Sensex plunges 266 points to hit 20-month low; Nifty cracks below 7,400-mark

Zee Media Bureau

New Delhi: The BSE Sensex on Monday plunged 266 points to hit 20-month low while the NSE Nifty cracked below 7,400-mark amidst concerns about the global economy that is mounting after crude fell to its lowest since 2003, while data showed the country`s exports shrunk for a thirteenth straight month.

Sensex fell 266.67 points to end at 24,188.37 while the Nifty fell 86.80 points to 7,351.

The fall in crude prices and volatility in China`s markets have hit India and other emerging markets hard this month.

Brent crude prices fell on Monday to as low to $27.67 a barrel early on Monday, its lowest since 2003 after international sanctions against Iran were lifted over the weekend, allowing Tehran to return to an already over-supplied oil market.

Domestic data showed India`s merchandise exports fell 14.75 percent in December from a year earlier, as orders from the United States and Europe shrank and exporters grappled with a competitively weaker Chinese yuan.