Just in: Sensex slips 700 points and was quoted at 10,793 at 14:59 on Wednesday, Oct 15.
3:01 PM 10/15/2008
Mumbai, Oct 15: At 13:57 pm, Bombay Stock Exchange's Sensex was at 10,923.13, down 4.63 per cent. The index touched a high of 11,257.15 and low of 10,952.13. The index broke psychological resistance of 11,000. National Stock Exchange's Nifty too was below crucial resistance of 3,400. The broader index was at 3387.30, down 3.73 per cent or 131.35 points. The index touched a low of 3377.60.
There were no gainers on the Sensex. Market breadth was negative on the BSE with 1945 declines and 441 advances.
1:59 PM 10/15/2008
Mumbai, Oct 15: Markets have opened sharply lower by 300 points on Wednesday, Oct 15 in line with fall in Asian and US markets and have lost most of the Tuesday's gain on the back of profit booking.
Selling is seen in realty, metal, banking, telecom, power, capital goods and technology stocks. Midcap and small cap stocks have also slipped in to the red. At 9:56 am, the Sensex fell 254 points to 11,228 and the Nifty tumbled 77 points to 3,441. CNX Midcap 100 lost 76 points to 4,117. US stocks slid on Tuesday, Oct 14 as fears the global economy may not avert recession sent shares of technology and consumer companies sharply lower, eclipsing a government rescue plan for banks. The markets have still not bottomed out. We don't see the Sensex rising beyond 12,500 in the current move and expect a further downside in October.
The Sensex could head back to 10,000 levels, and may even dip below that.
11:00 AM 10/15/2008