Indian stocks tumbles due to Dubai debt problems

Mumbai, Nov 27 (ANI): Country's stocks tumbled on Friday with the rupee weakened and bond yields fell as Dubai's debt problems sparked concerns about corporate exposure.

Country's share market is now facing the risk of foreign investors repatriating funds.

Speaking to ANI a stock market expert Sunil Shah attributed Friday's fall to Dubai financial crises.

"I would like to say market at 17,000 plus which was two days ago, where we saw levels of 17,000 plus was in a case little expensive, so we were going through consolidation phase that 17,000, 200-300 was a resistance king of level from there the market needed a trigger to go up to 18,000 but this news of Dubai financial crisis and ripple effect is now being felt today and we will have to see that whether this is resolved very soon or this going to take sometime," he said.

Indian bond yields eased to near two-month low as risk aversion dominated market sentiment after Dubai's debt problems revived concerns about the health of the global financial system.

Earlier in the day, in New Delhi, Union Commerce and Trade Minister Anand Sharma opined that the Dubai debt worries are unlikely to impact the country's economy and the real estate sector.

Interacting with the media persons Sharma said: "India is a very large economy. I don't think some development in the real estate in Dubai is going to impact the Indian economy. As far as India is concerned, the housing sector, real estate sector, construction industry is doing well."

"They have definitely recovered and it is also confirmed by the increasing demand of the construction materials, cement and steel, these are the sectors, which are doing well," he added. (ANI)