The Hindu : Business : Sensex plunges on U.S. recession worries

Online edition of India's National Newspaper
Thursday, Jan 17, 2008
ePaper | Mobile/PDA Version

Business

Business

Sensex plunges on U.S. recession worries

MUMBAI: Extending its losses to the third day in a row due to the onslaught of selling, the key market indices —benchmark Sensex of the BSE and the wider Nifty of the NSE — closed nearly two per cent lower on Wednesday, reflecting the meltdown worldwide.

Wednesday’s sell-off was sparked by a sharp fall in the Asian and European markets after the Dow Jones Industrial Average marked the lowest close in nine months on Tuesday.

Selling was so aggressive in the afternoon trading that the 30-share BSE barometer plunged by 737.84 points to the intra-day low of 19513.25. The index, however, bounced back later on fairly heavy buying support at the lower levels. Finally, it closed at 19868.11, a loss of 382.98 points or 1.89 per cent from the previous close.

Similarly, the broad-based Nifty of the National Stock Exchange declined by another 138.50 points to 5935.75.

Rupee ends lower

The rupee weakened against the U.S. currency and closed at 39.29/30 against 39.26/27 on Tuesday, following the central bank’s intervention to mitigate the currency’s surge.

In quiet trading at the interbank foreign exchange market, the Indian unit remained trapped in a small range of 39.2450 and 39.3000 after resuming barely changed at 39.28/29. — PTI

Printer friendly page
Send this article to Friends by E-Mail

Business