A maturing market amid the mayhem
Sensex drops 2.2 pct tailing global rout
The Sensex closed at 8843, pulled down by over 3 percent losses in Reliance Industries and a 7 percent slide in ICICI Bank.
The sectoral picture looked bleak as well with all sectors closing in the negative. The bankex led the pack with losses of 3.5 percent and was closely followed by the IT and metal indices which ended down 2.6 percent each.
Shares in Satyam ended 1.7 percent lower with volumes of 14.3 million shares on the BSE. Late on Thursday, the firm was given approval to bring on board a strategic investor.
Addressing the concerns of a worsening economy, the finance minister said today that workers may have to accept pay cuts if necessary to protect their jobs.
Adding to the domestic gloom is the fear of a deepening recession in the U.S. Do you think the markets have the potential to break free and notch gains when they open on Tuesday after an extended weekend?