Sensex plunges over 600 points, Nifty slips below 8200 over Europe, weak oil ... - Economic Times

NEW DELHI: The S&P BSE Sensex plunged as much as 612 points in trade on Tuesday following Asian markets, which were trading lower as investors are starting to worry that the prolonged slump in oil prices is signaling a weaker global economy.

Additionally, concerns over Greece's future in the euro zone also curbed risk appetite, while the strong yen dragged down Nikkei to near six-week low. The broader Topix dropped 2.3 percent to 1,368.98, with all of its 33 subsectors in negative territory.

"Crude oil futures prices dropped to their lowest since 2009 amid a global supply glut and lacklustre demand, while political uncertainty in Greece has renewed fears of a Greek exit from the euro zone," Reuters reported.

Tracking the momentum, the 50-share Nifty index also cracked over 181 points to slip below its crucial psychological level of 8200, weighed down by losses in auto, banks, capital goods and IT stocks.

At 10:00 a.m.; the 30-share index was trading at 27,251.62, down 591 points or 2.1 per cent. It touched a high of 27698.93 and a low of 27,230.17 in trade today.

The Nifty was at 8204 down 173 points or 2.07 per cent. It touched a high of 8327.85 and a low of 8197.30 in trade today.

The S&P BSE Midcap Index was down 1.8 per cent and BSE S&P Smallcap Index edged lower by 1.89 per cent.

Tata Motors (down 3.55 per cent), Sesa Sterlite (down 3.5 per cent), ONGC (down 3.5 per cent), Hindalco (down 3.3 per cent) and BHEL (down 2.9 per cent) were the major index losers.

Oil stocks, led by ONGC and Reliance Industries, tumbled up to 3.1 per cent in trade on Tuesday as global crude prices fell to a fresh 5-1/2 year low.

Shares of ONGC fell by 3.1 per cent to Rs 342.10, becoming one of the top loser among the 30 Sensex components. While RIL lost 1.8 per cent to hit its intraday low of Rs 860.60.

Copyright © 2015 Times Internet Limited. All rights reserved.