MUMBAI: Equities opened sharply lower on Thursday dragged down by weak overseas markets. All sectoral indices took a sharp hit with realty and IT stocks leading declines.
Bombay Stock Exchange’s 30-share Sensex plummeted 377.39 points to 8993. National Stock Exchange’s benchmark Nifty slumped 119 points to 2719 from Wednesday’s close.
Nortel Networks Corp, North America's biggest telephone equipment maker, filed for bankruptcy on Wednesday, hoping to save a once highflying business whose decade-long decline has accelerated with the global economic crisis. The filing marks a crucial stage in the slow deterioration of one of Canada's most prominent companies.
However, the bankruptcy filing of networking vendor Nortel is expected to have only a marginal impact on Indian IT companies. The telecom giant is a long-time outsourcer to Indian service providers. The top three Indian IT service providers - Tata Consultancy Services, Infosys Technologies and Wipro — as well as a few smaller firms like Sasken Technologies are vendors to Nortel. TCS, which is set to announce its third quarter results on Thursday, said its exposure to Nortel was very minimal and less than 1% of its revenue.
Meanwhile, US stocks fell to six-week lows on Wednesday on worries about deeper losses at banks worldwide and as US retail sales data pointed to a deepening recession. US retail sales dropped for a sixth month with a 2.7 per cent slump in December, the Commerce Department said yesterday, twice the drop economists had estimated.
The Dow lost 248.34 points, or 2.94 per cent, to 8,200.22; while the S&P 500 slid 29.12 points, or 3.34 per cent, to 842.67 and the Nasdaq Composite shed 56.82 points, or 3.67 per cent, to 1,489.64.
Asian stocks fell, dragging the regional stock benchmark to the lowest in five weeks, after Japanese machinery orders and US retail sales dropped at more than double the pace economists expected. The Nikkei dropped 2.5 per cent, Topix fell 2.46 per cent, Hang Seng lost 4.67 per cent Straits Times dipped 3.13 per cent.
Source: http://timesofindia.indiatimes.com/?in_leftnav
Bombay Stock Exchange’s 30-share Sensex plummeted 377.39 points to 8993. National Stock Exchange’s benchmark Nifty slumped 119 points to 2719 from Wednesday’s close.
Nortel Networks Corp, North America's biggest telephone equipment maker, filed for bankruptcy on Wednesday, hoping to save a once highflying business whose decade-long decline has accelerated with the global economic crisis. The filing marks a crucial stage in the slow deterioration of one of Canada's most prominent companies.
However, the bankruptcy filing of networking vendor Nortel is expected to have only a marginal impact on Indian IT companies. The telecom giant is a long-time outsourcer to Indian service providers. The top three Indian IT service providers - Tata Consultancy Services, Infosys Technologies and Wipro — as well as a few smaller firms like Sasken Technologies are vendors to Nortel. TCS, which is set to announce its third quarter results on Thursday, said its exposure to Nortel was very minimal and less than 1% of its revenue.
Meanwhile, US stocks fell to six-week lows on Wednesday on worries about deeper losses at banks worldwide and as US retail sales data pointed to a deepening recession. US retail sales dropped for a sixth month with a 2.7 per cent slump in December, the Commerce Department said yesterday, twice the drop economists had estimated.
The Dow lost 248.34 points, or 2.94 per cent, to 8,200.22; while the S&P 500 slid 29.12 points, or 3.34 per cent, to 842.67 and the Nasdaq Composite shed 56.82 points, or 3.67 per cent, to 1,489.64.
Asian stocks fell, dragging the regional stock benchmark to the lowest in five weeks, after Japanese machinery orders and US retail sales dropped at more than double the pace economists expected. The Nikkei dropped 2.5 per cent, Topix fell 2.46 per cent, Hang Seng lost 4.67 per cent Straits Times dipped 3.13 per cent.
Source: http://timesofindia.indiatimes.com/?in_leftnav
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