Sensex down 108 points on Global meltdown

MUMBAI, OCT. 13. The overnight stocks meltdown on Wall Street triggered fresh selling spree today on the Bombay Stock Exchange which witnessed a crash-like situation with the Sensex down by about 108 points at close.

Asian stock markets such as Hong Kong, Japan and Singapore were also the victims of the stocks plunge on the American market.

Looking at the recent fall which is considered to be overextended, investors had anticipated support at lower levels.

However, reports that the Dow Jones industrial average plunged 379 points on Thursday and the consistent downslide in the Nasdaq composite index prompted a fresh sell-off on the last day of the current account.

The Nasdaq has fallen to its lowest close this year with a fresh loss of over 93 points yesterday.

The apparent terrorist attack on a U.S. military ship in Yemen sent international crude oil prices up as much as 10 per cent inducing fears of its adverse impact on the economy. The rupee factor too weighed high on the minds of the players. The Indian currency touched an all-time low of Rs. 46.45 a dollar during intra-day.

The BSE sensitive index opened sharply down at 3749.77 and later witnessed volatile activity before closing at 3738.93 as against yesterday's close of 3847.58, showing a net fall of 108.65 points or 2.82 per cent.

The BSE-100 index nosedived by 65.48 points to 1866.40 from 1931.88.

Meanwhile, dealers who were extremely critical over the likely introduction of rolling settlement, squarely blamed the Securities and Exchange Board of India (SEBI) for its rigid attitude about the new system.

- PTI

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