3:20 PM 11/7/2008
Mumbai, Nov 7: Nifty was down by 22.85 points at 2869.80 and BSE Sensex lost 102.63 points to 9631.39. US stocks sold off on Thursday in the worst two-day slide since October 1987 with disappointing corporate outlooks and bleak sales from major retailers fueling fears of a deepening economic downturn.
Cautious investors looked ahead to Friday's jobs payroll data, which is expected to further underscore the weakening economy after weekly jobless claims fell but still showed serious labor market strains.
The Dow Jones Industrial Average tumbled 443.48 points, or 4.85 per cent, to 8,695.79, the Standard & Poor's 500 Index dropped 47.89 points, or 5.03 per cent, to 904.88 and the Nasdaq Composite Index shed 72.94 points, or 4.34 per cent, to 1,608.70.
Asian markets too declined tracking losses on Wall Street, and as crude prices tumbled. The Nikkei dropped 4 per cent, the broader Topix crashed 4.05 per cent, Hang Seng fell 1.53 per cent and Straits Times lost 2.14 per cent.
Adding to the woes, the International Monetary Fund, in its World Outlook Report, has predicted that the global growth would slow down by 0.2 per cent in 2008 and 0.9 per cent in 2009, thus leaving the revised growth figures at 3.7 per cent for this year and 2.2 per cent for the next.
As regards India, IMF sees the country's economic growth going down to 6.3 per cent, 0.6 per cent less than what it had projected last month, while it expects the US economy to contract as much as 0.7 per cent in 2009.
10:21 AM 11/7/2008