Indian stocks fall six-month low
Monday, 29 September 2008
MUMBAI, Sept 28 (Bloomberg): Indian stocks fell Friday, with the benchmark posting its biggest weekly drop in six months, after talks on a US credit market rescue plan stalled and Washington Mutual became the biggest bank failure in American history.
The Bombay Stock Exchange's Sensitive Index, or Sensex, fell 445, or 3.30 per cent, to 13,102.18. The index had its biggest weekly drop since the week ended March 7. The S&P CNX Nifty Index on the National Stock Exchange slid 125.30, or 3.10 per cent, to 3,985.25. The BSE 200 Index declined 3.20 per cent to 1,590.58. Nifty futures for October delivery fell 3.90 per cent to 3,995.
ICICI Bank fell 3.50 per cent to its lowest in more than a week. Housing Development Finance Corporation dropped 3.40 per cent to its lowest since July.
"The bailout package looks like it won't be accepted in its current form," said Jayesh Shroff, who helps manage about US$3.50 billion at SBI Mutual Fund in Mumbai. "Even with it, structural problems in the US will remain."
ICICI, India' No 2 bank, dropped 6.0 per cent to Rs560.40, the most since July 29. Housing Development, the county's largest mortgage lender, declined 3.40 per cent to Rs2,091.15, the lowest since July 21.
Tata Consultancy Services Ltd, the biggest software exporter, fell 1.80 per cent to Rs676.20, its lowest since August 25, 2005. Infosys Technologies, the second-ranked, dropped 4.0 per cent to Rs1,446.90, its worst since April 11.
Foreign investors were net sellers of Indian stocks for a fifth straight month, dumping $9.0 billion this year, according to data from the Securities and Exchange Board of India. They bought a record $17.20 billion in stocks last year.
The Sensex completed its worst week in six months after talks on a $700bn US financial plan to ease a credit squeeze in the world's largest economy stalled. The index is set for its first annual decline since 2001.
The Bombay Stock Exchange's Sensitive Index, or Sensex, fell 445, or 3.30 per cent, to 13,102.18. The index had its biggest weekly drop since the week ended March 7. The S&P CNX Nifty Index on the National Stock Exchange slid 125.30, or 3.10 per cent, to 3,985.25. The BSE 200 Index declined 3.20 per cent to 1,590.58. Nifty futures for October delivery fell 3.90 per cent to 3,995.
ICICI Bank fell 3.50 per cent to its lowest in more than a week. Housing Development Finance Corporation dropped 3.40 per cent to its lowest since July.
"The bailout package looks like it won't be accepted in its current form," said Jayesh Shroff, who helps manage about US$3.50 billion at SBI Mutual Fund in Mumbai. "Even with it, structural problems in the US will remain."
ICICI, India' No 2 bank, dropped 6.0 per cent to Rs560.40, the most since July 29. Housing Development, the county's largest mortgage lender, declined 3.40 per cent to Rs2,091.15, the lowest since July 21.
Tata Consultancy Services Ltd, the biggest software exporter, fell 1.80 per cent to Rs676.20, its lowest since August 25, 2005. Infosys Technologies, the second-ranked, dropped 4.0 per cent to Rs1,446.90, its worst since April 11.
Foreign investors were net sellers of Indian stocks for a fifth straight month, dumping $9.0 billion this year, according to data from the Securities and Exchange Board of India. They bought a record $17.20 billion in stocks last year.
The Sensex completed its worst week in six months after talks on a $700bn US financial plan to ease a credit squeeze in the world's largest economy stalled. The index is set for its first annual decline since 2001.