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This story is from December 18, 2007
Sensex loses 4% on foreign funds selling
On Monday, driven mainly by foreign fund selling, the sensex lost nearly 4% to end at 19,261, its lowest close this month.
MUMBAI: On Monday, driven mainly by foreign fund selling, the sensex lost nearly 4% to end at 19,261, its lowest close this month. Selling, that started almost from the word go, was across-the-board, and picked up pace later in the day. The main trigger, market players said, was the heightened prospect of a recession in the US, till recently the world’s growth engine, and also price rises.
"The US seems to be caught in a vicious cycle where there’s the threat of a recession but is facing higher inflation due to the devaluation of the dollar," said Amitabh Chakraborty of Religare Securities.
"The US seems to be caught in a vicious cycle where there’s the threat of a recession but is facing higher inflation due to the devaluation of the dollar," said Amitabh Chakraborty of Religare Securities.
Although the Indian market is believed to be insulated from a slowdown in the US, a recession there would affect India as well, he added.
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