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India share market crashes by 900 pts
Bombay Stock market benchmark Sensex on Monday crashed by 5.12 % as it tumbled by over 900 points to 16,677.88 at close.
Weak global trend on fears of recession in the US market is thought to have triggered the latest selling pressure on the bourses.
Monday’s fall in the 30-share, Sensex, is its second biggest intra-day fall ever, pulling down the key index way below 17,000 mark, as all heavy-weight stocks lost substantial ground in today’s trade.
Similarly, the National Stock Exchange index Nifty declined 270 points to 4953.00 with the selling pressure spread over a wide-front, placing all the sectoral indices, excluding FMCG and auto on a downward spiral.
Incidentally, earlier in the day Finance Minister P Chidambaram had indicated that markets’ falling is a trend that has no correlation to the health of Indian economy and were purely owing to the global gloom fearing US recession.
Hong Kong share prices opened down 3.5% today over worries of inflation and slowing down of domestic growth as well as concerns about the recession in the US economy.
Bombay Stock market benchmark Sensex on Monday crashed by 5.12 % as it tumbled by over 900 points to 16,677.88 at close.
Weak global trend on fears of recession in the US market is thought to have triggered the latest selling pressure on the bourses.
Monday’s fall in the 30-share, Sensex, is its second biggest intra-day fall ever, pulling down the key index way below 17,000 mark, as all heavy-weight stocks lost substantial ground in today’s trade.
Similarly, the National Stock Exchange index Nifty declined 270 points to 4953.00 with the selling pressure spread over a wide-front, placing all the sectoral indices, excluding FMCG and auto on a downward spiral.
Incidentally, earlier in the day Finance Minister P Chidambaram had indicated that markets’ falling is a trend that has no correlation to the health of Indian economy and were purely owing to the global gloom fearing US recession.
Hong Kong share prices opened down 3.5% today over worries of inflation and slowing down of domestic growth as well as concerns about the recession in the US economy.