weak Q3 numbers, concerns over recession pulls sensex down 358pts
Equity benchmarks fell close to 4% on Monday weighed down by disappointing December quarter earnings from some key companies and concerns over a deepening recession in the US. With the result season coming to an end and fewer domestic events to provide direction immediately, fund managers expect Indian equities to mirror overseas trends in the near future.
Going by Monday’s trend in US futures, which declined on a fall in consumer spending during December for the sixth straight month, Indian shares on Tuesday are likely to open lower.
On Monday, the BSE’s 30-share Sensex closed at 9066.70, down 357.54 points, or 3.79%. The NSE’s 50-share Nifty ended at 2766.65, down 108.15 points, or 3.76%. The bear domination extended to the broader market, too, with the losers outnumbering the gainers 1,577:867 on the BSE. Technical analysts see the 2700-level as a key support for the Nifty in the near-term.
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