The continuing weakness of the Chinese markets and of the rupee, which closed 36 paise lower at 66.83 to a dollar, strong selling by FIIs and a below-normal monsoon led to the sensex losing 308 points to drop to 24,894, its lowest close in 15 months.
Since peaking at just a tad above the 30,000 mark on March 4, the sensex is now 17% down and perilously close to the 24,000-mark, the level at which it will enter the bear market territory . The sensex is also just 4% above 23,971, the level it was on May 15, 2014, a day before the 15th Lok Sabha election results--that brought the NDA government to power-were announced.
On Monday , along with the sensex, the rupee joined its emerging market peers and weakened to a fresh two-year low of 66.83 after reports that US unemployment fell to the lowest level since the Lehman Brothers collapse in September 2008. The rupee is expected to remain on the rollercoaster until the US Fed meeting on September 17.
Since peaking at just a tad above the 30,000 mark on March 4, the sensex is now 17% down and perilously close to the 24,000-mark, the level at which it will enter the bear market territory . The sensex is also just 4% above 23,971, the level it was on May 15, 2014, a day before the 15th Lok Sabha election results--that brought the NDA government to power-were announced.
On Monday , along with the sensex, the rupee joined its emerging market peers and weakened to a fresh two-year low of 66.83 after reports that US unemployment fell to the lowest level since the Lehman Brothers collapse in September 2008. The rupee is expected to remain on the rollercoaster until the US Fed meeting on September 17.
No comments:
Post a Comment