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Greece singes world, Sensex feels heat

Worries that Greece’s financial crisis might spread to other nations sent the Sensex tumbling 279 points initially, but the index recovered sharply to close the day at 17,087, a fall of 49 points, or 0.3 per cent. HTCorrespondent reports.
Hindustan Times | By HT Correspondent, Mumbai
UPDATED ON MAY 06, 2010 02:45 AM IST

Worries that Greece’s financial crisis might spread to other nations sent the Sensex tumbling 279 points initially, but the index recovered sharply to close the day at 17,087, a fall of 49 points, or 0.3 per cent.

This is the third consecutive day that the markets have fallen, with the Sensex losing 471 points, or 2.7 per cent, since the Friday’s close of 17,558.

The broader Nifty of the National Stock Exchange also fell by 23 points, or 0.5 per cent, on Wednesday to close at 5,124.9.

“Global markets were in a tailspin, which prompted foreign institutional investors to sell, leading to the fall. However, domestic investors showed some confidence later in the day and the market witnessed some buying,” said Motilal Oswal, CMD, Motilal Oswal Securities.

Globally, Indonesia and Taiwan saw their premier indices fall by 3.8 per cent and 3 per cent, respectively. Hong Kong also fell by 2.1 per cent.

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