Markets Slip in Red on Weak Global Cues

The markets have tripped for the second day in a row due to the nervousness across global equities.  The markets had opened with modest gains as Wall Street trimmed its early losses in the wake of new steps promised by the Fed to counter a weak recovery. But a weak Asia (Hang Seng, Nikkei and other Asian peers suffered losses of 1-2%, with Shanghai being an exception), a faltering Europe (FTSE, CAC, and DAX shaved off around a percent each) and the possibility of a dismal opening on Wall Street (Dow futures down more than 100 points in pre-market trades) forced a bleak close back home. The main draggers in today’s session are the Realty and Banking indices. The Sensex closed the day in red declining 149.80 points or 0.82 percentage points to close at 18,070.19. Nifty ends the day at 5420.60 declining 40.10 points or 0.73 percentage points. Market breadth was negative with 1,202 advances against 1,753 declines on BSE. On the global front, European stocks slid for a second day after the Federal Reserve said the pace of economic recovery is likely to be “more modest” than forecast. U.S. index futures retreated and Asian shares fell.