Indian equities open sharply lower on global cues

Mumbai, Jan 14 (IANS) Key Indian equity market indices opened sharply lower on Thursday as the investor mood continued to be affected by both global cues and the poor macro-economic numbers emerging from the domestic economy.

Against the previous close at 24,854.11 points, the sensitive index (Sensex) of the Bombay Stock Exchange opened at 24,606.20 points and soon slid to 24,473.22 points.

Some 15 minutes after, the index was ruling at 24,599.15 points, down 254.96 points, or 1.03 percent.

At the National Stock Exchange, the Nifty was at 7,450.95 points, down 111.45 points or 1.47 percent.

Wednesday was a turbulent day, which saw both the Sensex and Nifty touch a 52 week high intra-day. But a rally since late afternoon helped them close higher.

The mood has been particularly affected by the official numbers that indicated that the country’s industrial production had fallen 3.2 percent in November over the like month of the previous financial year, against a rise of 9.8 percent in the month before.

In the Asia-Pacific region, too, all major indices were ruling sharply lower, taking a cue from the US, as also concerns over the global economy and the continuing fall in crude il prices.

“The US markets tumbled on Wednesday to their lowest close since September and oil prices gave up an early rally on mounting worries about the global economy,” Angel Broking said in an analysis, ahead of the opening bell for Indian bourses.

“European equities came off session highs to close mixed on Wednesday, amid renewed pressure on oil prices and a lower trading session in the US. After a roller coaster ride, the Indian market managed to end in positive territory on Wednesday on positive cues from Europe.”

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