Sensex down 300 points in early morning trade over global meltdown

Mumbai, Nov.11 : A bleak global economic outlook resulted in the Bombay Stock Exchange's 30-share Sensex losing about 300 points in early morning trade on Tuesday.

In opening trade, the National Stock Exchange's benchmark Nifty fell 35 points to 3112.

According to an Economic Times report, a safe strategy would be to get into the market again only if it closes above the 3250 mark.

Monday's excitement over a massive Chinese economic stimulus package gave way to gloom after Deutsche Bank lowered its view on the equity value of General Motors to zero, sending its shares to 62-year lows, and analysts warned that Goldman Sachs could post a quarterly loss for the first time in its history.

Asian markets were trading lower with the Nikkei down 2 per cent, Topix falling 2.66 per cent, Hang Seng losing 0.6 per cent and Straits Times shedding 1.78 per cent.

ANI