The markets opened with deep cuts today on the back of continued weakness in the global markets. The major global indices were all down by one to three percent yesterday. The US stocks fell for a third day and hit their lowest level in two weeks on widespread risk aversion. Commodity prices tumbled, euro fell to its lowest in a year and Italy was forced to pay a euro-era high to sell its debt. On the domestic front, a falling rupee further weighed on the sentiments. The rupee dropped to another record low of 54.3050 per dollar, taking losses this week to about 4 percent, on worries that the slowing domestic growth will spur further capital outflows. All the sectoral indices traded in the negative with Metal, Consumer Durables and Capital Goods losing over two percentage points.The market breadth was extremely weak and six shares were seen declining against every single advance.
(Pic. Source- bseindia.com)
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