Market in red amidst volatile trade

[simantha roger]

 

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A recovery from lower level proved short-lived as the as market slips once again in red again in afternoon trade. The market was volatile. The BSE 30-share Sensex was down 10.37 points, or 0.15%. Media reports that the government is considering various options including a strike on terror bases in Pakistan and concerns about the weakening global economy, weighed on the market.

After a firm start on easier margining norms and hopes of government measures to pump prime the economy, the market shortly slipped into the red as lower US index futures, paring of gains by Asian markets and global recession worries marred investor sentiment. The market bounced back later as Asian equities regained strength. But the recovery proved short-lived. The Sensex swung 234.10 points between the day's high and low so far in the day.

As per reports, the government is considering various options including a strike on Pakistan to dismantle its terror bases in response to the recent Mumbai terror attacks. The government will discuss the issue of attacking Pakistan with US Sectretary of State Condoleezza Rice who arrived in New Delhi today, 3 December 2008. As a strike on Pakistan could lead to a full scale war between the two nuclear armed countries, India is maintaining a cautious approach and wants to gauge every possible ramification of its decision, reports suggest.

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