Global financial turmoil has affected Indian markets: Analysts

Reacting to BSE's Sensex on Monday that tumbled over 500 points on global selloff, market analysts said Indian markets are largely affected by what is happening in the US and European markets. The BSE Sensex extended its fall to 3%, tracking a selloff in Asian markets after Standard & Poor's downgraded the US sovereign debt rating and on fears that the world's largest economy may be sliding back into recession. At 10:02 am, the 30-share BSE index was down 3.1% at 16,771.90 points, with all of its components declining. The 50-share National Stock Exchange index fell nearly 3% to 5,056.25 points.