Markets keep tumbling, low inflation number notwithstanding (Lead)

January 9th, 2009 - 2:06 pm ICT by IANS  

SensexMumbai, Jan 9 (IANS) Indian equities markets took a nosedive Friday around noon with a key index shedding almost two percent over its previous close Wednesday. This, despite the announcement that the annual rate of inflation dropped to 5.91 percent for the week ended Dec 27, from 6.38 percent the previous week.The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was down 1.99 percent or 190.41 points to 9,396.47 points, after opening lower than Wednesday’s close of 9,586.88 points.

Realty stocks were the hardest hit with many scrips seeing heavy offloading, with the BSE sectoral realty index falling the most: 12.25 percent over its last close.

There was no respite for the Satyam scrip, which crashed almost 48 percent or Rs.19.15 to rule around Rs.20.80 Friday noon.

The broader S&P CNX Nifty index of the National Stock Exchange (NSE) was trading at 2,856.8 points, 2.18 percent lower than its previous close.

Other market indices like the midcap and smallcap indices fell a bit more than the Sensex. The BSE midcap index was trading 4.07 percent lower around midday, while the smallcap index fell 3.85 percent.

Other Asian markets were a mixed bag. The Nikkei, a key index of the Tokyo Stock Exchange, was ruling 0.45 percent lower than its previous close, while the Hang Seng, a key index of the Hong Kong Stock Exchange, rose 1.15 percent.

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