Indian equities plummet on cue from weak global markets (Lead)

December 24th, 2008 - 2:17 pm ICT by IANS  

SensexMumbai, Dec 24 (IANS) Indian equities markets were in a slump around noon Wednesday with a key index trading almost 100 points below its previous close.With US stocks closing in the red Tuesday, the sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was trading at 9,587.72 points, a fall of 99.03 points or 1.02 percent from its Tuesday close of 9,686.75 points.

The broader S&P CNX Nifty of the National Stock Exchange (NSE) also continued to slide trading at 2,932 points, about 36 points or 1.19 percent lower than its previous close.

Market indices like the midcap index also fell 1.15 percent lower than Tuesday’s close while the smallcap index was down 1.22 percent.

Indian equities were affected as Asian and US markets closed Tuesday at a loss.

The US stocks closed lower with the Dow losing for a fifth consecutive session Tuesday as a gloomy economic outlook and worrying home sales added to investors’ concern about recession.

The Dow Jones fell 100.28 points to close at 8,419.49, while broader indices like the Standard and Poor’s 500 index dipped 8.47 points to 863.16, and the Nasdaq dropped 10.81 points to close at 1,521.54.

Asian markets also dropped with a key index of the Hong Kong Stock Exchange falling 0.26 percent. The Nikkei, a key index of the Tokyo Stock Exchange, fell 2.37 percent.

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