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Indian stock index falls 2.2 percent

Indian stock index falls 2.2 percent

India's benchmark Sensex index fell to its lowest in nearly three years on Monday amid fears that the worst of the financial crisis is not yet over.
The Sensex was down more than 6 percent in midday trading before closing down 191.51 points, or 2.20 percent, at 8509.56, its lowest since Nov. 2005.
Foreign investors have continued to pull money _ $12.1 billion since January _ from Indian equities, pushing the Sensex down about 60 percent this year, and punishing the rupee.
"No one is standing in their way, which is why prices give way. Hopefully, it won't last too long. There's only so much they can sell," said Shriram Iyer, head of research at Mumbai's Edelweiss Capital.
"Globally, markets are going to the extreme, factoring in a big global recession. We are in for a period of consolidation. Valuations across the board look pretty attractive," he added.
Consumer goods and auto stocks led declines in the broad sell off.
Tata Motors lost 13.95 percent and automaker Mahindra & Mahindra Ltd. fell 13.71 percent.
Infrastructure conglomerate Jaiprakash Associates Ltd. lost 10.33 percent.


Updated : 2021-01-21 20:46 GMT+08:00