US blues make Indian markets see red
Investors say stocks to drift further, but impact of rating downgrade may be short-term.
The mood on Dalal Street has soured further after Standard & Poor’s cut the long-term US credit rating by one notch to AA-plus from top-tier AAA. But investors have not pressed the panic button yet.
The rating downgrade, which came after the US market hours on Friday, capped a tumultuous week that saw around $2.5 trillion wiped off the value of global equities due to concerns over a US slowdown and the euro zone crisis. In India, investors lost Rs 2,68,258 crore as key indices fell to their lowest levels in 14 months.
Experts believe S&P’s downgrade of the US credit rating will have a short-term impact on the Indian market, and global uncertainties may drag the Bombay Stock Exchange (BSE) benchmark Sensex another 5-7 per cent in the short term. The 30-stock index lost about 5 per cent last week and ended at 17,305.87. Source: Business Standard
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