Chinese fall weighs on Sensex, plunges 255 pts | business | Hindustan Times
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Chinese fall weighs on Sensex, plunges 255 pts

business Updated: Aug 31, 2009 20:42 IST
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A steep fall in Chinese stocks on Monday cut into the benchmark Sensex's seven-session winning streak as investors were indifferent to positive economic growth numbers and sold shares forcing the index down by 255.70 points.

In volatile trade, the Bombay Stock Exchange barometer closed at 15,666.64 points, a loss of 255.70 points, or 1.61 per cent, over its last close.

The 30-share BSE index had gained 1,112.70 points, or 7.51 per cent in the seven-day long winning rally on growing confidence in the domestic economy.

Brokers said acceleration of GDP growth failed to dispel the gloom coming from overseas, specially from China. The market rallied after the GDP numbers were announced, but higher levels attracted selling and market drifted downward.

The Indian economy grew by 6.1 per cent during the first quarter of this fiscal, according to the data released by the Central Statistical Organisation (CSO) today, making India the second fastest growing economy after China.

China's Shanghai Composite index plunged 6.74 per cent on continued apprehension about the impact of weakening bank lending on the economy. As a result, other Asian indices ended in the red while European markets were trading weak in their afternoon trade, putting pressure on the local bourses.