Mumbai: In four-day losing streak, the BSE benchmark index Sensex on Monday tumbled 478 points on fears that surging crude oil prices might push up inflation and a weak global trend. (Agencies)
The Sensex, which had lost over 500 points in the last three trading sessions, fell further by 477.82 points, or 2.67 percent to 17,445.75 after touching a low of 17,381.64.
Similarly, the NSE 50-scrip index Nifty dropped 148.10 points, or 2.73 percent to 5,281.20 as most of the front- runner stocks fell.
A weak trend in the Asian region and lower openings in Europe, as oil touched neat 10-month high of over USD 125 a barrel amid uncertainties over supplies from Iran, fuelled selling.
Marketmen said profit booking emerged mainly in realty and banking stocks on concerns that high global oil prices would fan inflation as India imports over 80 percent of its oil consumption requirements.
Interest-rate sensitive banking and realty stocks led the declines on investor worries that price pressures could make it difficult for the Reserve Bank to lower key lending rates.
Automakers and steel producers also fell as investors took profits.
RIL and Infosys - with 20 percent weigh on BSE 30-scrip Sensex - dropped 4.77 percent and by 2.32 percent.
Other major losers were - Tata Steel, down 7.03 percent, Hero MotorCorp - 6.62 percent, Hindalco - 5.35 percent, DLF Ltd - 5 percent, BHEL - 4.88 percent, ICICI Bank - 4.80 percent and Jindal Steel - 4.93 percent.
Mumbai: In four-day losing streak, the BSE benchmark index Sensex on Monday tumbled 478 points on fears that surging crude oil prices might push up inflation and a weak global trend.