Sensex plunges 431 points on sell-offs in overseas markets

Written by ENS Economic Bureau | Mumbai | Updated: Sep 24 2014, 13:53pm hrs
Domestic markets on Tuesday tumbled the most in two-and-half months amid a sell-off in overseas markets following weak economic data and concern the recent rally may have outpaced the outlook for earnings.

The BSE Sensex initially touched a high of 27,256.87 but fell soon on emergence of profit-booking ahead of the expiry of derivative contract. Heavy selling forced the index to finish at 26,775.69, a steep fall of 431.05 points or 1.58 per cent. Previously, it had stumbled by 517.97 points or 1.98 per cent on July 8, 2014. Similarly, the wide-based 50-issue CNX Nifty of the NSE tanked by 128.75 points or 1.58 per cent to end at 8,017.55, its worst fall since July 8 when it fell 164 points.

Weak global cues weighed on the sentiment as most of the Asian markets ended in the red. A survey in China showed factory employment slumped to a five-and-a-half year low. European shares were also trading lower after its purchasing managers index for the euro zone fell to a nine-month low of 52.3 in September from the previous months 52.5. The selling pressure was so fierce that not a single sectoral index on the BSE ended in the green. The BSE Realty index was the top loser, down 5 per cent followed by capital goods, pharma, metals and healthcare index which declined nearly by 2.5 per cent each.