Indian Stock Markets down on recession fears
Stocks market after rallying high for one day have come down in India. Even Asian markets have shown same trend.
The Sensex continued its southward journey on Wednesday plummeting close to 650 points by 3.15 pm. The downslide is due to panic selling by major market participants. Meanwhile, the National Stock Exchange index Nifty also tumbled by 182 points to 3,336.
Selling pressure gathered momentum as funds and general investors remained jittery concerned over financial crisis, despite government announcing several market friendly measures, traders said.
The Sensex dropped by 543.32 points to 10,940.08 at 1250 hrs and the wide-based Nifty was down by 141.05 points at 3,377.60 as all the index-linked stocks traded lower.
The down-trend was led by shares of metal, capital goods, consumer durable and information technology segments.
Earlier, at 1130 hrs the Sensex was down 398.18 points ahead of second quarter corporate earnings amid weak global cues.
The brokers said investors seem more concerned about a likely global recession even as the policymakers around the world took bold steps to minimise adverse impact on the international financial system.
Asian indices were trading down by about 1.3 per cent to 2.5 per cent this morning.