No respite for Indian markets, Sensex remains southbound (Lead)February 24th, 2009 - 1:36 pm ICT by IANS
Mumbai, Feb 24 (IANS) Indian equities markets were in the red again a little before noon Tuesday, continuing last week’s dismal run with a key index dipping 1.51 percent from its closing figure Friday.
Analysts described the downturn as a reaction to depressed global sentiments.
The 30-scrip Bombay Stock Exchange (BSE) Sensitive Index (Sensex), which opened at 8,707.35 points, was at 8,709.8 points around noon, a decrease of 133.41 points or 1.51 percent from its previous close.
Similarly, the S&P CNX Nifty index of the National Stock Exchange (NSE) fell to 2,704.3 points, 1.17 percent down from its last close at 2,736.45.
The BSE midcap index was 1.84 percent lower, while the BSE smallcap index was down 1.79 percent.
All the 13 sectoral indices on the BSE were in negative terrain with the index for realty stocks losing the most.
Among the gainers on the Sensex were Mahindra and Mahindra (up 0.66 percent at Rs.283.10), ACC (up 0.48 percent at Rs.556.40) and Hindustan Unilever (up 0.36 percent at Rs.250.10).
Amongst the losers were HDFC (down 4.68 percent at Rs.1,290.30), Tata Steel (down 4.37 percent at Rs.160.70), Jaiprakash Associates (down 3.81 percent at Rs.64.45) and Reliance Infra (down 3.79 percent at Rs.472.70).
In other Asian markets, a key Japanese index, the Nikkei of the Tokyo Stock Exchange, was ruling at 7,215.25 points, 2.18 percent lower than its previous close.
The Hang Seng, a key index of the Hong Kong Stock Exchange, was ruling 3.53 percent below its last close.
In the US, two major gauges of Wall Street - the Dow Jones Industrial Average and Standard and Poor’s 500 - tumbled to their lowest levels in nearly 12 years as investors worried about the government’s efforts to beat the recession.
The Dow Monday lost 250 points, or 3.4 percent, ending at the lowest point since May 7, 1997. The S&P 500 index lost 26 points, or 3.5 percent, ending at the lowest point since April 11, 1997.
The tech-fuelled index Nasdaq composite index lost 53 points, or 3.7 percent. It has held up better than the rest of the market so far this year, closing Monday at the lowest point since Nov 20, 2008.