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Updated: August 9, 2011 13:02 IST

Sensex tanks in early trade as market meltdown continues

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A stock broker reacts as he watches the share prices at a brokerage house in Mumbai. File photo
The Hindu A stock broker reacts as he watches the share prices at a brokerage house in Mumbai. File photo

The BSE benchmark Sensex fell by another 259 points in early trade on Tuesday as stocks across the world tanked amid escalating worries about the global economic scenario after an unprecedented downgrade of the US credit rating by Standard & Poor’s last Friday.

The 30-share Bombay Stock Exchange barometer resumed lower at 16,517.87 and hovered in a range between 16,741.90 and 16,432.00 before quoting at 16,731.25 at 1015 hours, showing a net loss of 258.93 points, or 1.52 per cent, from its last close.

The NSE’s 50-share Nifty index also moved down by 81.95 points, or 1.60 per cent, to 5,036.55 at 1015 hours.

FIIs sold shares worth a massive Rs 1,385.78 crore on Monday, as per provisional data from the stock exchanges.

The major losers in early trade were TCS (down 4.38 per cent), Tata Motors (3.84 per cent), Wipro (3.81 per cent), Sunpharma (3.60 per cent), Infosys (3.24 per cent) and Tata Steel (2.93 per cent).

Asian shares extended their spiral descent in early trade, with banks taking a big hit following the massive sell-off in the US equity market yesterday, further undermining the already-fragile investor confidence.

The key benchmark indices in South Korea, Indonesia, Hong Kong, Taiwan, China and Japan were down by between 1.15 per cent and 5.92 per cent.

U.S. stocks tumbled on Monday, dragging the benchmark indices to their biggest loss since December, 2008. The Dow Jones Industrial Average tanked 5.55 per cent, or 634.76 points; the Nasdaq Composite fell by 6.9 per cent, or 174.72 points; and the Standard & Poor’s 500 declined by 6.66 per cent, or 79.92 points.

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