Stock Markets Suffer Heavy Losses Again

Stocks suffered heavy losses in opening trade again. The Bombay Stock Exchange (BSE) dropped down below 34,000 mark by shedding around 564 points while Nifty fell down over 1.6%. This is said to have happened on a widespread sell off triggered by a rout in global equity markets. Most of the sectoral indices led by Bankex, Teck and Information Technology (IT) plunged into the negative zone with losses of up to 1.76%.

Other Asian markets tumbled up to 4.24% after the Dow Jones index also routed for the second time this week. Industrial Credit and Investment Corporation of India (ICICI) Bank dropped the most by 2.75% followed by Imperial Tobacco Company (ITC) dropping down 1.9%. Housing Development Finance Corporation (HDFC) fell down 1.85% while Axis Bank tumbled 1.66% and Larsen and Toubro tumbled 1.6%.

It is said Infosys, Tata Consultancy Services (TCS,) Reliance, Kotak Bank, State Bank of India (SBI,) Indus Ind Bank, Hindustan Unilever, Bharathi Airtel also dropped down up to 1.5%.