Zee Media Bureau
The benchmark BSE Sensex plunged over 800 points to below 23,000-mark while the NSE Nifty dipped under the 7,000-level, hitting their lowest levels since May 2014, in afternoon trade Thursday on sustained selling by funds and retail investors amid weak global cues.
Both domestic indices hit their lowest levels since May 2014, as fears of a slowdown in the global economy hit markets worldwide.
The 30-share index was trading down by 782.06 points or 3.29 percent at 22,976.84 after moving in range of 23,758.46- 22,914.53 with all sectoral indices led by metal, capital goods, banking and realty leading the fall.
The Sensex had lost 858 points in the previous three days.
Similarly, the National Stock Exchange Nifty also dropped below 7,000 mark, its lowest level since Prime Minister Narendra Modi was elected in May 2014.. It last quoted down over 230.20 points or 3.19 percent at 6,985.50 after making a high and low of 7,208.65-6,963.
State Bank of India fell 2.6 percent after saying quarterly net profit fell nearly two-thirds, below estimates.
Brokers said persistent selling by participants, tracking a weak trend at global markets where Hong Kong stocks plunged 4 percent to three-year low today, leading another sell-off across Asian markets and extending a global rout.
Furthermore, depreciating rupee against the dollar also negatively impacted sentiment, they said.