Mkts plunge, Sensex closes 674 pts down

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IT stocks in green amid weak rupeeMarkets flat, Sensex ends up 66 pointsSensex up over 300 pts on rate cut hopesSensex closes 200 points down

Mumbai, October 15:: Stock markets on Wednesday slipped into the negative territory again after two days of gaining, with the benchmark Sensex nosediving over 670 points to close below 11,000 level on across-the-board selling by funds and general investors.

After notching up more than 950 points in the past two days, the BSE barometer today plunged to 10,809.12 points, a steep fall of 674.28 points.

The markets opened on particularly weak note and the key index never recovered from its loss of 250 points at the outset.

National Stock Exchange index Nifty also tumbled by 180.25 points at 3,338.40.

Marketmen said buying of the past two day could not be sustained today as sentiment was weak on concerns that deepening financial crisis could lead to a global recession.

The fears were were mirrored in other Asian bourses as well, they noted.

Major indices like Hang Seng Index and Singapore Strait Times Index closed lower in the range of 3-5 per cent taking cues from marginal in US overnight.