Markets Slump in Day's Trade to Close Below 20K

The Indian markets erased all its yesterday’s gain to close the day deep in red. The global factors weighed heavily on the Indian bourses to end the below the 20K mark. Asian bourses slumped as fears of a interest rate hike dragged the Chinese markets down 4 per cent. Investors were worried as any hike in interest rates in the world's second largest economy would slow demand for oil and metals among others. European markets are also trading in red. The CAC is down 1.3 per cent while FTSE has dropped 1 per cent. Euro zone finance ministers will be considering ways of solving Ireland's debt crisis. The main draggers in our markets are the Realty and Metal indices that closed the day in red declining more than three percentage points. The Sensex closed the day in red declining 444.55 points or 2.19 percentage points to close at 19,865.14. Nifty ends the day at 5988.70 declining 132.90 points or 2.17 percentage points. Market breadth was negative with 605 advances against 2,421 declines on BSE.