Economy concern led Sensex to 208 point cut and Nifty closed down 54 points after a gain of 5%

Unable to sustain opening gains, Indian markets gave up nearly 5% from the day high to close, undeperforming all the Asian markets. Sensex lost 207 points to close at 8695, while Nifty shut shop at 2654, losing 54 points. European stocks dropped, led by mining companies and insurers, after BHP Billiton Ltd. Scrapped its $66 billion takeover of Rio Tinto Group and Axa SA Europes largest insurer cut its profit forecast. U.S. stock futures were trading down by half a percent.




Barring BSE Consumer Durable index, which gained 1.4%, all other sectoral indices finished in red. Oil & Gas and Capital Goods indices were down the most, losing 3.9% and 2.6% respectively. Satyam and Tata Motors were the top gainers among sensex stocks, putting on 1.8% each, while M & M and SBI were the top losers, plunging 7.6% and 6.6% respectively.
 
In a complete reversal of trend, the market lost ground on concerns about sharply deteriorating major global economies.