Mumbai Markets Slip Further into the Red Zone

09 August 2011 - Which Way to Pay

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Mumbai Markets Slip Further into the Red Zone

Today has seen a highly volatile Indian stock market with the benchmark index diving back into the red after fluctuating more than 1,600 points between negative and positive territories.

After a turbulent morning Sensex was able to negate its losses by lunchtime having seen an initial drop to 16,432 points – the lowest since June 1, 2010. Within minutes of opening trading, the markets plunged into the red by 558 points from an opening figure of 472 points down. Although somewhat of a smart recovery was staged by Sensex after the disastrous morning figures, it was short-lived and by 13.45 hours the index moved back into the red with trading down 250.27 points at 1,6739.91. However, such was the oscillation in the markets that by early afternoon, the index had recovered more than 700 points. Indeed by 1345 hours, the index had traversed over 1,600 points between the negative and positive territories.

The brief recovery in markets witnessed today is being credited by financial experts to the opening of European trading, which is now reflecting the trends of Indian bourses. Indeed the patterns of trading can be witnessed through the latest currency chart statistics.

Sensex has fallen 1,322 points in the past five trading sessions. The weakness in this morning’s opening is largely accountable to heavy selling stocks like Reliance Industries, Infosys, ICICI Bank and TCS.

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