MUMBAI: Markets continue to fall on Monday following meltdown in overseas markets on fears of slowdown in global economy and recession in the US.
The Sensex has fallen more that 400 points and is trading below the 9,000 mark
Earlier, the Sensex opened 226.12 points down at 8,474.07; Nifty has fallen below 2,500-point level in opening trade.
Asian markets continued to remain under pressure. Hang Seng fell 4.53 per cent, Shanghai Composite was down 2.73 per cent, Taiwan Weighted plunged 5.52 per cent and Nikkei average was 0.40 per cent higher.
US markets ended with heavy losses on Friday. Dow Jones ended 3.59 per cent lower, Nasdaq closed 3.23 per cent down and S&P 500 closed 3.45 per cent down.
Mutual funds may see some redemptions pressure and jittery traders are expected to off-load their positions to minimise losses after the carnage in Indian bourses on Friday.
Equities all over the world including India witnessed one of the worst trading session as cash-strapped foreign investors hammered the market.
Bombay’s Stock Exchange’s Sensex plunged 11 per cent or 1070.63 points to close at 8,701.07. The index touched a low of 8566.82.
National Stock Exchange’s Nifty ended at 2584, down 12.20 per cent or 359.15 points. The broader index touched a low of 2525.05.
BSE Midcap closed 8.38 per cent lower and BSE Smallcap Index ended 7.66 per cent down.
