Dalal St slide continues

Indian bourses extended the losses for the second consecutive trading session on the back of weak cues from global markets. Improved industrial production numbers could not prevent the market slide, which witnessed huge volatility and intense selling pressure throughout the board.

The 30-share Sensex lost 303.36 points, or 3.08 per cent, and closed the day at 9,536.33 points. Dealers in the market say the domestic markets continued their southward journey throughout the day, as investors feared that the macro-economic situation could get worse in the coming months.

The broader S038;P CNX Nifty of National Stock Exchange NSE fell 90.20 points, or 3.07 per cent, and ended the day at 2,848.45 points. IIP figures rose to 4.8 per cent in September 2008 much higher than 1.4 per cent rise in August 2008. Meanwhile, the rupee posted its biggest single-day fall in more than 12 years on Wednesday, hit by rising outflows from the local share market and heavy dollar demand from state-run banks. The rupee ended at 49.30/32 per dollar, 2.4 per cent weaker than Tuesday8217;s close of 48.1250/1400.

8212;With agencies