Sensex, Nifty slump further in morning trade
03 Oct 2011
Indian equity benchmarks opened sharply lower today following a selling trend across the globe, with Asian markets falling 2-4 per cent following weak US cues amid the Euro zone crisis.
Among Asian markets, Hang Seng and Jakarta dropped over 4.5%; Nikkei, Straits Times and Taiwan were down 2-3%. European markets like FTSE and CAC fell 2.5% in the opening trade.
All significant sectors were hit in the morning trade including metal, realty, financial, technology and oil & gas. At 9:19 am, the 30-share Bombay Stock Exchage Sensex plunged 305 points or nearly 2 per cent to 16,158 and the 50-share National Stock Exchange Nifty was down 1.92 per cent, losing 93 points to 4,850.
The Indian rupee depreciated by 0.57 to 49.54 per dollar.
Leading the losers on the BSE were Reliance Industries Ltd (down 1.9 per cent), Infosys (down 1.7 per cent), and ICICI Bank Ltd (down 2.5 per cent).
Commodities related stocks like Hindalco, Tata Steel, Sesa Goa, JSPL and Reliance Industries were under selling pressure as commodities slipped last week.
