Mkts tumble, Sensex nosedives by 529 pts

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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 3:: In sync with weakening global stock markets, the Bombay Stock Exchange benchmark Sensex on Friday tumbled nearly 529 points, or 4.05 per cent, on selling by funds due to growing concerns that 700 billion dollars rescue package by US would not be enough to halt global slowdown.

The BSE barometer index opened weak fell further to record a loss of 529.35 points at 12,526.32 as funds turned aggressive sellers in heavyweight stocks including market leader Reliance Industries and IT bellwether Infosys Technologies.

The key index dipped to a low of 12,472.61 points during the day.

The National Stock Exchange index Nifty also closed lower by 132.45 points, or 3.35 per cent, at 3818.30 after falling to a low of 3804.85 during the day.

Marketmen said weak global trends dampened the domestic bourses. They said investors hold the view that America's 700 billion dollar package is not enough to revive the troubled credit and financial markets.

Heaviest among the Sensex Reliance Industries fell by Rs 146.30, or 7.67 per cent, at Rs 1760.95. IT major Infosys fell by Rs 62.95, or 4.33 per cent, at Rs 1390.95, ICICI Bank by Rs 46.95, or 8.51 per cent at Rs 504.50, Tata Steel by Rs 44.85, or 10.22 per cent at Rs 393.80 and Sterlite Industries by 7.84 per cent at Rs 395.75, its lowest in more than two years.