The Indian equity markets continued to fall further in mid-morning trade, marking their lowest intraday level since November 27 on risk-off mood in emerging markets.
Strains in emerging markets returned with a vengeance and the US.Federal Reserve further scaled back its stimulus, sending investors scurrying to safety in bonds and yen. The Bank Nifty fell as much as 2 percent to its lowest since October, heading towards a sixth consecutive losing session.
At 11:55 am, the BSE Sensex was down 200 points at 20445, while the Nifty was down 62 points at 6057.
Even the rupee was trading lower at 62.72 against the US dollar in line with weakness seen in other emerging market currencies.
According to John Woods, MD and Chief Investment Strategist, APAC, Citi, the Indian equity markets could head to August lows if the pressure on emerging markets continue.
"Investors should brace up for correction as this crisis unfolds," he told CNBC- TV18 in an interview.
He sees the Sensex finding support at 18,000 levels Sesa Sterlite, BHEL, Tata Steel, Hero Motocorp and Hindalco are top losers in the Sensex.
Led by good results, Bharti Airtel is still leading the gainers, followed by GAIL, Tata Motors and M&M.
ICICI Bank slumped 2.3 percent, and HDFC Bank fell 1.2 percent.
Titan was down nearly 1 percent after the company's December-quarter earnings lagged some analysts estimates, dealers say.
Read more at: http://www.firstpost.com/investing/markets-fall-further-sensex-dips-200-points-as-fed-cuts-stimulus-1366409.html?utm_source=ref_article
Strains in emerging markets returned with a vengeance and the US.Federal Reserve further scaled back its stimulus, sending investors scurrying to safety in bonds and yen. The Bank Nifty fell as much as 2 percent to its lowest since October, heading towards a sixth consecutive losing session.
At 11:55 am, the BSE Sensex was down 200 points at 20445, while the Nifty was down 62 points at 6057.
Even the rupee was trading lower at 62.72 against the US dollar in line with weakness seen in other emerging market currencies.
According to John Woods, MD and Chief Investment Strategist, APAC, Citi, the Indian equity markets could head to August lows if the pressure on emerging markets continue.
"Investors should brace up for correction as this crisis unfolds," he told CNBC- TV18 in an interview.
He sees the Sensex finding support at 18,000 levels Sesa Sterlite, BHEL, Tata Steel, Hero Motocorp and Hindalco are top losers in the Sensex.
Led by good results, Bharti Airtel is still leading the gainers, followed by GAIL, Tata Motors and M&M.
ICICI Bank slumped 2.3 percent, and HDFC Bank fell 1.2 percent.
Titan was down nearly 1 percent after the company's December-quarter earnings lagged some analysts estimates, dealers say.
Read more at: http://www.firstpost.com/investing/markets-fall-further-sensex-dips-200-points-as-fed-cuts-stimulus-1366409.html?utm_source=ref_article
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