BSE Sensex down by 637 points

Mumbai, Aug 16: The BSE Sensex today crashed by over 637 points in early trade on heavy selling by funds, taking cues from weak global markets on US subprime worries.

The BSE-30 share index, which had lost 16.30 points in the previous trading session, plummeted 637.34 points to 14,363.57 in the first five minutes of trading.

The wide-based National Stock Exchange's Nifty fell by 196.30 points to 4,173.90.

Market observers said meltdown in global markets on worries over US subprime mortgage crisis mainly triggered a major sell-off on domestic bourses, dragging the Sensex down sharply.

They said pumping of more funds by US Federal Reserve into the banking system also failed to boost investors' sentiments.

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