Sensex crashes 1,088 pts; Nifty down 314 points in early trade
The Bombay Stock Exchange benchmark Sensex on Friday tumbled by nearly 10 per cent to 10,239.76 in opening trade as foreign funds dumped heavy-weight stocks.business Updated: Oct 10, 2008 11:00 IST
The Bombay Stock Exchange benchmark Sensex on Friday tumbled by nearly 10 per cent to 10,239.76 in opening trade as foreign funds dumped heavy-weight stocks owing to spreading global financial crisis amid depreciating Indian rupee.
The 30-share index, which had nearly lost 1,730 points in the past five straight sessions, plunged by 1,088.60 points, or 9.8 per cent, little away from hitting the lower level circuit of 10 per cent, fixed by authorities.
The National Stock Exchange index Nifty moved down by 314.70 points, or 9 per cent to 3,198.95 with all the heavy-weight stocks trading in negative zone.
Marketmen said melting global markets on fears the global financial crisis will lead to a global recession, mainly sparked panic selling by major players.
They said depreciating Indian rupee, which dipped to more than six-year low of 49.07 against the dollar, too weighed on the stock prices.
Infosys Technologies fell by Rs 54.35 at Rs 1,200 despite better quarterly earnings.
Besides, other losers were Reliance Industries, Reliance Infra, RCom, ICICI Bank, State Bank of India, Bharti Airtel, Satyam Computers, Tata Consultancy, Wipro, BHEL, Larsen and Toubro, Grasim Industries, HDFC Ltd and ACC.
Meanwhile, the United States Dow Jones plunged by over seven per cent last night, while Japan's Nikkei fell by nearly 11 per cent, a biggest one-day drop in two decades.
Hong Kong's Hang Seng was down by 2.9 per cent in early trade on Friday.