The Mint Report for 22 September 2011

The Mint Report for 22 September 2011

Indian markets plunged on Thursday, with the Sensex alone recording its biggest single-day fall in more than two years. Markets were reacting to a poor economic outlook from the US and a slowdown in manufacturing output in China. The Sensex plummeted a full 704 points to close trade at 16,361. And the Nifty tumbled 210 to wind up at 4,924.

Thursday’s carnage spread across sectors and industries. The country’s biggest firm RIL was among the biggest losers of the day. Its shares nosedived 6.16% on the BSE to 786.45. And real estate firm DLF dropped 7.16% to 197.85.

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Even IT companies have not been immune to Thursday’s bloodbath. After surging over the last few days on news of a weakening rupee, they finally cracked. TCS tumbled 4.59% to 995.15. And Infosys fell 3.28% to 2,353.60.

India’s food inflation has eased to a seven-week low in early September. The country’s food price index stood at 8.84% in the period to 10 September. The previous week it had surged 9.47%.