Indian equities crash to three-year low, recover (Second Lead)October 27th, 2008 - 4:53 pm ICT by IANS
Mumbai, Oct 27 (IANS) A key Indian equities index fell below the 8,000-point mark in intra-day trading to its lowest since November 2005 as the bear hug continued Monday on the back of overall panic and weak global cues.The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened lower at 8,599.58 points and moved up to 8,739.48 points, some 15 minutes into trading. But nervousness set in soon after, and pulled the index down to 7,985.07 points 45 minutes post noon.
At that level, the 30-share bellwether index was ruling at a loss of 715.64 points, or 8.22 percent.
Since then, the Sensex started recovering, touching 8,506.47 points a little after 3 p.m.
At the National Stock Exchange (NSE), the broader S&P CNX Nifty was ruling at 8492.84 points, with a loss of 2.8 percent.
Last week, large-scale selling by foreign institutional investors belied expectations of investors.
On top of that, the central bank, the Reserve Bank of India (RBI), kept all key rates unchanged in its mid-term policy review Oct 24. Plus, poor global cues played havoc with Indian markets.