Sensex closes below 9K pts, IT stocks take a hit | business | Hindustan Times
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Sensex closes below 9K pts, IT stocks take a hit

business Updated: Nov 18, 2008 17:47 IST

Extending the losing streak to the fifth straight day, the bellwether Sensex on Tuesday closed below 9,000 level in nearly three weeks amid ruins in global bourses on heightened fears of prolonged economic recession.

The Bombay Stock Exchange 30-share barometer settled the day at 8,937.20, a fall of 353.81 points, or 3.81 per cent, from its previous close.

Sustained selling pressure of the past five days have shaved off more than 1,500 points from the Sensex. The barometer last closed below 9,000 level on October 27.

Nifty of the National Stock Exchange also tumbled by 116.40 points, or 4.16 per cent, to close at 2,683.15.

Brokers said there seem to be no takers for the government assurances on fresh monetary measures to mitigate the impact of global financial crisis.

Reserve Bank Governor D Subbarao this afternoon said the apex bank was continuously monitoring the liquidity situation and would decide on its future course of action on interest rates at an appropriate time.

Finance Minister P Chidambaram asking industry to cut prices did not actually impact investor sentiment, they further added.

Marketmen said besides sustained capital outflows, the prevailing political situation with assembly elections in the five states added to the woes.

Global markets registered sharp falls on heightened fears of a prolonged global recession after the world's second largest economy Japan slipped into recession, which marketmen said is a clear sign of a worldwide slowdown.

Asian indices ended down by about 2.3 per cent to 6.3 per cent following a plunge in the US Stocks on Monday.

European markets too were lower by about 1.3 to 2.0 per cent in their early trade.