After Manic Monday, it's Terrible Tuesday for markets

The reason was a frightening downgrade of the US' creditworthiness on a 'Freaky Friday', the contagious impact of which could not be contained by global leaders and policymakers on a 'Wary Weekend'.

The unprecedented downgrade of the US's credit rating and the subsequent historic losses in the stock markets have thrown forward many such scary adjectives for the days of a week and people are still wary about Wednesday trade tomorrow.

Despite being holidays, this Saturday and Sunday saw leaders and policymakers across the world, including in India, rush to emergency meetings to understand and minimise the impact of the action of ratings agency Standard and Poor's.

The efforts proved to be insufficient and the mayhem in the markets on 'Manic Monday' saw investors lose about Rs 1 lakh crore in India alone, while the global losses topped USD 1 trillion.

This was followed by huge losses on Tuesday in Asian markets and very volatile trading in Europe and India.

In the past also, such nomenclatures have been used to mark days of huge losses in the stock market.

A major crash in markets across the world on October 19, 1987, is still known as 'Black Monday', but this nomenclature was first used on October 29, 1929. The crash continued for the entire week that time -- from Black Monday till Black Friday -- and the period is known as 'The Great Crash'.

In Indian markets also, three of the ten biggest one-day losses have been on Mondays -- an over 1,408-point plunge on January 21, 2008, an 856-point fall on December 17, 2007, and a fall of more than 600 points on April 2, 2007.