The opening bell on Monday reflected the sufferings of Asian Markets, which had broadly tanked 3% after the downgrade of US by rating agency Standard & Poor's. With Dow futures down significantly, most analysts were expecting a massive cut on theSensex. The benchmark Sensex dipped below the psychological 17,000-mark in the opening trade while the Nifty slipped below the 5,100 level. Technology stocks — due to their exposure to the US — were completely butchered with TCS taking a knock of 4%. The oil & gas heavyweight Reliance Industries opened 3% down and the Reliance ADAG pack were discarded like dirt by investors.
At 9:18 hours IST, the 50-share NSE Nifty was trading at 5,080, down 132 points and the 30-share BSE Sensex fell 457 points to 16,848.
Commodity related stocks too saw sharp knock. Sterlite, Hindalco, Cairn and Sesa Goa were down 4%.
No comments:
Post a Comment