Global turmoil continued to cast a shadow on Indian stock markets with the benchmark Sensex recording its biggest fall of the year, plummeting by 653 points to a low of 14,347.89, on heavy selling. Taking cues from global markets, investors resorted to panic sales ignoring a statement by international rating agency Standard & Poor’s that problems with subprime mortgage in the US will not result in a crisis in the financial markets. Onslaught in global markets on 15 August, when Indian markets were closed for Independence Day celebrations, led to a virtual collapse in equity markets on 16 August morning. The Bombay Stock Exchange (BSE) 30-share sensitive index, Sensex, opened with a wide downward gap of 416 points and within minutes tumbled to 14,347.89, netting a loss of 653.02 points from previous close of 15,000.91.
The broader S&P CNX Nifty of National Stock Exchange (NSE) also fell by 199.05 points to a low of 4,171.15 from previous close of 4,370.20.
Asian markets were sharply down during morning trade. Nikkei dropped by 525 points,
Singapore straight times by 150 points, Taiwan by 310 points and Hang Seng by 790 points.
The broader S&P CNX Nifty of National Stock Exchange (NSE) also fell by 199.05 points to a low of 4,171.15 from previous close of 4,370.20.
Asian markets were sharply down during morning trade. Nikkei dropped by 525 points,
Singapore straight times by 150 points, Taiwan by 310 points and Hang Seng by 790 points.
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