Sensex down 400 points on weak global cues
The stock markets ran out of steam after a two-day surge as worries about recession resurfaced, pulling down the benchmark Sensex by 400 points in late morning trad on Tuesday amid weak Asian markets.business Updated: Nov 11, 2008 11:20 IST
The stock markets ran out of steam after a two-day surge as worries about recession resurfaced, pulling down the benchmark Sensex by 400 points in late morning trade on Tuesday amid weak Asian markets.
Tracking weak global cues, the 30-share index dropped to 10,135.51 at 1100 hrs, a net loss of 400.65 points or 3.71 per cent from its previous close.
The broader 50-share Nifty of the National Stock Exchange also fell by 108.15 points to 3,040.10 at 1100 hrs from its last close.
Brokers said lingering worries about global recession as well as a decline in India's exports overrode the impact of China's massive stimulus plan.
India's exports declined by 15 per cent in October this fiscal, for the first time in five years, due to the global slowdown.
The market sentiment was partly affected by reports that the key oil and gas projects of India's largest private sector company Reliance Industries are unlikely to meet its previously-announced commissioning schedules.
Shares of RIL fell by 5.3 per cent at Rs 1,234 on the BSE in morning trade.