Indian markets close more than 2% down

Following negative Asian trends, Indian markets posted significant losses Thursday, closing more than 2 per cent down, according to dpa. The 30-share index of the Bombay Stock Exchange closed 371.01 points, or 2.20 per cent down, while the broader 50-share S&P CNX Nifty of the National Stock Exchange lost 112.45 points, or 2.22 per cent. Information technology and banking were the biggest losers, though all sectors closed in the negative. The Indian markets followed earlier Asian cues, with widespread selling in response to concerns over stalling economic recovery in developed countries and fears that domestic monetary policies would be tightened, despite a slowdown of growth.