Visit Indian Travel Sites
Goa,
Kerala,
Tamil Nadu,
Andhra Pradesh,
Delhi,
Rajasthan,
Uttar Pradesh,
Himachal Pradesh,
Assam,
Sikkim,
Madhya Pradesh,
Jammu & Kashmir
Karnataka
|
Stocks tumble on Dubai debts; foreign investors may pull out | Country's stocks tumbled on Friday with the rupee weakened and bond yields fell as Dubai's debt problems sparked concerns about corporate exposure. Country's share market is now facing the risk of foreign investors repatriating funds.
The Bombay Stock Exchange (BSE) benchmark Sensex toppled over 451
points in early trade on hectic selling by funds in line with feeble
global indications and concerns over Dubai 's debt.
Stock market expert Sunil Shah attributed Friday's fall to Dubai financial crises.
"I would like to say market at 17,000 plus which was two days ago, where we saw
levels of 17,000 plus was in a case little expensive, so we were going through
consolidation phase that 17,000, 200-300 was a resistance king of level from there
the market needed a trigger to go up to 18,000 but this news of Dubai financial
crisis and ripple effect is now being felt today and we will have to see that
whether this is resolved very soon or this going to take sometime," he said. Indian
bond yields eased to near two-month low as risk aversion dominated market sentiment
after Dubai's debt problems revived concerns about the health of the global financial
system. Earlier in the day, in New Delhi, Union Commerce and Trade Minister Anand
Sharma opined that the Dubai debt worries are unlikely to impact the country's
economy and the real estate sector. Interacting with the media persons Sharma
said: "India is a very large economy. I don't think some development in the real
estate in Dubai is going to impact the Indian economy. As far as India is concerned,
the housing sector, real estate sector, construction industry is doing well."
"They have definitely recovered and it is also confirmed by the increasing demand
of the construction materials, cement and steel, these are the sectors, which
are doing well," he added.
|
|
|
|
|
|