Markets: Eerie calm

Markets: Eerie calm

it is not clear when market sentiment can change; as in the past, it can be quite sudden.
At a turn and yet not

At a turn and yet not

RBI could be tempted to cut policy rate to support growth at its bi-monthly review.

FIIs pull out $500 mn as Sensex falls 903 pts in 2 days

Sep 24 2011, 00:46 IST
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SummaryDalal Street fell another 1.22 per cent, or 199.09 points, to their lowest close in nearly a month as fears of a recession in the developed world lowered risk appetite.

Dalal Street fell another 1.22 per cent, or 199.09 points, on Friday to their lowest close in nearly a month as fears of a recession in the developed world lowered risk appetite. With this, the Sensex has fallen 903 points and foreign institutional investors have pulled out $500 million (around Rs 2,500 crore) in the last two days.

After falling 704 points on Thursday, the Sensex opened weak and dipped to a low of 16,052.47, losing 300 points on the back of weak Asian trend as US markets plunged. However, there was some buying by domestic funds at lower levels amid positive openings in European markets as G-20 group of countries said they will work together to resolve the debt problems. The Sensex rebounded to a high of 16,368.41, but fell again on late profit-booking to close at 16,162.06, down 199.09 points.

The outlook for next week remains shaky, traders said. FIIs which pulled out Rs 1,300 crore on Thursday took away another Rs 1,279 crore on Friday. The 50-share NSE index Nifty fell 1.14 per cent to 4,867.75.

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