Bears back, key Indian equities index down 300 points

November 11th, 2008 - 12:46 pm ICT by IANS  

Mumbai, Nov 11 (IANS) After two days of gains, bears were again on the rampage in Indian equities markets Tuesday and a key index opened more than hundred points lower and fell further to rule more than 300 points lower half an hour into trading.The 30-share benchmark sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was ruling at 10,216.10, down 320.06 points or 3.04 percent from its previous close Monday at 10,536.16 points.

The Sensex opened weak at 10,405.39, down 130.77 points or 1.24 percent from its previous close and continued to fall as trading progressed to reach its current value.

The broader-based 50 share SP CNX Nifty of the National Stock Exchange (NSE) also showed a similar trend and half an hour into trading was ruling at 3,070.05, down 78.2 points or 2.48 percent from its previous close Monday at 3148.25 points.

The BSE midcap index was ruling at 3,438.08, down 37.01 points or 1.07 percent from its previous close at 3,475.09 points.

The BSE smallcap index was ruling at 3,956.33, down 31.70 points or 0.79 percent from its previous close at 3,988.03 points.

US markets had closed with losses overnight with the key index of the New York Stock Exchange finishing 1.19 percent down and the Nasdaq closing 1.86 percent down.

Tuesday morning the Nikkei, key index of the Tokyo Stock Exchange down 0.60 percent. The Hang Seng, key index of the Hong Kong Stock Exchange, however, was showing a gain of 0.34 percent.

That bears would be back with short selling was expected, analysts said while explaining Tuesday’s losses on the Indian equities markets.

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