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Sensex down 227 points on global factors

Tracking the global trend the benchmark Sensex fell by over 226 points in early morning trade on the BSE on Monday on funds selling amid profit booking by retailers.

business Updated: Sep 10, 2007 10:55 IST

The stock markets fell sharply shedding about 227 points in morning trade on global weakness following fears of economic recession in the US.

The US employment report for August released on Friday showed a decline in jobs as well as downward revisions, indicating that credit problems that have emerged this year are now beginning to affect the world's largest economy seriously.

Taking a cue from sharp losses in US indices on Friday, Asian markets this morning showed weak trend with the Nikkei, Hang Seng, Singapore ST and others registering marked falls.

BSE 30-share index, Sensex, opened with a 177-point downward gap at 15,413.58 and later touched a low of 15,363.53 within a few minutes of resumption of trading, a loss of 226.89 points from Friday's close of 15,590.42.

Similarly, the broad-based S&P CNX Nifty of the National Stock Exchange (NSE) tumbled by 56.55 points to 4,452.95 from last close of 4,509.50.

Both the Sensex and the Nifty, however, recovered part of losses in late morning trade and were quoted at 15,470.47 and 4,471.70 at 10.30 am.

Foreign Institutional Investors stepped up activity in the week after their massive pull out during August. They pumped in about Rs 2,576 crore (including provisional numbers of Friday) in the week.

The outlook is optimistic on the back of robust economic growth and low inflation but there is pressure from negative global factors, market players said.