MUMBAI: Equities extended overnight losses to open with a gap down Friday. Bombay Stock Exchange’s Sensex was at 8588.86, down 112.21 points and National Stock Exchange’s Nifty was down 34.25 points at 2549.75.
Banking major State Bank of India, on standalone basis, has posted a net profit of Rs 2259.72 crore for the quarter ended Sep 30, 2008 against Rs 1611.42 crore in the same quarter of 2007. Interest earned stood at Rs 15566.50 crore against Rs 11616.28 crore previous year. Interest expended was Rs 10111.15 crore against Rs 7853.36 crore same quarter last year. The scrip was down 2.73 per cent at Rs 1133.
Beaten down scrips Suzlon and Unitech were up over 12.53 per cent 28.39 per cent respectively.
Asian markets continued to remain under pressure. Hang Seng fell 4.53 per cent, Shanghai Composite was down 2.73 per cent, Taiwan Weighted plunged 5.52 per cent and Nikkei average was 0.40 per cent higher.
US markets ended with heavy losses Friday. Dow Jones ended 3.59 per cent lower, Nasdaq closed 3.23 per cent down and S&P 500 closed 3.45 per cent down.
Mutual funds may see some redemptions pressure and jittery traders are expected to off-load their positions to minimise losses after the carnage in Indian bourses Friday.
Equities all over the world including India witnessed one of the worst trading session as cash-strapped foreign investors hammered the market.
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