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Stocks tumble globally, Sensex down 367

Mumbai, October 8
Concerns of global liquidity crunch sent the stocks world over on a tailspin today and the Bombay Stock Exchange benchmark Sensex, too, in tandem tanked massive 954 points but recovered more than half of the losses to end the day weaker by nearly 367 points.

On other hand, financial sector regulators in different parts of the world did not fail to react and in swift actions announced injection of fresh liquidity and rate cuts which helped boost investor sentiment to some extent.

For the first time in more than two years, the 30-share Sensex plunged below 11,000 points in early trade. The BSE bellwether lost a massive 954 points, or nearly 8 per cent, at 10,740.76 points, the lowest level since August 2006.

With domestic funds stepping in for the rescue act, the index regained 11,000 level and closed at 11,328.36, still lower 366.88 points from its previous close.

Similarly, the wide-based National Stock Exchange index Nifty fell by 92.95 points at 3,513.65, after dipping to 3,329.45 points at one stage.

Marketmen said domestic bourses continued to take a cue from tumbling global stocks, which virtually crashed for the fifth straight session on escalating fears of widening credit crisis which would take the economy into a recession.

Asian and European markets plummeted with Japanese stocks hitting the lowest levels in over 20 years as the financial crisis deepened despite various governments extending bailout packages.

Japan's benchmark index Nikkei 225 plunged more than nine per cent to touch its lowest level since 1987. It closed at 9,203.32 down 952 points.

Investors remained jittery as the market has lost nearly 1,725 points in the last four trading sessions on weak global trends following deepening of financial and credit crisis in the US which has now spread to Europe as well.

Meanwhile, the International Monetary Fund raised its estimate of losses tied to US loans and securitised assets to $1.4 trillion from $1.3 trillion two weeks ago. The IMF cut its forecast for global growth next year to 3 per cent from 3.7 per cent.

Consumer durable index suffered the most by losing 6.75 per cent at 2,380.15, followed by FMCG index by 5.18 per cent at 1,947.33 points. Information Technologies index fell by 4.90 per cent at 2,701.23 and Bank index by 4.42 per cent at 5,772.27. PTI

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