Global economic turmoil hitting Indian markets: Government

New Delhi, Feb 10 (IANS) The Indian stock markets fall is linked to the turmoil in the global economy and measures are to taken to deal with the situation, the government said on Wednesday.

“Global economy is in turmoil, markets are down. We know the challenges and are taking necessary measures,” Economic Affairs Secretary Shaktikanta Das said in a tweet.

Disappointing earning results, coupled with negative global cues and a slump in crude oil prices, dragged the Indian equity markets to their lowest levels in 2016 on Wednesday.

The S&P BSE Sensex, which opened at 23,938.32 points, provisionally closed at 23,758.90 points (3.30 p.m.) — down 262.08 points or 1.09 percent from the previous day’s close at 24,020.98 points.

“The lower closing of Japanese markets, crude oil slump and disappointing results have all contributed to this panic selling,” Anand James, co-head, technical research desk with Geojit BNP Paribas Financial Services, told IANS.

Selling frenzy led to both the bellwether indices of the Indian equity markets to trade at levels which were last seen during May 2014.

The indices even touched their new 52-week lows during the intra-day trade.

Leave a Reply

Please enter your comment!

The opinions, views, and thoughts expressed by the readers and those providing comments are theirs alone and do not reflect the opinions of www.mangalorean.com or any employee thereof. www.mangalorean.com is not responsible for the accuracy of any of the information supplied by the readers. Responsibility for the content of comments belongs to the commenter alone.  

We request the readers to refrain from posting defamatory, inflammatory comments and not indulge in personal attacks. However, it is obligatory on the part of www.mangalorean.com to provide the IP address and other details of senders of such comments to the concerned authorities upon their request.

Hence we request all our readers to help us to delete comments that do not follow these guidelines by informing us at  info@mangalorean.com. Lets work together to keep the comments clean and worthful, thereby make a difference in the community.

Please enter your name here