Markets slump on setback in global equities

The market plunged in opening trade on worries the fallout from the US subprime markets is spreading deeper into the credit markets and will eventually slow the growth of the US economy. The concerns were rekindled on Friday, 9 November 2007, when Wachovia Corp, the fourth-largest US bank, reported a potential $1.7 billion loss on mortgage-related debt.The markets are still in red but have shown marginal recovery and are off day's low.

At 13.51 hrs IST, the Sensex is down 347.72 points or 1.84% at 18559.88, and the Nifty down 116.50 points or 2.06% at 5546.75.

Reliance Industries, India's largest private sector company in terms of market capitalisation and oil refiners, fell 2.81% to Rs 2658.10 after the company reportedly signed a contract for a second deepwater exploration block off the coast of Gulf state Oman. The exploration block is 100% owned by Reliance subsidiary, Reliance Exploration & Production DMCC.

Indiabulls Real Estate slumped 7.90% to Rs 587, DLF slipped 6.09% to Rs 858.25, Puravankara Projects skid 5.65% to Rs 383.75.

Hindalco Industries inched up 0.79% to Rs 203.90. Its board will meet today, 12 November 2007 to consider amalgamation of Indian Aluminium Company (Indal) with itself.

ITC was up 1.84% to 172 and Satyam Computers was up 1.07% to Rs 431.50.

Reliance Communications slipped 5.43% to 671, Bharat Heavy Electricals (Bhel) was down 4.52% to 2649, Hindalco Industries skid 4.60% to Rs 192.90, Reliance Energy down 3.38% to 1775.95 and Larsen & Toubro (L&T) gave away 3.65% to 3978.