The Hindu : Front Page : Markets in red again

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Thursday, Oct 16, 2008
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Markets in red again

Sensex nosedives over 670 points

MUMBAI: The Bombay Stock Exchange on Wednesday slipped into the negative territory again after two days of gaining, with the benchmark Sensex nosediving over 670 points to close below the 11000-level on across-the-board selling by funds and general investors.

After notching up more than 950 points in the past two days, the BSE barometer plunged to 10809.12, a steep fall of 674.28 points. The markets opened on a particularly weak note and the key index never recovered from its loss of 250 points at the outset.

The National Stock Exchange index Nifty also tumbled by 180.25 points to 3338.40.

Marketmen said buying of the past two days could not be sustained on Wednesday as sentiment was weak on concerns that deepening financial crisis could lead to a global recession.

The fears were mirrored in other Asian bourses as well, they noted.

Major indices such as Hang Seng and Singapore Straits Times closed lower in the range of 3-5 per cent taking cues from the U.S. overnight.

On the BSE, selling pressure was felt across the board and the Sensex scrips could post any gain while all sectoral indices closed in the red. — PTI

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