Markets slipped almost 2% and ended near the day's low on mounting concerns of global growth. The Sensex closed at 16,840, down 325 points, and the Nifty ended at 5,059, down 94 points. (Provisional)
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(Updated at 14:42)
Markets fell over 1% and were trading near the day’s low on mounting concerns of global growth. The Sensex was at 16,945, down 220 points, and the Nifty was hovering around 5,080, down 72 points.
Earlier in the day, the Nifty touched a high of 5,164 for a brief period, but gave up all the gains as $447 billion package by the United States President Barack Obama failed to entice investors. Worries of slowing global growth accelerated as the European Central Bank and the US Federal Reserve steered clear from announcing any monetary support. The markets wilted under selling pressure in the afternoon session after European indices slipped over 1% each, snapping two days of gains.
After giving up early gains, losses in property and manufacturing stocks are weighing on Asia. The Nikkei Stock Average has ended down 0.6%, the Hang Seng and the Shanghai Composite indices are down marginally. European markets have also opened lower; the FTSE, CAC and DAX are down 0.4-0.6 %each.
Back in India, among the frontline stocks - Infosys, Reliance Industries and ICICI Bank declined almost 3% each, dragging the Sensex down by 100 points. Only six components on the Sensex are trading in the green - Hindustan Unilever and Hero Motorcorp advanced over 2% each.
Fears of recession in the United States and the debt crisis in Europe continued to weigh on the IT index. TCS declined over 1 per cent, Patni Computers and Mphasis fell wn almost 0.6 %each.
Metal shares also lost sheen, Hindalco and Sterlite slipped over 2% each and Tata Steel was down almost 2.5 per cent.
Market breadth is negative, 1,525 stocks were declining for 1,236 advancing shares on the BSE.
