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Sensex sinks; Japanese markets at 20-year low

October 8, 2008

The Indian investor is being slaughtered at the stock markets.

The Sensex opened with a negative gap of 379 points at 11,316 on the back of negative cues from the overseas markets amid rising fears of a significant slowdown in the global economy.

The index after a weak start slipped to lower levels and touched a low of 10,741 - down 575 points from the day's open - on resuming trade after the sun outage break. The index, however, staged a smart recovery from lower levels on the back of renewed buying interest in select beaten down stocks.

The Sensex finally ended with a loss of 367 points at 11,328. Today being the last day of sun outage, the index thus recorded a loss of 16.5% (2,242 points) during the period (from September 24, 2008 till today).

The market breadth was extremely negative - out of 2,652 stocks traded, 2,164 declined, 442 advanced and the rest were unchanged. Bloodbath in Asian markets. . .

Image: Shocked Indian investors watch share prices on a digital stock ticker outside the Bombay Stock Exchange building in Mumbai. | Photograph: Sajjad Hussain/AFP/Getty Images

Also read: Meltdown: Thousands of jobs to go globally!

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