Egypt Crisis Hits Indian Stock Market Badly

The ongoing unrest in Egypt is raising concerns all over the world. Here in India, the crisis is prompting the retail investors and fund managers to surrender to selling pressure consecutively for the fourth session. As a result, Sensex, the benchmark index of Bombay Stock Exchange, dipped by more than 300 points on Monday's opening trade.


The 30-share index, which had already lost 755 points in the earlier three sessions, plummeted by 1.68%, or 301.70 points, to reach 18,094.27 points during the initial few minutes of Monday's trade. Nevertheless, the Sensex then picked up some pace and is presently at more than 18,200 points.


Likewise, National Stock Exchange's benchmark index, Nifty, plunged by 1.44%, or 79.55 points, to reach 5,432.60 on the opening trade. The wide-based index has currently gained some momentum.


According to market experts and brokers, the dampened trading sentiment in Indian Stock markets is being mainly driven by not only the ongoing protest in Egypt but also by the blue-chip companies' dissapointing results. Other reasons behind dismal performance of Indian stock markets can be the continued positions offloading by retail and other investors, and weakening trend in other Asian markets, induced by the US market losses which is again due to the Egypt unrest.

Among various Asian markets, Hang Seng index of Hong Kong declined by 1.20% and Nikkei index of Japan dipped by 1.63%.