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Markets continue moving downwards


Mumbai : Indian equities markets continued their movement southward Wednesday morning, with a key index still below its previous close.

New US President Barrack Obama’s inaugural speech failed to resurrect market sentiments globally. Markets across Asia were trading weak Wednesday.

The sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 8,900.78 points against the previous close at 9,100.55, was at 8,991.11 points just before noon.

At this level, the Sensex was down 109.44 points or 1.2 percent from Tuesday’s close.

The broader S&P CNX Nifty index of the National Stock Exchange was at 2,767.05 points, a loss of 1.06 percent from its previous close.

The BSE midcap index was down 0.48 percent while the BSE smallcap index fell 0.17 percent.

Gainers on the Sensex at this time included Hindustan Unilever, Jaiprakash Associates and Hindalco, while losers included ICICI Bank, HDFC Bank and Tata Power.

Among global markets, Wall Street plunged more than four percent on Inauguration Day Tuesday as bank woes spread while investors failed to find confidence from Obama’s speech.

Japan’s key Nikkei 225 Stock Average fell below 8,000 to end Wednesday morning trading as the market sentiment was dampened by concerns over the US and European financial sectors. The Nikkei fell 1.56 percent over its previous close.

The Hang Seng, a key index of the Hong Kong Stock Exchange, shed 1.8 percent over its last close.