Sensex ends 328 points lower, Infosys sinks 5.5%
Indian markets have managed to close off the day's lowest point, clawing back some gains, after sinking below key psychological levels in intraday trade. The Sensex declined 328 points to 16,141 and the Nifty ended 98.5 points to 4,845. Earlier, the Nifty had fallen below the 4,800 levels for the first time since May 25, 2010. The BSE Sensex had broken 16,000 levels, crashing over 470 points.
Out of the 300 points the Sensex lost, over 80 points were contributed by one stock - Infosys. IT stocks were the worst performers sectorally, sinking over 4 per cent. All stocks on the BSE IT index closed lower led by Infosys that tanked over 5.5 per cent. TCS closed over 3 per cent lower and Wipro declined over 2 per cent.
Recession fears in US and Europe have led to panic sell-off across the globe. Asian markets closed deep in the red, European indices were trading with big losses and Dow Futures indicated another gap down opening on the Wall Street.
Commenting on the atmosphere across dealing rooms, Sarvendra Srivastava of Emkay Global said, "The dealing room is absolutely quiet... people are brooding and thinking."
Pankaj Pandey, Head of Research at ICICI Securities said this is a totally unchartered territory... Last time, the problems were with corporates but this time it is with governments... "We are close to the bottom except for knee jerk reactions which are difficult to predict," Mr Pandey said.
Mr Srivastava added that the markets are extremely oversold at current levels and 4,700-4,800 levels should hold. "There is only 5 per cent chance that the markets will break down from these levels without a bounce," Mr Srivastava added.
Read more at: http://profit.ndtv.com/news/show/sensex-ends-328-points-lower-infosys-sinks-5-5-173303?cp
Out of the 300 points the Sensex lost, over 80 points were contributed by one stock - Infosys. IT stocks were the worst performers sectorally, sinking over 4 per cent. All stocks on the BSE IT index closed lower led by Infosys that tanked over 5.5 per cent. TCS closed over 3 per cent lower and Wipro declined over 2 per cent.
Recession fears in US and Europe have led to panic sell-off across the globe. Asian markets closed deep in the red, European indices were trading with big losses and Dow Futures indicated another gap down opening on the Wall Street.
Commenting on the atmosphere across dealing rooms, Sarvendra Srivastava of Emkay Global said, "The dealing room is absolutely quiet... people are brooding and thinking."
Pankaj Pandey, Head of Research at ICICI Securities said this is a totally unchartered territory... Last time, the problems were with corporates but this time it is with governments... "We are close to the bottom except for knee jerk reactions which are difficult to predict," Mr Pandey said.
Mr Srivastava added that the markets are extremely oversold at current levels and 4,700-4,800 levels should hold. "There is only 5 per cent chance that the markets will break down from these levels without a bounce," Mr Srivastava added.
Read more at: http://profit.ndtv.com/news/show/sensex-ends-328-points-lower-infosys-sinks-5-5-173303?cp
Category: LATEST NEWS
0 comments