Markets Crash

The markets opened in the red today on the back of weak global cues. The day continued to disappoint and the Sensex closed 615 points lower and the Nifty, 183 points. ACC, Reliance Energy, Hindalco were among the biggest losers.

With selling across sectors, all sectoral indices also closed in the red with the realty index the worst hit.

The market breadth showed 1,951 declines and 570 advances on the BSE and 993 declines and 143 advances on the NSE.

Asian indices also closed in the red while Europe opened in the red.

If you remember, last Thursday global markets crashed on the back of rising interest rate concerns caused by high inflation and rising oil prices. The fall was initiated by the US market where the concern was that higher corporate borrowing costs would curb the rapid pace of takeovers and aggravate the sluggish environment for home sales and the continued defaults in sub-prime loans.

Today's fall is said to be attributed to negative news flow on subprime motgage worries from the US.