After a lower start, the Sensex dropped 449.22 points, or 2.34 percent to 18,733.04, its lowest level since June 27. The loss of 449.22 points on Tuesday was the steepest since June 20 when Sensex plunged by over 526 points.
    
Major losers which dragged down the market were ICICI Bank, Yes Bank, Tata Power, Maruti Suzuki, Bajaj Auto, BHEL, HDFC Ltd., Larsen and Toubro, Reliance Industries, Infosys, Mahindra and Mahindra and Maruti Suzuki.
    
Across market, investors became poorer by a whopping Rs 1.37 lakh crore as 7 out of every 10 stocks fell. Indian stock market has dropped out of the trillion-dollar club with market capitalization currently standing at Rs 60.2 lakh crore.
    
Brokers said the market remained under pressure as the rupee hit a record low of 61.80 against the dollar raising fears of higher inflation and increase of capital outflows. They said the falling rupee also raised concerns about more monetary tightening measures which might hurt revenues of leading companies depending on imports.
    
The Nifty index on the National Stock Exchange tumbled 143.15 points, or 2.52 percent, to 5,542.25, led by stocks of consumer durables, metals, banks and other interest-sensitive sectors. SX40 index, the flagship index of MCX-SX, closed at 11,125.38, down 303.34 points, or 2.65 percent.     

In 30-BSE index components, 26 stocks fell and three gained while NTPC ended unchanged. Market sentiment dampned further as a non-index stocks of Financial Technologies, the promoter of National Spot Exchange, tumbled 19.60 per cent to Rs 159.15 following reports that the government is likely to ban trading in e-series contracts on NSEL.
    
The consumer durables sector index suffered the most by losing 5.55 percent followed by realty index (4.45 percent). Bank index fell by 3.90 percent and metal index by 3.24 percent.

(Agencies)

Latest News  from Business News Desk