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Journalism of Courage
The free fall of the market continued on Monday with the BSE Sensex falling to a 28-month low of 15,379.34 down 112.01 points on heavy selling for the fourth day in a row on persisting concerns over slowing growth and weakening rupee amid declining global markets.
After losing 511 points in the past three sessions,the BSE 30-scrip index opened lower and dropped sharply to 15,190. It recovered some ground but still ended the day 0.72 per cent down from Fridays close. Sensex has sunk 26 per cent so far this year. The 50-scrip NSE index Nifty fell 38.50 points or 0.83 per cent to end at 4,613.10.
Analysts said investors are wary of slowdown in economic growth,falling rupee and tight liquidity. Key benchmark indices fell again as data is showing sustained selling by foreign funds over the past few days,ongoing worries about euro zone sovereign debt crisis and geopolitical worries that hurt sentiment adversely, said an analyst from Religare Securities.
The selloff continued unabated and bears had another field day. The RBIs caution on Friday about slow economic growth has led to the jittery sentiments on the bourses, said Shanu Goel,senior research analyst at Bonanza Portfolio.
Banking stocks led the fall as the sentiments worsened on the RBIs decision to keep the CRR unchanged. Negative openings in European markets added to the woes, Goel said. The BSE Bankex fell by 3 per cent.
Global cues remained weak on investor worries over the euro zone debt crisis.
Asian markets were down also due to some anxiety in the region after the death of North Korean leader Kim Jong-il. Key indices in China,Hong Kong,Japan,Taiwan,Singapore and South Korean fell by up to 3.43 per cent.
