Sensex, Nifty Plunge Over 1% on Weak Global Cues

Mumbai, Oct 22 (PTI) Equity benchmark indices Sensex and Nifty plunged more than 1 per cent on Tuesday due to across-the-board selloff amid massive foreign fund exodus from the capital markets and sluggish global equities.

Besides, a weak earnings growth trend also dented market sentiment, traders said.

Extending its previous day's decline, the BSE Sensex plummeted 930.55 points or 1.15 per cent to settle at 80,220.72. During the day, it tanked 1,001.74 points or 1.23 per cent to 80,149.53.

The NSE Nifty tumbled 309 points or 1.25 per cent to 24,472.10.

From the 30 Sensex pack, Mahindra & Mahindra, State Bank of India, Power Grid, Tata Steel, IndusInd Bank, Tata Motors, Larsen & Toubro, NTPC, Bajaj Finance and Reliance were among the biggest laggards.

In contrast, ICICI Bank, Nestle and Infosys were the gainers from the pack.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,261.83 crore on Monday, while Domestic Institutional Investors (DIIs) bought equities worth Rs 3,225.91 crore, according to exchange data.

Shares of Hyundai Motor India Ltd, the Indian arm of South Korean automaker Hyundai, on Tuesday made a muted market debut and ended over 7 per cent lower against the issue price of Rs 1,960.

In Asian markets, Seoul and Tokyo settled lower, while Shanghai and Hong Kong ended higher.

European markets were trading lower. The US markets ended on a mixed note on Monday.

Global oil benchmark Brent crude climbed 0.61 per cent to USD 74.74 a barrel.

The BSE benchmark declined 73.48 points or 0.09 per cent to settle at 81,151.27 on Monday. The Nifty dipped 72.95 points or 0.29 per cent to 24,781.10.