Friday, November 14, 2008

Sensex down by 303 pts; loses 1,000 pts in 2 days

The BSE’s benchmark Sensex extended its losses amid a see-saw trade on Wednesday, succumbing to heavy selling across all counters.

The 30-share barometer gyrated in a wide range before concluding the day at 9,536.33 – a fall of 303.36 points or 3.08 per cent.

Market breadth remained negative with 1,701 losers against 818 gainers. Trading volume remained low at Rs 3,690.41 crore. In the last two days alone, the Sensex has shed nearly 1,000 points.

The NSE’s broader 50-issue Nifty also dropped further by 90.20 points, or 3.07 per cent, to 2,848.45. Marketmen said a slew of factors contributed to the extremely choppy trade: Weak global bourses, fall in the collections of excise and customs duties in October, export growths falling in September and expectations of more capital outflows – weighed on investors’ sentiments.

Additionally, most of the Asian indices ended in the red while European, after surrendering initial gains, were quoting lower this morning following feeble cues overnight from Wall Street.

Credit problems originating from the US are fast spreading to other global markets as many of the developed and some developing economies are heading toward recession.

No comments: