Indian equities decline as US confirms recessionDecember 2nd, 2008 - 1:54 pm ICT by IANS
Mumbai, Dec 2 (IANS) A key Indian market index was ruling some 3.5 percent lower during intra-day trading Tuesday, with sentiments dampened by the US officially confirming a recession in the world’s largest economy.With a decline in India’s merchandise exports during October for the first time in five years and no signs on the horizon of any immediate recovery of the global economy, the investor sentiments were dampened further, analysts said.
The 30-share sensitive index (Sensex), which opened lower at 8,535.83 points, against Monday’s close at 8,839.87 points, dipped lower to 8,467.43 points as trading progressed.
Some two hours after, the barometer index was ruling at 8,529.49 points, with a loss of 310.38 points, or 3.51 percent.
At the National Stock Exchange (NSE), the broader 30-share S&P CNX Nifty was ruling at 2,592.85 points, which was 3.36 percent lower that the previous day’s close at 2,682.90 points.