Markets take global cues, close near two-month low

Feb 24 2013, 05:16 IST
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SummaryEquity indices plunged to near two-month lows on Thursday as global markets nose-dived on concerns related to the continuance of quantitative easing in the US, which, along with the European Union, is battling disappointing economic data.

central banks in the US and EU to pull out liquidity support. The dollar would strengthen and worsen the situation in global equities. It is not an easy decision to pull out monetary easing,” he said on condition of anonymity.

Market watchers said the sharp correction ahead of the Union Budget would leave some room for upside. Historically, markets have corrected after the budget and the chances of positive surprises are more, they explained.

Shares of metals, banking, and real estate companies were among the worst hit, while all main sectors finished in negative territory. Market breadth was weak, too, with nearly 2,000 stocks losing ground as against only 904 gainers.

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