Sensex plunges by 368.94 points on weak global cues

Mumbai, Aug 14 (UNI) Extending the downtrend for the third straight day, the benchmark index of the Bombay Stock Exchange today plunged by 368.94 points to close below 15K level at 14,724.18 even as Nifty tumbled by 98.35 points to end at 4430.70 on continuing weak global cues.

The local bourses slid sharply on sustained selling pressure across the sector after a bounceback in crude oil prices, raising concerns of inflationary pressure, brokers said.

Interest rate sensitive stocks were hit badly on worries that a rise in inflationary pressures may provoke central bank to raise interest rates yet again. However, IT shares rose as the Rupee weakened against the dollar, marketmen observed.

Market sentiments remained under pressure throughout the day as Sensex resumed the day on a negative note and further slid to a day's low of 14,686.66, lost 406.46 points in late trade.

The broader-based S &P CNX Nifty of National Stock Exchange dropped 107.80 points at a day's low of 4421.25 before closing in deep red.

The BSE Mid-Cap index was down 1.79 pc to 5,823.42 and Small-Cap index was down 1.65pc at 7,110.44. Overall, the market breadth was weak on BSE with 830 shares gaining against 1832 that declined, while 66 shares remained unchanged. A turnover of Rs 4,851 crore was quoted on BSE against Rs 5,076.33 crore in the previous session.

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