BSE Sensex, NSE Nifty plunge as foreign woes trigger rout in India

Written by Agencies | Mumbai | Updated: Feb 4 2014, 17:08pm hrs
Stock marketBSE Sensex slipped about 305 points to end at its lowest level in over 11 weeks on Monday with NSE Nifty reflecting same trend.
The benchmark BSE Sensex today dipped below psychological 20,000-level by falling nearly 233 points in opening trade following weak global trends after disappointing US factory data. While a recovery was made to some extent, yet BSE Sensex is still down over 150 points.

Markets Top Gainers, Markets Top Losers

The wide-based NSE Nifty index dipped below 6,000-mark by falling 59.80 points, or 1.00 per cent, to 5,942.00.

Both BSe Sensex and NSE Nifty fell to their lowest since October 9 and below their respective 200 day moving averages for the first time since then. But Sensex recovered to regain 20,000 levels.

The 30-share barometer fell by 232.88 points, or 1.15 per cent, to trade below 20,000-level at 19,976.38 at one point. The index had lost 304.59 points in the previous session.

All the sectoral indices led by realty, IT and metal were major losers, dragging down the benchmark BSE Sensex.

Disappointing U.S. manufacturing data is seen exacerbating concerns in a market already worried by US Fed's decision to taper asset purchases.

Index heavyweights Tata Consultancy Services (TCS) is down 2 per cent and Infosys falls 1.3 per cent on concerns about weakness in core US market.

Other blue chips including ICICI Bank, HDFC Bank and Oil & Natural Gas Corp (ONGC) all down more than 1 percent.

Brokers said sustained selling by funds in the absence of any positive factor and a slump in other Asian bourses following overnight losses on the US market on disappointing manufacturing data mainly dampened the trading sentiment here. In the Asian region, Hong Kong's Hang Seng index plunged 2.31 per cent, while Japan's Nikkei Index fell 2.62 per cent, in early trade.

The US Dow Jones Industrial Average ended 2.08 per cent down in yesterday's trade.

The benchmark Sensex had slipped about 305 points to end at its lowest level in over 11 weeks on Monday on worries that sluggish growth in India and China would be further hit by the recent cut in US monetary stimulus.