Indian stocks melt in global warming

By at 8 June, 2010, 8:41 am

The current crisis in the euro zone will not create any major problems for India but a 10-15% correction in the markets is not ruled out if it worsens, managing director and head of equities at Morgan Stanley had said last week. Since then, the Sensex hasn’t lost too much, but the MSCI Asia Pacific Index has crashed 15% from its high in mid-April. On Monday, the index slipped more than 3.3%, with all Asian markets in the red. Hungary’s weekend announcement that its finances were more precarious than previously thought dragged down stock indices worldwide, despite a later pledge by its government to control deficit and make structural changes.

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