| "The fall is a reaction to the global stock decline on concerns of a US slowdown,"R Rajagopal, who manages $68 million as head of equities at DBS Chola Asset Management Co in Mumbai, said in a telephone interview. |
| The Bombay Stock Exchange's Sensitive Index, or Sensex, slid 453.36, or 3.5 percent, to 12,529.62 at the close of Mumbai trading. The S&PNX Nifty Index on the National Stock Exchange declined 129.45 points, or 3.4 percent, to 3641.10. |
| US stocks wiped out three days of gains after growing mortgage delinquencies heightened concern a home-loan crisis is spreading across the economy. A gauge of financial shares on the Standard & Poor's 500 Index fell 3.2 percent, while homebuilders lost 4.6 percent. S&P 500 futures lost 0.1 percent. |
| Infosys Technologies Ltd., the nation's second-biggest software exporter, dropped 86.6 rupees, or 4.1 percent, to 2,019.05. Wipro Ltd., the country's third-largest, fell 26.65 rupees, or 4.6 percent, to 555.25. Indian software makers receive about 60 percent of their revenues from the U.S. |
| A report by the U.S. Mortgage Bankers Association yesterday showed the number of borrowers with the best credit who were at least 30 days late in their mortgage payments reached the highest level in almost four years. Delinquencies for subprime borrowers reached 13.33 percent, also the highest since 2003's second quarter. |
| In addition, retail sales in the U.S. rose 0.1 percent in February after being unchanged in January, according to the U.S. Commerce Department. Economists in a Bloomberg News survey predicted they would increase 0.3 percent last month. |
| Indian sectors likely to be hit by a slowdown in the U.S., because of their dependence on exports, are gems and jewellery, textiles and software, Citigroup Inc. said in a research report yesterday. About a fifth of India's exports go to the U.S. Overseas investors bought a net 2 billion rupees ($46 million) worth of Indian shares yesterday. |
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