Source Pravda.Ru

Indian benchmark index falls, as US economy goes into recession

By Margarita Snegireva. Indian benchmark index is on course for its steepest plunge in almost four years, on concern the U.S. will enter a recession and slow global growth.

All 30 stocks on the Bombay Stock Exchange's Sensex Sensitive Index declined, extending the gauge's losses to 17.4 percent from a Jan. 10 high. Reliance Industries Ltd., the nation's most valuable company, led the retreat.

"It is retail investor panic that is setting in,'' said T.S. Harihar, vice president for equity derivatives at Karvy Stock Broking Ltd. "Nobody is comfortable after such a huge correction from the peak. It started off with recession fears in the U.S. and then consistent selling by foreign investors.''

The Sensex dropped 1,490.60 points, or 7.8 percent, to 17,523.10 as of 2:36 p.m. local time, after plunging as much as 8.9 percent.

The US is going to ban exports of Iranian oil to the world market from November 5 of this year. In turn, Iran threatens to block the passage of oil tankers of the Gulf countries through the Strait of Hormuz

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The US is going to ban exports of Iranian oil to the world market from November 5 of this year. In turn, Iran threatens to block the passage of oil tankers of the Gulf countries through the Strait of Hormuz

Will Iran close the Strait of Hormuz to trigger global oil crisis?

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