Mumbai: The Bombay Stock Exchange benchmark Sensex dropped by nearly 280 points at midsession on Monday on heavy selling by funds in blue-chips led by realty, metal and banking segments, concerned over shrinking global economies.
The Sensex, which commenced the day lower, fell further to record a loss of 279.85 points at 9,143.04 at 1:15pm hrs as shrinking US economy triggered worries about more trouble for the global financial sector that has been hit by a confidence crisis.
The wide-based National Stock Exchange Nifty fell by 92.45 points to 2,782.35 at the same time.
Reports of a fall of 1.1% in export during December month further fuelled the down-trend, brokers said.
State Bank of India, the country’s leading bank, and ICICI Bank fell more than 3% on fears that a cut in interest rate might impact revenue of the lenders.
The US data showing the fourth quarter gross domestic product fall of 3.8%, the biggest drop since the first three months of 1982, dampened trading sentiment in regional bourses, they added.