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| Sensex crashes 540 points |
| An investor in pensive mood looks at the giant screen (not in picture) put up at the Bombay Stock Exchange showing the Sensex crash in Mumbai
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| INDIA
, 28-July-2007
2:22:21 AM |
| Amid high volatility, on extreme weak global cues, the domestic stock market tumbled by 541 points on Monday.
The benchmark 30-share sensitive index (Sensex) lost 541.74 points or 3.43 per cent at 15234.57 and the 50-share Nifty closed at 4445.20, down 174.60 points or 3.78 per cent.
“This is not yet over. Till the time the global risk appetite is fully restored we may have some period of uncertainties,” said Sanjay Sinha, Chief Investment Officer, SBI Mutual Fund. “No visible risks which are specific to India. However, most of the global markets are trading at their all time high and therefore any negative news lead to correction in the market,” said Mr. Sinha, adding, “the sharp appreciation of yen in the last two weeks has rekindled the fear of yen carry trade unwinding and therefore Indian markets have corrected in line with the global correction.”
Metal and realty stocks were the biggest losers. The BSE Realty Index on the eighteenth day after its launch opened at 8074.18 and touched an intra-day high of 8074.18 to close the day at 7823.91, down by 433.57 points, 5.25 per cent from its previous close of 8257.48. It touched an intra-day low of 7675.64. “The problem is external and not internal as the turmoil in the U.S. market has led to a contagion effect on other markets, including India,” said Tridib Pathak, Chief Investment Officer of Lotus India Asset Management Company. According to him volatility will continue in the short term depending on the global situation.
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