Mumbai:The Bombay Stock Exchange benchmark Sensex fell below 9,000 points level by losing over 391 points at noon on Monday as funds remained net sellers.
The Sensex plunged by 391.87 points at 8,993.55 at 12pm, a level last seen on 28 October, on heavy selling in heavy-weight stock in bank, realty, capital goods and metal segments.
Similarly, the wide-based National Stock Exchange index Nifty dropped by 107.50 points at 2702.85 following a steep fall in shares of Reliance Industries, Infosys and ICICI Bank.
Marketmen said the selling pressure gathered momentum following deteriorating economic outlook as Japan joined the list of economies in recession and a meeting of world leaders failed to produce concrete measures to tackle the global crisis.
At the G-20 summit on Saturday, Prime Minister Manmohan Singh warned that the financial meltdown has exploded into a systemic crisis while world leaders called for a strong regulatory mechanism to bring transparency in financial system and stimulate growth to beat recession.
Continuing its slide, the Sensex fell by more than 159 points in opening choppy trade on increased capital outflows by foreign funds as a weekend meeting of world leaders failed to produce concrete measures to beat the global recession.
Most valuable and most-weighted Reliance Industries’ stocks fell by Rs24.05, or 2.09%, at Rs1,124.50, while Reliance Infra lost Rs14.60, or 2.83%, at Rs502.
Other losers were State Bank of India, ICICI Bank, HDFC Bank, BHEL, Larsen and Toubro, Tata Steel, Infosys Technologies, RCom, Bharti Airtel, DLF Ltd, Satyam Computers and Tata Consultancy
Bucking the trend, Grasim Industries stocks’ gained Rs1.75 at Rs1,025, while Sterlite Industries was up marginally by 90 paise at Rs228.10.
Meanwhile, the US Dow Jones Industrial Average closed 3.82% down on Friday, but Hong Kong’s Hang Seng index was up 1.83% cent and Japan’s Nikkei rose by 2.60% at the mid-session.