Indian equities crash to three-year low, recover

Tuesday, 28 October 2008, 23:34 IST   |    7 Comments
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Mumbai: The BSE benchmark Sensex provisionally ended 2.07 percent lower on Monday, after falling 11.5 percent during trade to its lowest since October 2005, with local institutions and short covering pulling it off lows. The 30-share BSE index provisionally fell 180.49 points to 8,520.58 percent. The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened lower at 8,599.58 points and moved up to 8,739.48 points, some 15 minutes into trading. But nervousness set in soon after, and pulled the index down to 7,985.07 points 45 minutes post noon. At that level, the 30-share bellwether index was ruling at a loss of 715.64 points, or 8.22 percent. Since then, the Sensex started recovering, touching 8,506.47 points a little after 3 p.m. At the National Stock Exchange (NSE), the broader S&P CNX Nifty was ruling at 8492.84 points, with a loss of 2.8 percent. Last week, large-scale selling by foreign institutional investors belied expectations of investors. On top of that, the central bank, the Reserve Bank of India (RBI), kept all key rates unchanged in its mid-term policy review October 24. Plus, poor global cues played havoc with Indian markets. The 50-share NSE index provisionally closed down 2 per cent at 2,532.40, after having fallen as much as 12.8 percent during trade.
Source: IANS