Lokpal issue without which it was not possible to "take the battle (against corruption) forward". P 15
A BRIDGE TOO FAR
LOWER BUREAUCRACY | Team Anna says entire bureaucracy should come under Lokpal, not just higher bureaucracy, because day-to-day pain felt by citizens is often from lower bureaucracy. Government says it is impossible to cover 40 lakh employees without creating a mammoth structure, which is undesirable
CITIZENS' CHARTER | Team Anna says this would define time-frame for tasks of public offices (say, a ration card should be given in 3 days, or passport in 15 days) and it must be spelt out in Lokpal Bill. Failure to meet deadline should lead to fines. Govt says this should be included in separate Grievances Redressal Bill, and there should be no fines
LOKAYUKTAS | Team Anna says all states must have this state-level anti-corruption mechanism. Right now only 18 states have it, and of them, many are defunct. Govt says these are matters for the state govts to decide and Centre has no say. Team Anna disagrees
JAN LOKPAL BILL | Team Anna wants its version of the bill to be considered and adopted by Parliament. Govt says Parliament is supreme and it can consider all versions, including the MCPRI version as well as Jan Lokpal Bill. NCPRI Bill visualizes different ombudsmen for judiciary, lower bureaucracy, govt leaders and higher bureaucracy, and grievance redressal
PARLIAMENTARY PROCESS | Team Anna demands that an amended draft bill should be debated by entire Parliament, and not sent to Standing Committee. It wants a definite time-frame for passing bill. Govt says bill will go to Standing Committee as process can't be short-circuited. However, it says some time-frame can be given
STUCK ON SQUARE TWO?
10.55AM | Anna speaks at Ramlila Maidan, doubts govt sincerity in combating corruption
11.30AM | Kejriwal, Prashant Bhushan and Kiran Bedi meet Salman Khurshid and Congress MP Sandeep Dikshit
12 NOON | Debate on corruption in Parliament, Oppn attacks govt for mishandling stir3.30PM | All-party meeting appeals to Hazare to call off fast, but doesn't want Jan Lokpal Bill to be rushed through
8.15PM | Pranab and Khurshid meet Kejriwal & Co for another round of talks. At 10pm, the shaken Team Anna reps come out, say talks have virtually broken down PC argued for hard line in talks
The government has clarified that while Parliament is ready to consider the Jan Lokpal Bill, it will also consider other versions of the antigraft bill like the one prepared by Aruna Roy's MCPRI. All these versions, said sources, would be vetted by the Standing Committee which would hammer out a "strong Lokpal Bill." In all this there was an obvious tacit admission: the bill earlier brought in Parliament by the government was virtually a lemon.
The government's tough posture on Thursday came against the backdrop of hardening of mood in the face of Hazare's pressure tactics. The decision not to give in was taken at a meeting of the Cabinet Committee on Political Affairs held after Team Anna's talks with Pranab Mukherjee and Khurshid. Sources said at the meeting home minister P Chidambaram strongly argued for ahard line in the government's dealings with Team Anna. Responding to Anna group's demand that the bill be passed in four days after extending the Monsoon session beyond September 8, the PM said on Thursday, "This is their suggestion. This does not mean we have to accept everything." Although he underlined "there is scope for give-and-take", the comment reflected a new firmness.
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Wednesday, August 24, 2011
Lokpal BIll: Jail Bharo, Says Anna Hazare Amid Fears Of His Eviction
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Labels: Anna Hazare
Monday, August 22, 2011
ANNA ANGER HITS HOME FOR MPS
Answering Gandhian's Call, Scores Of Citizens Stage Protests Outside Parliamentarians' Homes To Push For Jan Lokpal Bill
the judiciary should be under the purview of the bill," she said.
Asked whether the PM too should also be brought under the bill's purview, Dutt replied, "I don't think the PM will have any problem." She did however clarify that she did not support the Jan Lokpal bill, "which too had its own flaws". There is a need for more debate and for seeking public opinion before clearing the present bill, Dutt maintained.
Nirupam, meanwhile, chose to meet protesters in Vile Parle—far away from his Andheri home. Sporting an Anna-like topi, the Congress MP said that he broadly supported the agitation. "I am in favour of citizens fighting against corruption. But I don't agree with all the provisions of the Jan Lokpal bill. I think it would not be practical to accept it in totality. The present bill is strong enough to crack a whip on corrupt elements," Nirupam said.
At most agitations, citizens shouted slogans like "Jan Lokpal bill pass karo, warna kursi chhod do (Pass Jan Lokpal bill or quit your parliament seat)". At some, they presented MPs with floral bouquets with a message wishing the Congress government to "get well soon".
About 150 protesters gathered outside MP Milind Deora's Pedder Road house and Churchgate office. The latter, however, was away in Delhi.
NCP MP Sanjay Patil was busy at a dahi-handi celebration when protesters came knocking at his Bhandup residence. His mother accepted the citizens' memorandum, though that did not reassure all. Pushpa Mhatra, a housewife, complained: "We cannot earn a decent living without greasing someone's palms."
In Chembur, more than a hundred angry protesters stayed put outside Gurudas Kamat's house, waving flags, singing patriotic songs and shouting slogans, when they did not get a chance to meet the Congress MP. "We are repeatedly trying to call up Kamat, but in vain. Nobody has come forward to accept out memorandum. It is disgusting," said activist Anil Parekh.
Thane MP Sanjeev Naik too was not present at his Koparkhairne residence when 200 protestors arrived at his home demanding a personal meeting. "Our MP has no time to meet the people," said Rohan Shastry, a protestor.
Again in Thane, activists laid siege outside the home of Anand Paranjape and insisted that the Shiv Sena MP personally accept their memorandum. But Paranjape could not meet them since he too was busy with the dahi handi celebrations in Dombivli.
"We are here to hand over a memorandum to the MP about the Jan Lokpal bill. Agreed, he is busy, but these are extraordinary times," said advocate Vijay Gookhale, a resident of Dombivli who led the protestors.
Small beginnings
Anna Hazare's crusade, or at least his supporters, are making a difference. Gaurav Kumar Kate (22), a student of Sardar Patel College of Engineering, was at Dadar station on Monday to collect his bike from a Vidarbha train when an octroi official stopped him and obliquely demanded a bribe. "He asked for Rs 1,800 as octroi, adding if I don't want a receipt he'll charge less," said Kate, who called a friend to check octroi rates. "I was told there are no charges on used vehicles like mine." As Kate threatened him with a complaint to the anticorruption bureau, he was let go. But the story didn't end there.
An RPF constable then asked Kate to pay for lacking the 'right' signature on the gate pass. Kate got hold of Anna supporters outside Dadar and with them, took him to the chief RPF officer's cabin. "It puts us to shame," said M K Srivastav, RPF officer at Dadar.
—Shreya Bhandary | TNN
—Alka Kerkar |
SOCIAL ACTIVIST
the government cannot be passed as law. Public opinion should be given priority. The Lokpal bill is weak. But I am sure that with the kind of public support we are getting, the government will have to accept our demands or step down
— Nitin Wadhwani |
BUSINESSMAN
marching on the roads, to the doorsteps of political leaders' homes to convince them that we need better laws in the country. I want to see a better India in the future. As a businesswoman, I find corruption at various levels
— Sheetal Ratwani |
BUSINESSWOMAN
— Shatrughana Tiwary
MUSICIAN
The protesters have been asked to instead help mobilize crowds for an upcoming rally
The steadfast abstention had begun affecting the health of the protesters since the last few days
A group of activists decried the Jan Lokpal bill at a press meet in Mumbai and said that they supported Aruna Roy's 'factual' and 'realistic' version instead
Filmmaker Mahesh Bhatt accused Team Anna of selling "happiness, not truth" by "weaving dreams, creating conflicts and producing a hero", who triumphs at the end
Delhi-based Shabnam Hashmi expressed fears about the disturbing "level of threat" because of which "we cannot freely say that we do not represent Anna Hazare"
She also asserted that people are afraid of asking "if Anna is fake". "Calling him Mahatma is a dishonour to Mahatma Gandhi", said Hashmi
Heeding calls from Team Anna in Delhi, hundreds of Hazare supporters marched to the homes of parliamentarians in Mumbai and Thane to press for acceptance of the Jan Lokpal bill
A few MPs came to address the protesters, though most MPs were not at home
Congress MP Priya Dutt supported some provisions of the Jan Lokpal Bill, such as the inclusion of the judiciary under the bill's purview
Several Muslim groups, Urdu writers and associations of ulema (religious leaders) slammed Shahi Imam Syed Ahmed Bukhari's advice to Muslims to stay away from Hazare's crusade
They called Bukhari's statement "divisive" since corruption affects every Indian
They also said that slogans of Vande Matram and Bharat Mata Ki Jai are ways of expressing love for the country and Muslims "for it is second to none"
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Anna in ‘danger zone’, may need to be hospitalized in 24-48 hours
Docs Fear Fast May Affect BP, Kidney & HeartNew Delhi: Anna Hazare's health became a serious cause of concern on Monday as his fast entered the seventh day, adding to the worries of the Manmohan Singh government which seems to be groping to find a solution to the standoff over the Lokpal bill.
The longest he has fasted until now is for 12 days. Anna brigade takes fight to netas' door A nswering Anna Hazare's clarion call, people all over the country are assembling outside homes or offices of their elected MPs to show support for the anti-corruption movement. In Mumbai, while Priya Dutt said she favoured some provisions of the Jan Lokpal like bringing the judiciary under its ambit, Sanjay Nirupam showed his solidarity with Team Anna by wearing a Gandhi topi. P 2 & 11 Muslim clerics slam Imam Bukhari's call There are few takers for Syed Ahmed Bukhari's
call to Muslims to shun Anna's anti-corruption movement. In Delhi, the All India Ulema Council described the Jama Masjid chief cleric's appeal as his "personal view'' and said corruption affects the weaker sections, including Muslims, the most. In Mumbai, Muslim NGOs and clerics described Bukhari's statement as divisive. P 2 At Maidan, 80,000 celebrate carnival against corruption The 80,000-strong crowd turned the seventh day of Anna Hazare's fast at the Ramlila Maidan into a carnival against corruption. They waved the tricolour, sang patriotic songs and turned a muggy day into a celebration of a vibrant democracy. In fact, police sources at the ground put the figure at more than a lakh. While a group from Lucknow rendered its latest YouTube hit, actor Kabir Bedi, flute player Ronu Majumdar and singer Kailash Kher sent the crowd into a tizzy. P 11 Anna discontinues yoga, advised to speak less
New Delhi: Cardiologist Dr Naresh Trehan, who is leading the team monitoring Anna Hazare's health, on Monday said, "His condition is not life-threatening is what I can say." But there is a rise in ketone levels — the presence of certain acids and acetone in blood and urine — which means the body is breaking down stored fat instead of the usual glucose.
Dr Anoop Misra of Fortis Hospital told TOI, "The patient has already entered the danger zone. He will need medical attention within the next 24-48 hours. The fast may affect the heart, kidney and blood pressure depending on how fast Anna's ketone level rises."
While Hazare does not yet require hospitalization, his failing health complicates the Centre's political risk as any mishap will prove catastrophic for the Manmohan Singh government. But removing the fasting leader for forced-feeding from the Ramlila Maidan or administering drips there is a fraught job, not the least because of the 24x7 media coverage of the protest. Increased ketone levels are caused by fasting or starvation when the body is deprived of carbohydrates. Persistent high levels after a prolonged hunger strike can harm kidney function. Despite increased water intake, the 74-year-old Gandhian's health condition is deteriorating and he is very weak. He has discontinued morning yoga and has been advised to speak less.
Sources said if Hazare's condition was not rectified, he might need to be hospitalized soon to administer insulin intravenously. Hazare has earlier declared that if the government tries to force-feed him or admit him to a hospital against his wishes, he would give up water intake as well.
One-hour toilette before stage routine
New Delhi: He's the public face of a mass campaign, but few know that at heart, Anna Hazare is a private man. Every day, after the curtain comes down at Ramlila Maidan around 10pm, Anna retires to a makeshift room backstage, where he remains away from public eye for at least 11 hours. Back in Ralegan Siddhi, his reclusive nature is well-known. His confidants say Anna uses this time to rest and focus his thoughts. He devotes two hours every morning to writing. But before that, he, surprisingly, spends the better part of an hour on his toilette, says a Tihar jail official. "Anna is very particular about getting ready... Given his army background, he wants a spic-and-span dhoti in the morning, and even shaving is a must." How does he reconcile his nature with his very public role? "He likes privacy but is aware of his immense popularity and is humbled by it," an aide said. TNN
How long can Anna fast?
High ketone level is dangerous. Ketones are acidic compounds produced when the body burns fat or energy. It can cause complications in functioning of kidney and heart and in brain consciousness. Doctors say Anna might require immediate hospitalization if ketone level keeps rising
During fast, body gets energy from | Stored glycogen in liver, protein in body tissues, stored fat
Effects on hormonal system | Insulin levels drop as body ceases to ingest carbohydrates
Risks associated with fasting | Prolonged fast can cause renal and heart failure
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Sunday, August 21, 2011
Govt Reaches Out As Team Anna Steps Up Campaign As Lakhs March Across India, Anna Tells Govt To Bring Revised Lokpal Bill Or Go
'LAO YA JAO'
All Roads Lead To Annapolis
Sarangi and Maharaj had taken a summary of the government's Lokpal bill to Hazare which the activists said did not amount to any new proposals. After the meeting with Sibal, campaign leaders said the discussions were of a general nature and no proposal was conveyed to the government. Maharaj said the talks were positive and both sides were flexible.
While the government was looking for ways to accommodate the Hazare campaign's demands while also insisting that the parliamentary process could not be short-circuited, massive crowds gathered at India Gate as support for the protest seemed to grow dramatically.
Crowds of Hazare supporters continued to swell at Ramlila Maidan and at India Gate, putting paid to the hope in some quarters that the protests would peter out. Team Anna has demanded that Parliament pass their version of the Lokpal bill by August 30.
As Hazare gave the call of 'l a o y a j a o' to the government, Sarangi and Bhayyuji Maharaj met the Gandhian with most of his aides absent. This was Sarangi's second meeting with Hazare in the last two days.
On the sixth day of Hazare's fast, about 80 people were detained for protesting near the PM's residence. The agitation was not restricted to Delhi alone, with reports that coal minister Sriprakash Jaiswal's Kanpur residence was raided by protesters. To his surprise, law minister Salman Khurshid was greeted by black flag-bearing Anna supporters in his Farukkhabad constituency.
In response to the government's overtures, Team Anna said they were willing to talk and that a negotiator should be appointed by the government. While Hazare aide Arvind Kejriwal said the government should tell them whom to meet and when, Swami Agnivesh added that the government should introduce the Jan Lokpal bill in Parliament to create an atmosphere of trust.
TALK TIME
Maharashtra additional chief secretary U C Sarangi and Bhayyuji Maharaj meet Anna Hazare for 15-20 mins at around 4pm
Sarangi submits a summary of the government Lokpal bill
Team Anna denies giving any proposal to the two emissaries
The two also meet telecom minister Kapil Sibal; Maharaj says meeting positive Team Anna ready for talks, not climbdown
Swami Agnivesh said, "If the government wants to talk to us, it should appoint a negotiator. We are open for talks. In order to open a door for dialogue… they have to create an atmosphere of trust by withdrawing the government bill from Parliament and introduce the Jan Lokpal bill. We will not budge. This is the least they should do to earn our trust.''
However, it appeared that Team Anna's statements expressing willingness to talk were meant to counter the perception that they were inflexible and rigid while the PM was making attempts at reconciliation. Even as they said they were ready for a dialogue, the group ruled out any possibility of a climbdown from their stated position on inclusion of all bureaucracy, PM and MPs' conduct in Parliament. Even on the issue of judiciary, both Kejriwal and Prashant Bhushan said the government must create an independent body to keep tabs on the judiciary and bring the law along with the Jan Lokpal bill.
The duo also dismissed Congress MP Pravin Aaron's move to submit the civil society version of Lokpal bill to the standing committee as pointless. "It means nothing…we have already submitted our bill to the committee. Till it is tabled in Parliament… there is no significance,'' Bhushan said.
Faced with growing expressions of opposition from the Hazare camp, the government amplified its message that there could be significant changes in the government-approved Lokpal bill. "The dialogue process has already been initiated at various levels through well-wishers. This dialogue is at various levels which is not parallel to each other but complimentary to each other," Harish Rawat, minister of state for parliamentary affairs, said in Dehradun.
He said the Lokpal bill was before the standing committee and suggestions could be put before it. He also cited the example of the Right to Information (RTI) Bill where as many as 160 amendments were suggested by the committee. Significantly, all the amendments were accepted, a fact attested by the main architect of the RTI Act Aruna Roy. "We are in favour of bringing Lokpal bill on the lines of RTI bill where nearly 160 amendments were carried by the standing committee,'' Rawat said. Similarly, suggestions of Team Anna can be incorporated in the bill, he said.
Meanwhile, Team Anna sought to broaden the ambit of the agitation. On Saturday, Hazare said electoral reforms and land acquisition rights for farmers would be on their agenda. On Sunday, as many as 30 Arjuna awardees also pledged their support to Hazare by speaking out against corruption in sports.
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Saturday, August 20, 2011
Anna Hazare Toughens Stand, PM ‘Needs More Time’
Team Anna seeks electoral reform and farmer-friendly land acquisition laws
Prime Minister Manmohan Singh on Saturday said due legislative processes have to be followed to deliver a "strong and effective" Lokpal law, which required time. This is seen as a clear message to Team Anna that its demand for rushing through the anti-graft legislation and having it cleared by Parliament by August 30 is just not reasonable. Team Anna also expanded the ambit of its fight to include electoral reforms and a farmer-friendly land acquisition law. His team said it was ready to talk to the government but no such communication channels have been opened so far but insisted the August 30 deadline set by the Gandhian for passing of Jan Lokpal Bill should be met. "Well, clearly, I think there are difficulties…It is a logic of the legislative process. Certain stages have to be crossed," Singh said when asked to comment on the insistence of the Anna camp on its month-end deadline. He hoped that people would appreciate the dynamics of the legislative process "which, sometimes, takes time." The prime minister, who was speaking to reporters of a full Planning Commission meeting in Delhi, opened a window of further "discussion and dialogue" on the Lokpal Bill, affirming that there was "a lot of scope for give and take" on the proposed law. Underlining the need for broad national consensus on the Lokpal issue, Singh offered to enlist the cooperation of all thinking segments of public opinion to ensure that the end product is a strong and effective Lokpal. Meanwhile, as Hazare's fast entered the fifth day, his managers refuted suggestions that the deadline was impractical, saying that the government could get the Jan Lokpal Bill passed in days if it has the will. "It is the people's demand that next Tuesday when Parliament opens, the government should withdraw its version the Lokpal Bill and introduce our Bill," former law minister and Hazare's associate Shanti Bhushan said. Addressing the gathering at the Ramlila Maidan — when Anna Hazare is sitting on fast — he said the government should give an "assurance to Hazare that whenever the Jan Lokpal Bill comes, they will issue a whip and get the Jan Lokpal Bill passed." Indicating that while Hazare may be open to minor changes in the Jan Lokpal Bill, Bhushan said even these changes should be made with the Gandhian's consent. "If the government is willing to give the assurance that it will show respect for public sentiment, it is possible that Anna may agree (to the changes)," he said. Incidentally, the differences within the UPA on handling of Anna's protest came to the fore on Saturday when NCP general secretary DP Tripathi termed the Gandhian's arrest as an "error". "The government hasn't adopted the correct tactic. The whole way to handle civil society was wrong," he said adding that the Congress should have consulted its allies on the issue. "We were first to say that the issues raised by Anna Hazare were correct but his mode of protest was against democratic norms. When Parliament is debating the Lokpal Bill, there is no need for Anna to go on fast," he said. In yet another development, National Advisory Council (NAC) member Aruna Roy on Saturday came up with her own version of the Lokpal Bill, which seeks to include the prime minister in its ambit. This is likely to put more pressure on the government as the Opposition is also demanding that the prime minister should be subject to scrutiny by Lokpal. Incidentally, even as Roy favours changes in the current Lokpal draft pending before the standing committee, she has made clear her opposition to Team Anna's "rigid" stand on the issue. — Our Political Bureau/New Delhi More Fasts, Bets & Celebrities Anna's medical report released..vital stats normal: BP-130/80, sugar 92, pulse 78...Anna says has lost 3.5 kg in 4 days..but nothing to worry... "will not give up fast for Jan Lokpal" According to Delhi Medical Association, 400 people approached it for fever, diarrhoea etc..one supporter fainted..inadequate water facilities at the protest ground Faculty and students of IIM and IITs launched an online petition to gather support — more than 1,300 signatories so far Transgenders and sex workers in Kabadi Bazar area of Meerut fast to support the protest Ramdev takes out an anti-corruption rally in Haridwar News reports say there is a relatively lower turnout at the Ramlila Maidan on Saturday Bookies bet on Anna's fast duration: 25-50 crore Shahrukh Khan supports Anna's cause Anna expanding the ambit of his fast to include electoral reforms and land acquisition law in favour of farmers. "Because of the fault in the electoral system, 150 criminals have reached parliament." Team Anna says it is ready to talk to the government. But no communication channels open so far The demand is that Anna's bill should be introduced in parliament by next Tuesday, otherwise "fast till last breadth" Some NAC members say there should be a third version of Lokpal Bill — they don't agree with either Nearly 100 Indian expats, including students and professionals, gathered in front of the Indian Embassy in Den Haagin, the Netherlands, to support Anna
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OVER A MILLION JOIN TOI’s ANTI-GRAFT CAMPAIGN
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Friday, August 19, 2011
No Anna-Like Rally on D-St as Gloom Spreads Sensex, Nifty crash nearly 2% as jittery FIIs dump . 900-cr shares on Friday
Wealthy investors are waiting for stocks to dip further. Insurance companies and mutual funds are buying in small doses — too scared to stick their neck out. Offshore funds that specialise in emerging markets are pulling out to park cash in US treasury bills — papers that are once again being perceived by global investors as a safe haven. And, on Europe the bets are divided between sick economies giving up the euro and German Chancellor Angela Merkel making a lastditch attempt to avert a final collapse and disintegration.
"In such times, it's difficult to say how long FII selling will go on. Local institutional buying is just not enough to match the FII selling," said Rashesh Shah, chairman of Edelweiss. While Shah still thinks 4,800 is a strong support level for the Nifty, some of the leading technical analysts see a respite for the Nifty at 4,600. Foreign investors dumped Indian shares worth . 900 crore on Friday, according to provisional data, taking their sales tally for the month to almost . 8,000 crore. In July, they had invested . 8,000 crore in India. FII selloff pulled down the rupee 0.7% to 45.74/75 against the dollar this week.
On Friday, Indian indices fell 2%, mirroring the weakness in global markets, which tumbled on worries of a double-dip recession in the US and worsening credit crisis in Europe. The Sensex dropped 328.12 points to 16,141.67 while the Nifty fell 98.50 points to 4,845.65. In the broad market, 2,083 stocks fell and 773 rose on BSE. "There is just no buying. Even a small selling is pushing down prices," said Prakash Kacholia, MD of brokerage Emkay Global.
The stampede out of stocks quickened as investors and traders did not want to be caught on the wrong foot if the issues in Europe worsened. "The most worrisome, of course, is that the European banking mess is starting to resemble what happened in the US right after Lehman blew up," said Ed Yardeni, president & chief investment strategist of US-based Yardeni Research. European indices fell 2-3% on worries that problems in the continent's banking system are seeping into its inter-bank market. Investors fear a repeat of the 2008 financial crisis if the situation worsens in Europe.
Asian indices also slumped, with Japan's Nikkei dropping 2.5%, Hong Kong's Hang Seng 3.1% and South Korea's Kospi over 6%.
"The India-specific factors are less important currently. The global uncertainty, especially in Europe, is weighing on the market. Reports on the demand by some EU countries for collateral from Greece have led to an increase in risk aversion globally," said Jyoti Jaipuria, head-India research, DSP Merrill Lynch.
India's spot gold prices crossed . 28,000 per 10 grams, a new high, tracking firm global trends.
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