Markets End on a Negative Note

The Indian markets closed in red for the second consecutive day as fears of a double dip recession weighs heavy on the investors mind. The Sensex closed the day at 16162 shedding 199 points while the Nifty ends at 4867 down by 56 points. The main dragger in today’s trade is the Metal index which closed the day shedding more than two percentage points followed by the Auto and Capital Goods indices which shed nearly two percentage points. Rupee declined to 28 month low of Rs 49.90 per dollar as concerns in Europe and United States prompted institutional investors to liquidate their holdings in India. n Asia, markets ended in the red, but were off day's low after Group of 20 nations in a meeting in Washington promised to support Europe's flagging financial system. The Hong Kong’s Hang Seng Index declined over 1 per cent, the Shanghai Composite Index closed down 0.4 per cent and South Korea’s Kospi Composite closed down 6 per cent. Markets in Japan were closed on account of Holiday. In Europe, the CAC40, DAX and FTSE 100 gave up their early gains and were trading down over 1 per cent each. Broader markets also ended in the red, the midcap index slipped 0.8 per cent and the small cap index was off 1 per cent. Market breadth was negative, 1806 stocks declined for 985 advancing stocks.