Market continues downtrend; Sensex plunges 440 points, Nifty dips below 9,800-mark

New Delhi: The BSE Sensex fell 440 points while NSE Nifty dipped below the 9,800-mark on Wednesday as the rupee sunk to a more than six-month low on foreign fund outflows.

Expectations of a rate hike by the US Federal Reserve and lingering North Korean worries also dented risk appetite.

Foreign fund outflows have taken a toll on the rupee which today fell to as low as 65.77 per dollar, its weakest since March 15.

Extending its falling streak for the seventh straight session -- the longest losing streak since December 22 -- the 30-share index fell by 439.95 points, or 1.39 percent, to settle at 31,159.81 as RIL, HDFC, HDFC Bank, ITC, SBI and L&T dropped.

This is the weakest closing since June 30 when it had settled at 30,921.61.

The broader NSE Nifty cracked below the key 9,800-mark. It had regained the key 9,900-mark at the outset, but failed to hold on to the crucial level and dipped below the 9800-mark to hit a low of 9,714.40.

It finally settled down 135.75 points, or 1.38 percent, at 9,735.75, it lowest closing since August 11 when it closed at 9,710.80.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,915.54 crore yesterday, showed provisional data from the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 1,537.10 crore.