Markets plummet as weak GDP numbers come in (Lead)February 27th, 2009 - 2:13 pm ICT by IANS
Mumbai, Feb 27 (IANS) Indian equities slipped Friday noon as the government announced that the economy grew only 5.3 percent in the third quarter, as compared to 9 percent in the same period a year ago. A key index was trading 2.11 percent lower than its previous close.
The 30-scrip Bombay Stock Exchange (BSE) sensitive index (Sensex), which opened at 8,944.11 points, was at 8,765.78 points shortly before noon, a fall of 189.08 points or 2.11 percent from its previous close.
Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE) lost 2.38 percent from its last close to rule at 2,719.3 points.
The BSE midcap index was 0.67 percent lower, while the BSE smallcap index was down 0.31 percent.
Of the 13 sectoral indices on BSE, the index for consumer goods stocks gained the most.
There were only two gainers on the Sensex: HDFC (up 2.63 percent at Rs.1,243.50) and Tata Motors (up 0.83 percent at Rs.151.25).
Among the losers were ACC (down 5.57 percent to Rs.528.50), Mahindra and Mahindra (down 5.22 percent at Rs.304), TCS (down 4.68 percent at Rs.459.25) and Sterlite Industries (4.47 percent at Rs.241.70).
In other Asian markets, a key Japanese index, the Nikkei of the Tokyo Stock Exchange, closed at 7,568.42 adding 110.49 points to its previous close.
The Hang Seng, a key index of the Hong Kong Stock Exchange, was ruling 0.17 percent higher than its last close.
US stocks fell Wednesday after a reported sharp drop in home sales and the markets’ mixed response to the treasury department’s plan to stabilise the banking system.
The blue chip Dow Jones Industrial Average fell 80.05 points, or 1.09 percent, to 7,270.89. The broader Standard and Poor’s 500 Index shed 8.24 points or 1.07 percent to 764.9. The technology-heavy Nasdaq composite index dropped 16.4 points or 1.14 percent to 1,425.43.