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Rupee dips, equities open lower | PM says have faith
Published on Wed, Oct 22, 2008 at 11:34, Updated on Wed, Oct 22, 2008 at 12:05 in 
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Mumbai: Indian equities opened lower on Wednesday on weak global cues, especially worried over the poor performance on Wall Street, with investors rushing to book profits on previous day's gain.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened at 10,455.23, as against the previous close at 10,683.39, and dipped further to 10,364.24 points.
An hour into trading, the key index was ruling at 10,322.82 points, with a loss of 360.57 points, or 3.38 per cent, over the previous close.
The 30-share barometer index had closed on Tuesday at 10,683.39, up 460.30 points or 4.50 per cent over Monday's close.
The situation was similar at the National Stock Exchange (NSE), where the broader, 50-share S&P CNX Nifty index was ruling at 3,114.10 points, over the previous close at 3,234.90 points, with a loss of 3.73 per cent.
The robust second quarter results of Wipro, which beat market sentiments with a 36 per cent growth, had no bearing on market sentiments.
Meanwhile the Indian Rupee fell to 49.46 per US$1 as against the earlier 49.35 and the 49.08 on Tuesday. The Rupee has registered this fall despite RBI'sintervention as banks persist in buying dollars.
The Asian markets also witnessed a slump in stocks, snapping a two-day rally as focus shifted from easing credit markets to weakening global economic growth, profits and commodity prices.
The markets opened completely in the red. Japan's Nikkei declined 2.9 per cent to 9,038.05, led by Konica Minolta Holdings Inc. after the yen surged to a four-year high against the euro.
The Kospi fell to the lowest in three years.
The yen surged to a four year high against the euro.
Equity indexes in Australia and New Zealand fell. US stocks also declined considerably.
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RBI should not waste dollars to prop up rupee artificialy.let every thing settle to its true value including the stock
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