Sensex below 18,000 as US debt crisis spooks global markets

Indonesia stock info - Sensex below 18,000 as US debt crisis spooks global markets ; A benchmark index for Indian equities markets Wednesday continued to languish below the 18,000-mark and broader markets were under selling pressure as the crisis in the US over its high debt levels spooked global markets.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,970.19 points, was ruling at 17,905.22 points, down 204.67 points or 1.13 percent from its previous close at 18,109.89 points.

The 50-scrip S&P CNX Nifty of the National Stock Exchange was also trading in the red at 5,400.05 points, down 1.04 percent.

Broader markets too were weak. The BSE midcap index was ruling 1.05 percent down and the BSE smallcap index was trading 1.17 percent down.

Realty, capital goods, consumer durables and banking stocks bore the brunt of the selling. All 13 sectors on the BSE were in the red.

At the BSE, the market breadth was negative with only 685 stocks advancing, 1,783 scrips declining and 99 remaining unchanged.

After the US Senate Tuesday approved an increase in the US debt ceiling, which will also require the government to reduce public spending, credit rating agencies downgraded or assumed a negative outlook on the country’s sovereign debt.

China, which is the largest holder of US bonds, saw one of its major credit rating agencies Dagong Global Credit Rating Co., Wednesday downgraded US sovereign debt and warned of further such moves.

The repercussions were felt in Asia.

The Japanese Nikkei Monday was ruling 2.1 percent lower at 9,637.98 points.

The Hang Seng of the Hong Kong stock exchange was ruling 1.96 percent down at 22,981.88 points, while the Chinese Shanghai composite index was trading flat at 2,680.29 points.

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