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Market downslide continues, Sensex slips 2 pct

March 3, 2009

After a relatively lacklustre morning session, the stock market slipped during the last few hours of trade on Tuesday. The benchmark index closed at 8427, down 2.09 percent.

MARKETS-SOUTHASIA-STOCKS/Heavy falls in foreign markets and concerns about the global outlook continue to weigh on investor sentiment.

Reliance Industries, which has the heaviest weightage in the Sensex, led the slide and ended with losses of 2.1 percent.

All sectoral indices closed in the negative territory. The consumer durables index was down 3.1 percent while the banking index slipped 2.1 percent.

Some prominent losers included Rolta India (down over 18 percent), Tata Power (down 6.4 percent) and Reliance Communications (down 4.4 percent).

The Sensex slipped below 8,500 on Tuesday amid little hope of something that can boost investor sentiment on the morrow. Where do you see the Sensex by this weekend?

Comments

Sensex continues to fall in line with GDP 3Q 2008 disappointment.The future course of sensex’s movement would all depend on kind of developments that unfold.If Standard & Poor’s were to go ahead and lower India’s credit rating,perhaps more mayhem on the street can be expected.I am hopeful that the day our Prime Minister returns to work,D-street will feel reassured that India’s economic problems shall now get better addressed.Sensex may respond with a relief rally.
We have 3 trading days left this week,and wish all news is good news,so how about 8800 level.

Posted by A.Kapoor | Report as abusive
 

Guess we need some BIG positive developments now that can help boost the sentiment.

Posted by Aditya Kalra | Report as abusive
 

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