S&P 500 index posts biggest loss since November 2012 - Nirmal Bang

U.S. stocks fell, sending the Standard & Poor's 500 Index to its biggest loss since November 2011, as global equities tumbled after the Federal Reserve said it may phase out stimulus and China's cash crunch worsened.

Asian stocks declined, led by raw-materials companies, as Goldman Sachs cut its growth forecast for China amid concern a cash crunch at banks in the world's second-largest economy.

The Indian bourses mirrored the global slide, triggered by US Fed Reserve's monetary stimulus exit plan, and tanked sharply during the week amid heavy off-loading by foreign funds and operators even as the rupee touched new lows against the dollar. Sensex dropped for a third week in a row, losing 404 points to end at 18,774.24 on Friday. FM assured that there was no need to panic over rupee depreciation and the RBI will take necessary action to stem the Indian currency's slide. Market is expected to open on a lower note and likely to remain range-bound during the day.

Source : Equity Bulls

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