It was a crucial day for the markets on account of heavy sell off in heavyweights and weak global markets. The benchmark indices broken five days winning streak and tumbled nearly 5%. Huge beaten down sectors were oil, metal, realty, capital goods and telecom. Reliance Industries, HDFC, L&T, Bharti Airtel, Reliance Communication, SAIL and Tata Steel were real culprits for today's fall.
The Sensex has touched an intraday low of 10,051.52, before closing the day at 10,120.01, down 511.11 points or 4.81% over previous close. The Nifty closed below 3,000 mark. It plunged 147.15 points or 4.68%, to settle at 2994.95. Arcelor-Mittal is going to cut production in US and Europe. It will reduce supplies to Asia and Africa due to lower steel prices. European markets were trading sharply lower. FTSE, CAC and DAX plunged 2.5-3%, at 3:42 pm. Poor outlook projected by heavyweights led to profit booking and selloff. The profit of France's largest bank, BNP Paribas has declined by 56% on account of bad loan provisioning in third quarter. Carlsberg, largest brewer in the Nordic region, has cut annual earnings and sales forecast. It closed its UK plant along with job cuts. Dow Jones Futures was down 1.5% and Nasdaq Futures fell 1.8%. There are speculation that new US President, Barack Obama may double low cost loans sanctioned to US auto makers. Asian markets ended higher barring Jakarta and Taiwan. Shanghai and Hang Seng jumped 3.16% each. Nikkei rose 4.46%. Straits Times and Kospi gained 2.14% and 2.44%, respectively. However, Taiwan and Jakarta lost 0.26-0.29%. --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "Kences1" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [EMAIL PROTECTED] For more options, visit this group at http://groups.google.com/group/kences1?hl=en -~----------~----~----~----~------~----~------~--~---
