Sensex falls below 9 k on global recession worries

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Mumbai, Nov 18 (UNI) The benchmark Sensex of the Bombay Stock Exchange (BSE) further slipped by 353.81 points for the fifth straight session to close below the 9k mark at 8937.20 amid concerns over the worldwide recessionary trends.

The Nifty index of National Stock Exchange (NSE) also ended in red at 2683.15 with a big loss of 116.40 points.

Negative sentiment in global indices and fall in heavyweights weighed on the markets. The Nifty and Sensex struggled at the psychological mark of 2,700 and 9,000 respectively, before closing below these levels. Telecom, technology, banking, power, metal, capital goods and realty took a huge beating on the bourses. Midcap and smallcap stocks remained under pressure, a leading broker said.

All global indices were in red in today's trade, due to recession in major countries and fears of jobs cut in major world companies as well as banks. Asian and European markets ended with sharp cuts.

Shanghai fell 6.31 per cent and Hang Seng lost 4.54 pc, Jakarta, Straits Times, Taiwan and Kospi tanked 3 to 4 pc. Nikkei was down 2.28 pc, FTSE by 80 points to 4,051. CAC and DAX fell 62 points and 64 points to 3,120 and 4,493 respectively. United Kingdom (UK) rents slipped for the first time since 2003. UK October CPI stood at -0.2 pc (month-on-month) and 4.5 pc (Year-on-Year). It was the first annual drop in the UK October CPI since August, 2007. which reflected to the downward trend at the Indian bourses, brokers pointed out.

The Sensex touched an intraday low of 8,871.71 and a high at 9169.05. It resumed low at 9084.12 points against the previous day's close of 9291.01 points. The 50-share NSE Nifty hit an intraday low 2664.30 and a high at 2802.45. It opened up by two points at 2802.45 points from its last finish of 2799.55.

Total turnover traded stood at Rs 40,908 crore. This includes Rs 2,219 crore from BSE Cash segment, Rs 6,109 crore from NSE Cash and the balance Rs 32,578 crore from NSE F&O segment.

The BSE clocked a turnover of Rs 3,022 crore today as compared to a turnover of Rs 3,230.17 crore yesterday. Market breadth is in favour of declines, about 726 shares have advanced while 1967 shares declined. Nearly 500 shares were unchanged.

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