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Mining industry

India's Stocks Fall Amid Global Economic Concerns

Strategic Insights

— 1 min read

India's stock market fell for the second day as investors expressed concern about the strength of global economic recovery. Prime Minister Manmohan Singh and investor Jim Rogers warned about the fragility of the recovery, while disappointing earnings forecasts at US companies fuelled concerns about growth in the world's largest economy. Despite a slight rally in oil stocks, the Bombay Stock Exchange's Sensitive Index, or Sensex, fell 102.57, or 0.6 percent, to 17,627.67.

Key Takeaways:

  • Prime Minister Manmohan Singh expressed concern about the strength of global economic recovery, stating that the revival remains fragile and uneven.
  • Investor Jim Rogers warned that the world is in an ongoing bear market for financial assets, further fueling investor concerns.
  • Disappointing earnings forecasts at US companies led to concerns about growth in the world's largest economy.
  • The Bombay Stock Exchange's Sensitive Index, or Sensex, fell 102.57, or 0.6 percent, to 17,627.67.
  • Indian Oil Corp. jumped 10 percent to 376 rupees after a panel of Indian ministers approved increasing gasoline prices in line with market conditions.
  • Bharat Petroleum Corp. and Hindustan Petroleum Corp. soared 10 percent and 13 percent, respectively, due to the increase in gasoline prices.
  • The S&P CNX Nifty Index on the National Stock Exchange lost 0.7 percent to 5,284.2, while the BSE 200 Index retreated 0.3 percent to 2,235.96.

Statistics:

  • The Bombay Stock Exchange's Sensitive Index, or Sensex, fell 102.57, or 0.6 percent, to 17,627.67.
  • The S&P CNX Nifty Index on the National Stock Exchange lost 34.47, or 0.7 percent, to 5,284.2.
  • Indian Oil Corp. jumped 10 percent to 376 rupees, with a market capitalization of over 77 billion rupees.
  • Bharat Petroleum Corp. and Hindustan Petroleum Corp. soared 10 percent and 13 percent, respectively, with market capitalizations of over 43 billion rupees and 34 billion rupees, respectively.

Sources:

  • Euclid Infotech Pvt. Ltd.,
  • Syndigate.info an Albawaba.com company

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