Equities markets open weak, slide into redSeptember 26th, 2008 - 12:30 pm ICT by IANS
Mumbai, Sep 26(IANS) Indian equities markets opened weak Friday and continued to slide half an hour into trading on weak global cues, especially in the Asian markets, analysts said.Although US Congressmen have announced a tentative bipartisan agreement on the $700 billion bailout plan, the specifics have still not been announced.
Moreover, Washington Mutual, the largest US thrift fund was taken over by the Federal Deposit Insurance Corp and then sold to JP Morgan Chase even as a $500 million fund infusion by Honk Kong Monetary Authority following a run on a Hong Kong bank sent Asian markets into a tizzy.
At 10.30 a.m., the 30-share benchmark sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was ruling at 13,361.99, down 185.19 points or 1.37 percent against its previous close Thursday at 13,540.94.
The broader based 50-share S&P Nifty index of the National Stock Exchange (NSE) was at 4,050.15, down 60.4 points or 1.47 percent from its previous close Thursday at 4,110.55.
The BSE mid cap index was at 5,057.12, down 35.93 or 0.71 percent from its previous close Thursday at 5,087.79.
The BSE small cap index was at 6,042.17, down 7.86 points or 0.13 percent from its previous close at 6,047.49.
Tags: bailout plan, bombay stock exchange, cap index, federal deposit insurance, federal deposit insurance corp, honk kong, jp morgan chase, kong monetary authority, national stock exchange, thrift fund