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Close: Markets end 2% lower on weak global cues

Close: Markets end 2% lower on weak global cues
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First Published: Tue, Jan 20 2009. 05 22 PM IST
Updated: Tue, Jan 20 2009. 05 22 PM IST
New Delhi: Markets continued to trade in red and showed no signs of recovery on Tuesday as the Bombay Stock Exchange benchmark Sensex ended 2.45% lower dragged by fresh economic worries after Royal Bank of Scotland revealed their $41 billion loss.
RBS announcement of UK’s largest corporate loss caused the Asian markets to get jittery and Sensex picking these weak cues opened 2% down.
The 30-share BSE index ended 229.02 points down at 9,100.55 and broad based 50-share NSE Nifty declined by 49.60 points at 2,796.60.
Metal sector suffered the maximum selling pressure losing almost 4%, other segments under pressure were realty, banking, auto and oil and gas and. Across broad trading was relatively negative.
Stocks of Tata Consultancy Services surged after the company announced a multi-million dollar deal with Italian company Ducati Motor to manage their resource planning.
Leading the decline on the BSE index was Tata Steel losing by 6.34% to Rs195, along with Bharati Airtel 4.88% to Rs615.35, Sterlite Industries by 4.75% by Reliance Communication Ltd by 4.65% to Rs 176.35 and 4.65% to 176.35 and Jaiprakash Associates by Bharti Airtel by 4.12% at Rs618.50 and ICICI Bank by 3.93% at Rs 396.80 to 66.35.
Negative Asian markets also dragged Sensex as global banking crisis deepens. HSBC slides 7.7% after RBS’s losses causing to drop Hang Seng by 2.9% and Japan’s Nikkei fell by 2.3%.
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First Published: Tue, Jan 20 2009. 05 22 PM IST
More Topics: Sensex | Stocks | BSE | NSE | Royal Bank of Scotland |