Stocks fall sharply; Realty, banks badly hit

MUMBAI: Stocks opened sharply lower on Tuesday tailing a global rout after a fresh wave of fears about the global financial system. All sectoral indices were trading lower. Realty and banking stocks were the worst hit.

Bombay Stock Exchange’s 30-share Sensex lost 135.86 points to 8707. National Stock Exchange’s benchmark Nifty fell 41 points to 2695 from its previous close.

The Dow Jones Industrial Average and the S&P 500 slumped to a 12-year low on Monday on fading confidence that the US government will be able to stabilize the financial system.

The Dow Jones Industrial Average slid 250.89 points, or 3.41 per cent, to 7,114.78, the Standard & Poor’s 500 Index fell 26.72 points, or 3.47 per cent, to 743.33 and the Nasdaq Composite Index dropped 53.51 points, or 3.71 per cent, to 1,387.72.

Asian stocks tumbled, dragging the regional benchmark to the lowest in more than five years, as the global recession hurts company earnings and forces share sales to bolster balance sheets. The Nikkei lost 2 per cent, Topix tanked 1.82 per cent, Straits Times shed 4.02 per cent and Straits Times dipped 2.47 per cent.

source: Economictimes

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