Indian shares slumped 2.94 percent in pre-open trading on Monday, tracking big falls in their Asian counterparts as a rout in Chinese equities sparked widespread unrest in global financial markets.
The broder NSE index fell 2.94 percent, while the benchmark BSE index was down 2.32 percent. That compared with a 4.6 percent fall in the MSCI Asia-Pacific index of shares excluding Japan.
Chances of Indian equity market bottoming out in the near future cannot be ruled out but danger of making fresh lows would continue to exist, says Sandip Shenoy of Pioneer investcorp. He believes structural bull trend is intact and capital flows will have to return to India since it is the only growth story around.
However, global situation will make volatility part and parcel of our market at least for next few quarters, Shenoy said. Speaking about the fall,rollovers suggest the market getting ready to rebound in two days.
The Sensex plunged as much as 1,000 points, while the 50-share slipped below the crucial 8,000 levels for the first time in two months. All 50 shares in the Nifty traded in the red, while on the broader BSE 500 index, just one stock traded higher.The trigger for Monday's carnage is the rout in Chinese equities. Shanghai shares dived over 8 per cent to a five-month low, having lost more than 10 per cent so far this month.
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