BSE Sensex logs biggest single day fall in 9 mths, plunges 317 pts, hits year's low
The NSE Nifty also fell below 5,900-level to close at 2-month low of 5,852.25, down 90.80 points or 1.53 per cent.
"The Indian markets turned distinctively weak today and closed at the lowest levels in 2013. We believe this was largely due to the weakness in global markets," said Dipen Shah, Head of Private Client Group Research, Kotak Securities.
Besides global cues, brokers said, heavy capital outflows happened a week ahead of the Budget on fears of new taxes.
After losing over 140 points in initial trade on weak opening in Asian markets, the 30-share Sensex fell further as 29 constituents led by Jindal Steel, Tata Steel, ICICI Bank and Sterlite Industries dragged it down to end at 19,325.36 – a loss of 317.39 points, or 1.62 per cent.
Metals, banks, realty and capital goods stocks led losses for the 12 sectors that ended weak.
This is the biggest single day loss since May last year.
Sensex has also washed out the 174-point gain in last 3 days.
The minutes of the last Fed meeting have raised concerns that US Fed may withdraw the monetary stimulus if there is some improvement in the economic data, triggering of a global sell-off across asset classes, including commodities.
"...the music is going to stop some day.
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