labels: investment - general
Financial markets turn nervous on fears of a longer war in Iraq news
Our Markets Bureau
25 March 2003


Mumbai: Indian financial markets turned nervous today along with markets elsewhere in the world on fears of a long war. The Sensex fell by nearly 2.5 per cent and government bond prices by 60-70 paise.

While the 30-share Sensex plunged 78.37 points to close at 3,140.36 on the National Stock Exchange, the S&P CNX Nifty Index shed 23.25 points to close at 1,013.90. In the bond market, the 10-year-benchmark, 9.81 per cent 2013, ended the day at a YTM of 6.40 per cent and a price of Rs 125.25. Dealers expect the markets to be choppy in the next two days with the war expected to last longer than previously anticipated.

Stockbrokers saw selling pressure almost across the board — new and old economy as well as defensive stocks. Technology stocks lost considerable ground following the weakness in US stock futures. Heavy selling in the technology counters was reflected in the Bombay Stock Exchange IT Index which fell 3.02 per cent (44.73 points at 1436.91) compared to the Sensex’s 2.43 per cent fall and Nifty’s 2.24-per cent drop.

 


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Financial markets turn nervous on fears of a longer war in Iraq