The Bombay Stock Exchange benchmark Sensex on Tuesday plunged by more than 220 points amid a free fall in Asian bourses on fresh concerns that the worst is not yet over for the world banking industry as RBS on Monday said it expected a staggering loss over 40 billion dollars for 2008.
After opening sharply lower,the BSE barometer closed the day points at 9,100.55,down by 229.02 points,or 2.45 per cent,with only power and PSU stocks escaping the selling pressure. Metal,realty and banking suffered heavy losses.
The broader index on the National Stock Exchange Nifty also lost 49.60 points,or 1.74 per cent,to end at 2796.60.
Marketmen said European bourses fell sharply on Monday which mirrored in Asian stocks on Tuesday and they closed lower by as much as 3 per cent.
They said the investors feared more capital outflows on concerns of crisis in the global financial markets deepening.
Rupee’s weakening against the dollar also influenced trading in software exporting stocks as over 50 per cent of the revenue comes from the US markets.
Besides the banking and realty indices which lost 3.11 per cent and 3.31 per cent respectively,IT stocks were also hit. Infosys Technologies led the fall in IT companies by shedding Rs 10.15 at Rs 1,249.40.
Reliance Industries,amid intense anticipation of its third quarter earnings,lost Rs 47.25 at Rs 1182.40. Infosys and RIL together carry nearly 23 per cent weightage on the Sensex.