BSE Sheds 2.1%, Rupee Falls to Record Low
Indian shares fell to their lowest level in more than three years Tuesday after a selloff in Wall Street and a depreciating local currency sparked fresh concerns about the domestic economy.
The Indian rupee fell to a record low of 52 to the U.S. dollar, heightening worries of further foreign funds outflows from Indian equities.
The Bombay Stock Exchange’s 30-stock Sensitive Index closed down 2.1%, at 8,427.29, after trading between 8,390.21 and 8,635.20 during the session. The index last closed below this level Nov. 9, 2005, when it ended at 8,308.78. The index has lost more than 12.6% in 2009, after losing over 52% in 2008. ”
Investor confidence has taken a major hit with the spate of negative news coming from across the globe,” said Trinadh Kiran, head of internet broking at Unicon Securities.
There is scope of a further 8%-10% downside in the Sensex in March, Mr. Kiran said.
A Dow Jones Newswires technical analysis tips a 7,900-8,700 trading range for the Sensex for the rest of this week.
Total traded volume on the BSE was 25.48 billion rupees ($491.8 million), compared with Monday’s 25.79 billion rupees. Losers beat gainers 1,590 to 816, while 106 stocks were unchanged.
On the rival National Stock Exchange, the 50-stock S&P CNX Nifty fell 2%, to 2,622.40
[Article originally posted on The Wall Street Journal] Continue reading
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