Sensex plunges 424 points

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Mumbai, Sep 23: In tandem with global markets, the benchmark Sensex on Tuesday, Sep 23 nosedived by over 424 points even as investors globally awaited the US government's proposed 700 billion-dollar rescue plan, considered mother of all bailouts.

The Bombay Stock Exchange barometer closed the day at 13,570.31 points, a steep fall of 424.65 points or 3.03 per cent over last close, with IT stocks index, widely anticipated to be one of biggest Indian causalities of the US credit crisis, taking the biggest hit of 5.07 per cent among all sectoral indices. The 50-issue Nifty of the National Stock Exchange also dipped by 96.15 points, or 2.28 per cent, at 4,126.90 points.IT index was followed by realty and banking indices which were lower by 4.68 per cent at 3,903.82 points and 4.19 per cent at 6,804.42 points respectively.

Amid hesitation over the bailout plan by the US to stabilise falling financial system, the Dow Jones Industrial Average and the Nasdaq Composite Index yesterday tumbled by 3.27 per cent and 4.17 per cent respectively.

Marketmen said the fall in US markets impacted market sentiment in Asia.

European markets, such as London, France and Germany, resumed remarkably lower which influenced the domestic bourses, they said, adding higher global crude oil prices near USD 107 a barrel in Asian trade too had a negative impact on the market.

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