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Mumbai: The 30-share benchmark Sensex plunged 10 per cent in two weeks to fall below the psychological level of 16,000 points even as the market showed signs of a further slide ahead on growing concerns of a likely interest rate hike after the RBI raised inflation projection.
Heavy losses after the market touched more than its 17-month high of 17,493.17 on Diwali `muhurat' trading on October 17 is seen by analysts as a healthy correction to the overbought market.
In the week to October 31, the Bombay Stock Exchange tumbled by 914.53 points or 5.44 per cent to end the week at an eight-week low of 15,896.28 from its last week's close, while it recorded a 10 per cent fall or that of 1,596 points from the `muhurat' trading high.
The broader 50-share Nifty of the National Stock Exchange also dropped by 285.
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