Markets nose dive on openingMay 19th, 2009 - 11:54 am ICT by IANS
Mumbai, May 19 (IANS) The frenzied rise of the Indian equities markets seemed to have come to an end abruptly minutes after Tuesday’s opening bell as a key index plummeted 289 points after opening 475 points higher.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened 475 points higher at 14,757.82 points, soon dived 373 points or 2.62 percent to 13,910.5 points.
Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE) also dived sharply, falling 2.23 percent to rule at 4,226.85.
Trading had been suspended Monday after both Sensex and Nifty twice breached the upper circuit and ending up with gains of over 17 percent each.
Broader market indices were also down, with the BSE midcap index having lost 3.98 percent and the BSE smallcap index down 3.04 percent.