Sensex plunges by over 357 pts on weak global cues

Sensex plunges by over 357 pts on weak global cues
Mumbai, Feb 2 (PTI) Weak global cues have had a spillover effect on the Indian bourses as the benchmark Sensex today plunged by over 357 points on all-round selling, mainly led by realty, metal and banking counters.The Bombay Stock Exchange 30-share barometer opened lower at 9,363.58 and continued to reel under pressure before ending the day at 9,066.70, a steep fall of 357.54 points or 3.79 per cent, from the previous close of 9,424.24.
Frantic buying by domestic institutional investors (DIIs) could not stem the fall as foreign institutional investors (FIIs) continued their selling spree. DIIs picked up shares over Rs 1,400 crore in the last week but failed to salvage the current situation.
Apprehensions over the worsening state of the US economy continued to weigh on the other world stock markets.
Besides China and Taiwan, which ended in positive terrain, other Asian indices finished the day in the red on the back of a steep fall on Wall Street last Friday.
The Dow Jones Industrial Average and the Nasdaq Composite Index tumbled by 1.82 per cent and 2.08 per cent, respectively, last Friday.
The Sensex had gained by nearly 188 points or 2.04 per cent on January 30.
The broad-based 50-issue Nifty of the National Stock Exchange also tumbled by 108.15 points or 3.76 per cent to 2,766.65 from the last close.
Fears over the declining third-quarter corporate profits also impacted market sentiment.
Selling was so strong that 29 out of 30 index-based counters ended with sharp to moderate losses. PTI