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Indian shares are expected to slide further as the global financial turmoil worsens, with the rupee hitting a record low against the dollar on Friday, dealers and analysts said.
Markets across Asia plummeted into the red as dealers ignored a wave of interest rate cuts and billions of dollars of cash injections to sell their shares amid the worst global financial crisis since the Great Depression.
For the week to October 10, the benchmark 30-share Sensex index fell by a record 15.95 percent, or 1,998.47 points, to 10,527.85, its lowest closing for 27 months.
"The outlook is very shaky. Investors should stay in cash and stay on the sidelines until market conditions stabilise," said P K Agrawal, president with financial services Bonanza Portfolio.
The markets continued to ignore inflation pressures, which appeared to have eased, other dealers said. India's inflation rate fell to 11.8 percent for the week ended September 27, from 11.99 the previous week, according to the Wholesale Price Index - the country's most-watched cost-of-living monitor.
However, the level was considerably above the central bank's target of seven percent by March-end 2009.
Greater risk aversion towards emerging market equities has seen a sustained sell-off by overseas funds. As of Friday's close, overseas funds had sold Indian stocks worth 10.05 billion dollars. During the same period last year, overseas funds bought 15.86 billion dollars' worth of Indian equities.

Copyright Agence France-Presse, 2008

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