Nasdaq revival fails to boost market

BANGALORE: Technology stocks suffered huge losses as stock markets in India continued their downslide for the second consecutive day on Tuesday, despite a smart recovery made by US stocks on Monday. The Bombay Stock Exchange (BSE) Sensitive Index (Sensex) lost 135.24 points to close at 4,745.47. It had lost more than 290 points on Monday.

After the great fall on Friday last, US stock markets made smart recovery on Monday. Nasdaq gained 217.87 points to close at 3,439.16. This was its highest single day gain. The Dow Jones Industrial Average also rose handsomely.

The favourite IT scrips were some of the major losers. Infosys Technologies was down by nearly 8 per cent at 7,850, Satyam Computer Services lost 8 per cent to close at 3,458.20. Wipro too lost 7.26 per cent and closed the day at 4,207.50.