Mumbai: On across-the-board selling in late morning deals, the stock markets nose dived to four-month lows with the benchmark BSE Sensex plunging 608.86 points to below 26,831.28-level and Nifty falling 195.25 points. Sentiments were weak in the absence of trigger amid host of negative factors in the backdrop of sustained FII outflows.
Overnight drop in US stocks on huge six-year high trade deficits, surging oil prices and growing concerns over Greek debt crises overlapped the sentiments. The 30-share index resumed higher at 27,473.36 and hovered between 27,501.15 and 26,868.45, before quoting 26,831.28 at 1249 hrs, showing a loss of 608.86 points or 2.22 per cent from its last close.
The 50-share Nifty also dipped by 195.25 points or 2.35 per cent to quote at 8,129.55 at 1249 hrs. Most of the sectors dropped between 1.07 per cent to 3.10 per cents, led by realty, banks, capital goods, metal, oil&gas and power. Shares of midcap and smallcap companies dropped over 1.94 per cent. Major losers on the BSE were BHEL (3.29 per cent), NTPC (3.22 per cent), CIPLA (3.27 per cent), Axis Bank (2.79 per cent), Tata Power (2.69 per cent) and Wipro (2.58 per cent).
Meanwhile, foreign portfolio investors sold shares worth Rs 756.52 crore yesterday as per provisional data. Asian stocks were trading mixed, as key indices in Singapore, Indonesia and South Korea shed by 0.02 to 1.56 per cent. Key indices in China, Taiwan and Hong Kong rose by 0.14 to 1.27 per cent. Japanese markets are on May 6.
