Mumbai: Key Indian stock market indices opened sharply lower on Monday on global cues after losing over 4.5 percent during the previous week, driven mainly by the developments overseas, especially in China and the US. The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened at 24,787.11 points, against the previous close at 24,934.33 points. Minutes into trading, the barometer index was ruling at 24,677.10 points with a loss of 257.23 points or 1.03 percent.
At the National Stock Exchange the broader 50-share Nifty, which had closed at 7,601.35 points on Friday last, was ruling 7,514.00 points, with a loss of 87.35 points or 1.15 percent. In the past week, the 30-scrip Sensex had lost as much as 1,226.57 points or 4.68 percent, while the Nifty shed 361.85 points or 4.54 percent. The Indian bellwethers were hit by the developments in China, notably the disappointing macro-economic data and a sharp devaluation of the yuan. "The US markets closed about 1 percent lower Friday, ending the year's first trading week with sharp losses as concerns about China and global economic slowdown persisted,"brokerage Angel Broking said, ahead of the opening bell. "European markets finished in negative territory on Friday, in what has been a turbulent week for markets, as investors focused on China, oil prices and a strong monthly jobs report in the US," the brokerage added.