Stocks slide, panic grips Indian markets
TRADING at India's stock exchanges was halted today after the benchmark index plunged 8 percent in early trading as the market regulator moved to curb buying by foreign funds.
The Bombay Stock Exchange's 30-share Sensex tumbled 1,508 points, or 7.9 percent, to 17,544 points. The drop came as investors reacted to a plan by the Securities and Exchange Board of India to restrict the issue of participatory notes to overseas investors.
On the broader National Stock Exchange, the 50-company S&P Nifty index plunged 524 points, or 9.3 percent, to 5,143 points.
"Obviously the stock market will fall in a knee-jerk reaction. Some foreign funds will start selling and the long-awaited rupee depreciation will happen," said K. Harikar, executive vice president, treasury & financial institutions group at Development Credit Bank.
Other stock markets in Asia also slid today after disappointing earnings from big US banks sparked profit worries.
Australia's Macquarie Bank lost 1.4 percent, Japan's Mitsubishi UFJ slid 3.7 percent and South Korea's Shinhan Financial Group dipped 2.5 percent.
"Generally, the mood is still a bit sour at the moment on the financial firms," said Lucinda Chan, division director at Macquarie Equities.
Despite upbeat results from technology bellwether Intel Corp and Yahoo Inc, regional tech issues were mixed, with only Yahoo Japan the clear winner, rising 4.1 percent, after Yahoo Inc's results and optimistic outlook.
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