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Sensex 400 pts down on fear of global recession

Sensex 400 pts down on fear of global recession
PTI
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First Published: Wed, Oct 22 2008. 03 34 PM IST
Updated: Wed, Oct 22 2008. 03 34 PM IST
Mumbai: The Bombay Stock Exchange benchmark Sensex plunged by over 438 points at midsession on Wednesday on heavy selling by funds on fears of a global recession and dismal quarterly results by leading corporates.
The 30-share index, which commenced the day lower by 267 points, fell further to record a loss of 438.48 points at 10,244.91 as commodity stocks declined on recessionary concerns and weak trend in global stock markets.
The wide-based National Stock Exchange index Nifty dropped by 145.30 points at 3,089.60 at the same time, as most of the index-participants traded lower.
Marketmen said dismal quarterly results mainly influenced the trading sentiments.
They said the two-day rally in the previous two sessions was on the back of brokers covering their long pending positions ahead of the settlement in derivative segments.
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First Published: Wed, Oct 22 2008. 03 34 PM IST
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