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Mumbai: Stocks fell on sustained selling by funds on the BSE, dragging down the benchmark Sensex further lower by 104 points to a two-month low.
The Sensex, which had lost nearly 9.5 per cent during the past week, extended losses by dropping 103.90 points at 13,400.32, a level last seen in early May. The key index touched the day's low of 13,219.99 and a high of 13,461.68 points.
In a similar fashion, the 50-share National Stock Exchange index Nifty dropped by 29.85 points at 3,974.05, below the psychological 4,000 point level.
The market remained volatile and recovered from its early lows on operators shortcovering and buying by domestic institutional investors after European stocks cut losses in late morning trade. European markets were virtually flat after a weak start.
The plunge was led by Tata Steel and other metal producers after commodity prices fell on concerns that government measures may not be enough to revive economic growth.
A weakening trend in Asian stock markets fuelled the falling trend. Japan's Nikkei fell 2.55 per cent, Hong Kong's Heng Seng 2.56 per cent and Singapore's Strait Times 1.79 per cent.
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