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Sensex down more than 400 points on global cues

MUMBAI: Indian shares opened more than 2 percent lower on Friday, joining a slide in Asian stocks after fresh fears the US economy is sliding back into recession prompted panic selling on Wall Street overnight. At 9:17 a.m.(0347 GMT), the 30-share BSE index was down 2.4 percent at 17,282.67 points, with all of its components declining. The 50-share NSE index fell 2.3 percent to 5,211.25 points. Asian stocks dropped 3 to 4 percent on Friday after panic triggered the worst sell-off on Wall Street since the global financial crisis, sending investors slashing positions and scrambling for cash and government bonds. Complicating matters was that Japan and Switzerland have intervened this week to weaken their currencies, which were considered the safest in the developed world. That has caused some safety-seeking investors to look elsewhere when financial market volatility is spiking. So far though, institutional equity investors in Asia were not liquidating their positions, instead continuing to cut riskier bets and protect their portfolios.

                                                                                                               
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