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Sensex plunges nearly 400 points on global cues | The Bombay Stock Exchange index Sensex showed a plunge of nearly 400 points on Friday on account of the weak cues from Asian markets. Reliance Industries
and Larsen and Toubro led the plunge among other financials. Sunil Shah, a stock
analyst said, "We had a great fall yesterday also, 400 plus points. Today it went
down almost by 400 points and it recovered from the low. Now the reason being
- if you notice last three months, market was range-bound." "It was simply refusing
to go up because valuations had become pricey," added Shah. The fall was in line
with a sell off in global equities; with Asian markets tumbling after U.S. President
Barack Obama threatened tough new restrictions on banks, sending jitters across
markets. The markets are also awaiting the results of the third quarter, with
top mobile operator Bharti Airtel announcing their Q3 results on Friday. "So far
what the Corporates have announced is satisfactory, positive surprises as far
as results are concerned. So I think Indian market is promising though it is pricey
but very promising," said Shah. "All eyes are on the government, what kind of
reforms they are presenting before the Budget, in the Budget and after the Budget,"
he added. Bharti Airtel rose early but slipped to the negative despite beating
forecasts with a 2.4 percent rise in its Q3 profits, as strong subscriber additions
helped offset an intense price war in the market. The stock was down marginally,
but had risen more than two percent after the results were announced. |
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