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Sensex sheds 524 points

MUMBAI: Fears of recession in the U.S., fuelled further by reports of contraction in services sector and Fed Reserve’s comments on Tuesday, sent the Bombay Stock Exchange on a tailspin on Wednesday. The Sensex crashed at open by losing by over 720 points and even went below 17000 level on weak global cues.

The losses were minimised to over 620 points by mid-session. The index finally settled at 18139.49, a steep fall of 523.67 points against 18663.16 on Tuesday. The broad-based S&P CNX Nifty of the National Stock Exchange also slumped by 161.35 points to 5322.55 from 5483.90. Most of the Asian markets, excluding Taiwan, ended the day down by an average of 0.4 to 5.4 per cent, while European indices displayed a narrowly mixed pattern of trading this morning.

IT stocks brought steep downfall despite a sharp fall in the rupee in the last couple of days. — PTI

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