Indian equities fall sharply, with losses across sectors (Lead)December 23rd, 2008 - 2:01 pm ICT by IANS
Mumbai, Dec 23 (IANS) Indian equities markets, which opened lower Tuesday compared to their previous closing figures, fell further as the morning progressed. A key index was trading almost two percent down around noon.The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened the day at 9,821.57 points, against Monday’s close at 9,928.35 points. It dropped further to rule at 9,743.13 points around two hours into trading.
Of the 13 sectoral indices, consumer durables (CD) which were the highest gainers Monday, lost the most, with the BSE CD sectoral index falling 3.46 percent from its Monday close.
At the National Stock Exchange (NSE), the broader S&P CNX Nifty index followed the Sensex, losing 1.99 percent to rule around 2,978.80 points.
Among the top losers were Jaiprakash Associates, Tata Motors and Satyam Computers.
“The markets are seeing a lot of short-term profit booking, as is evident from the sharp fall,” said a leading investment analyst.
Other Asian markets also fell as China cut interest rates by less than what was expected and Auto major Toyota Motors forecast a loss. The Hang Seng, a key index of the Hong Kong Stock Exchange, fell 2.82 percent.